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The United States has proposed the removal of reciprocal tariffs on gems and diamonds as part of an interim trade agreement with India, according to a joint statement from both nations. This move could significantly benefit India's gems and jewellery sector, which relies on the US for approximately 30% of its sales. The US plans to reduce tariffs on Indian exports from 50% to 18%, covering a range of goods, including pharmaceuticals and aircraft parts. India's gem and jewellery exports to the US have plummeted, with a 44% year-on-year decline recorded between April and December 2025, largely due to high tariffs. Colin Shah, Managing Director of Kama Jewelry, hailed the potential zero tariff as a pivotal moment for the industry, which has seen a drastic drop in diamond exports. The tariff waiver is expected to rejuvenate exports and restore vitality to India's diamond processing sector. 
Published: Feb 07 2026, 1 pmeznews.inThe Automotive Component Manufacturers Association of India (ACMA) has expressed strong support for the recently announced Interim Trade Agreement framework between India and the United States, which aims to bolster bilateral trade and manufacturing cooperation. In a joint statement, both nations confirmed the terms of the agreement, which includes preferential tariff rate quotas for automotive parts and the removal of Section 232 tariffs on select inputs. Vikrampati Singhania, ACMA President, highlighted that these measures will enhance export competitiveness and strengthen India's position in global automotive supply chains. Data from ACMA indicates a significant increase in trade, with India's auto component exports to the US rising from $3.56 billion in FY2020-21 to $6.23 billion in FY2024-25. Meanwhile, US exports to India also grew, reaching $1.51 billion in FY2024-25. ACMA looks forward to further collaboration to ensure comprehensive integration of automotive components in the final agreement.
Published: Feb 07 2026, 2 pmeznews.inIndia and the United States have unveiled a framework for a bilateral trade deal, granting India tariff-free access to specific aircraft and parts from the US, as outlined in a joint statement released on Saturday. The agreement includes a preferential tariff rate quota for automotive parts and negotiated outcomes for generic pharmaceuticals. Both nations reaffirmed their commitment to the broader US-India Bilateral Trade Agreement (BTA), initiated by President Trump and Prime Minister Modi in February 2025, aiming to enhance market access and strengthen supply chains. India will reduce tariffs on various US industrial and agricultural goods while securing protections for sensitive sectors like agriculture and dairy. Additionally, India plans to purchase $500 billion in US energy products and technology over the next five years. Following a recent phone call between Modi and Trump, tariffs on Indian goods entering the US have been significantly reduced from 50% to 18%.
Published: Feb 07 2026, 12 pmeznews.inIndia has announced a significant interim trade framework with the United States, committing to purchase $500 billion worth of US energy products, aircraft, precious metals, technology, and coking coal over the next five years. This agreement, revealed on Saturday, also includes the removal of tariffs on certain Indian aircraft and parts, previously imposed to protect the US aluminium and steel industries. The deal is expected to bolster US aerospace manufacturers and enhance the supply chain in India, where companies like Aequs Limited are already key suppliers for global original equipment manufacturers (OEMs). Boeing's South India president, Salil Gupte, emphasized that the agreement signals a commitment to a deeper economic partnership, advocating for a zero-for-zero tariff approach to accelerate industrial growth and strengthen national security. Aequs, which derives 90% of its revenue from aerospace, reported a 38% year-on-year growth in its aerospace business, highlighting the positive impact of the trade framework.
Published: Feb 07 2026, 12 pmeznews.inThe Minister for Transport, Ports & Civil Aviation of Seychelles, Veronique Laporte, alongside SPTC Chairman Andy Moncherry and CEO Geffy Zialor, visited Ashok Leyland Headquarters in Chennai, India, on Wednesday for a technical and fact-finding mission. The delegation engaged in high-level discussions with Ashok Leyland officials, focusing on electric bus solutions tailored to meet the Seychelles Public Transport Corporation's specifications. The Ministry highlighted the importance of training and battery management support. During the visit, Minister Laporte was updated on the two electric buses set to be piloted by SPTC in early 2026, with arrival scheduled for the third week of April. Additionally, she toured the electric bus chassis production line and operations depot to better understand the technical requirements and infrastructure needed for an electric bus fleet.
Published: Feb 07 2026, 12 pmeznews.inIn a significant move, US President Donald Trump announced on Friday that India has committed to halting all imports of oil from Russia, as outlined in an executive order. The order highlights India's pledge to purchase energy products from the United States and its recent agreement to enhance defense cooperation over the next decade. While the White House has confirmed India's commitment, an official response from the Indian government is still pending. The executive order also states that, effective February 7, 2026, India will no longer face a 25% additional duty on imports to the US, contingent on its adherence to the oil import ban. The US will closely monitor India's compliance, with potential repercussions if it resumes Russian oil imports. Indian Oil Minister Hardeep Singh Puri welcomed the interim trade agreement, emphasizing its potential to bolster employment and innovation in India.
Published: Feb 07 2026, 12 pmeznews.inIndian Railways is undertaking significant modernization of its signalling infrastructure to enhance reliability and safety. As of December 31, electronic interlocking systems have been installed at 6,660 stations, while measures to interlock 10,097 Level Crossing Gates aim to improve safety. The introduction of axle counters and Automatic Block Signalling (ABS) across 6,142 block sections and 6,625 route kilometers, respectively, is designed to streamline train operations and reduce human error. Additionally, safety measures for track maintenance employees include the provision of essential safety gear, lightweight tools, and mechanized maintenance systems to minimize physical strain. Regular training and counselling sessions are conducted to promote safety awareness. The implementation of a VHF-based Approaching Train Warning System has led to a 66% reduction in fatalities among railway staff during maintenance work. Compensation mechanisms for accidents have also been established, with ₹30.75 crore paid to the families of deceased employees over the past three years.
Published: Feb 07 2026, 11 ameznews.inThe Ministry of Statistics is set to release a new Consumer Price Index (CPI) series with a base year of 2024 on February 12, 2026, as part of a broader revision of key macroeconomic indicators, including GDP and IIP, which are essential for Reserve Bank of India (RBI) policymaking. SBI Research emphasizes the importance of monitoring inflation trends ahead of monetary policy decisions for the 2026-27 fiscal year. The RBI's Monetary Policy Committee recently opted to maintain the repo rate at 5.25%, projecting GDP growth of 6.9% for Q1 and 7% for Q2 of 2026-27, with CPI-based inflation for 2025-26 estimated at 2.1%. Additionally, the RBI is reforming practices related to loan recovery and digital payment fraud, while also increasing collateral-free loan limits for micro and small enterprises from ₹10 lakh to ₹20 lakh, a move seen as beneficial for asset monetization efforts.
Published: Feb 07 2026, 11 ameznews.inIndia and the European Union have finalised a landmark Free Trade Agreement (FTA) in January 2026, eliminating tariffs on over 90% of goods traded between the two regions. This agreement is poised to significantly benefit key Indian sectors, including textiles, pharmaceuticals, chemicals, and agriculture, as the EU is one of India's largest trading partners. According to ICRA, the FTA provides India with preferential zero-duty access on 97% of EU tariff lines, enhancing competitiveness for Indian exporters against rivals like Bangladesh and Vietnam. The pharmaceuticals sector, which relies heavily on EU markets, is expected to see increased export potential due to the removal of tariffs on Indian medicines. Additionally, agricultural exports, particularly marine products, will gain from reduced tariffs, while sensitive sectors like dairy and poultry are safeguarded. The FTA is anticipated to boost bilateral trade beyond the current $137 billion, fostering investment and job creation in India.
Published: Feb 07 2026, 11 ameznews.inThe 2026 budget prioritizes high-value commodity value chains, focusing on productivity, branding, and competitive initiatives through Farmer Producer Organizations (FPOs). With an increased agriculture budget of ₹1,30,561.38 crore, up 6.07% from the previous year, the emphasis shifts from horticulture to specific high-value sectors, including fisheries and livestock. Key initiatives include the establishment of 500 "Amrit Sarovars," support for coconut, sandalwood, and cashew cultivation, and a push for high-density almond and walnut farming. Notably, the budget maintains existing Direct Benefit Transfer (DBT) and Minimum Support Price (MSP) levels, reflecting a strategic pivot towards investment-led growth rather than consumption support. Significant funding increases are allocated for technology adoption, including a substantial rise for the NAMO Drone Didi Scheme. Overall, the budget underscores a commitment to enhancing agricultural infrastructure and mechanization, aiming for sustainable growth in the sector.
Published: Feb 07 2026, 10 am
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