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Oil prices have seen a modest increase this year, with Brent futures trading around $66 a barrel. OPEC+ delegates, including key players Saudi Arabia and Russia, are expected to maintain their current production levels during a video conference scheduled for Sunday, following a decision made in November to freeze output amid a global surplus and geopolitical tensions. While unrest in Iran and supply constraints in Kazakhstan and Russia have contributed to the price rise, there has been no significant impact on Iran's oil sector despite ongoing protests. Additionally, Venezuelan crude is making its way to Europe for the first time in nearly a year, as efforts to stabilize the country's economy continue. Although discussions among OPEC+ members are still pending, any major supply disruptions could lead to a reassessment of output levels. 
Published: Jan 26 2026, 2 pmeznews.inEconomic Affairs Secretary Anuradha Thakur is spearheading the Budget process for 2026-27, supported by key finance officials including Revenue Secretary Arvind Shrivastava and Chief Economic Adviser V Anantha Nageswaran. As Finance Minister Nirmala Sitharaman prepares to unveil her ninth consecutive Budget on February 1, the backdrop features a robust 7.4% growth rate amid geopolitical uncertainties. Thakur, a 1994 IAS officer and the first woman to lead the Economic Affairs Department, is pivotal in resource allocation and macroeconomic planning. Shrivastava, in his inaugural role as Revenue Secretary, will focus on tax proposals, while Expenditure Secretary Vumlunmang Vualnam oversees government spending and fiscal discipline. Other key figures include M Nagaraju, who manages financial inclusion initiatives, Arunish Chawla, responsible for disinvestment strategies, and K Moses Chalai, who ensures effective capital expenditure in public enterprises. Nageswaran's office provides essential macroeconomic insights and advice on fiscal policy.
Published: Jan 26 2026, 3 pmeznews.inTax collections by the central government have underperformed in the financial year 2025-26 (FY26), with growth at just 3.3% year-on-year, significantly below the budgeted 12.5%, according to a report by CareEdge Ratings. Direct tax collections, particularly corporate and income taxes, have lagged, with corporate tax growing by 7.8% against a target of 9.7%, and income tax rising by 6.8% compared to a budgeted 21.6%. Additionally, Goods and Services Tax (GST) collections fell by 2.0% due to recent structural changes. However, the report anticipates a rebound in FY27, projecting gross tax revenue to increase by 9.6% to Rs 43.5 trillion, with direct taxes expected to grow by 11.0%. Tax buoyancy is also forecasted to improve, indicating a better alignment with nominal GDP growth. Overall, FY26's weak tax performance raises concerns about potential shortfalls against budget estimates.
Published: Jan 26 2026, 3 pmeznews.inMadhya Pradesh Governor Mangu Bhai Patel announced that 2026 will be designated as the 'year of agriculture' during the state's 77th Republic Day celebrations at Lal Parade Ground in Bhopal. He highlighted a significant budget increase for agriculture, rising from ₹600 crore in 2002-03 to ₹27,000 crore in 2024-25, aimed at enhancing farmer welfare through a multifaceted development model. Patel also noted the implementation of the e-Mandi scheme, benefiting 40 lakh farmers, and efforts to position Madhya Pradesh as India's milk capital, with increased support for animal husbandry. Additionally, he reported on housing initiatives under the Pradhan Mantri Awas Yojana, educational advancements, and wildlife conservation efforts, including the establishment of new tiger reserves. The governor emphasized the government's commitment to industrial growth through regulatory reforms, while Republic Day festivities were observed across the state, led by Chief Minister Mohan Yadav and Deputy Chief Minister Jagdish Devda.
Published: Jan 26 2026, 2 pmeznews.inIndia and the European Union (EU) are poised to announce the conclusion of a long-awaited free trade agreement (FTA) on January 27, following 18 years of negotiations. The pact is expected to include significant import duty cuts on labour-intensive sectors such as textiles, footwear, and automobiles, alongside liberalisation in various services sectors. India has advocated for zero-duty access for its textiles, leather, and handicrafts, while the EU has sought reductions on automobiles and wines. Sensitive agricultural issues, including beef and sugar, have been excluded from the deal to protect domestic interests. The FTA aims to eliminate or reduce tariffs on over 90% of traded goods, enhancing trade relations, which saw bilateral goods trade reach $136.53 billion in 2024-25. The agreement also encompasses investment protection and Geographical Indications, marking a significant step in India's trade strategy with the EU, its largest trading partner.
Published: Jan 26 2026, 2 pmeznews.inThe proposed Free Trade Agreement (FTA) between India and the European Union (EU) could significantly enhance employment and industrial growth, according to Gautam Singhania, Managing Director of the Raymond Group. He emphasized that zero duty on textiles would not only benefit the textile sector, one of India's largest employers, but also bolster the broader economy. Singhania noted that a favorable deal with the EU could strengthen India's position in future trade negotiations with the United States. EU President Ursula von der Leyen, currently in New Delhi for Republic Day celebrations, highlighted the importance of a successful India for global stability and prosperity. The conclusion of FTA negotiations is anticipated at the upcoming India-EU summit on January 27, where leaders are expected to adopt a comprehensive strategic agenda to deepen cooperation. Singhania also praised recent investment agreements from the World Economic Forum, expressing optimism for India's economic future.
Published: Jan 26 2026, 2 pmeznews.inIndia's Advanced Chemistry Cell Production Linked Incentive (ACC PLI) scheme, launched in October 2021 with a budget of ₹18,100 crore ($2.08 billion), is struggling to meet its ambitious targets. As of October 2025, only 2.8% of the planned 50 GWh capacity has been commissioned, all by Ola Electric, while investments stand at just 25.58% of the target. Despite initial strong interest, the scheme has generated a mere 1,118 jobs against an estimated 1.03 million. The first auction in March 2022 allocated 50 GWh, but subsequent rounds saw limited participation, with Reliance New Energy and Rajesh Exports also securing allocations. While Reliance aims to expedite its 10 GWh capacity by February 2027, Rajesh Exports has made no significant progress. The scheme's high investment requirements have restricted participation, raising concerns about India's ability to establish a robust domestic battery manufacturing sector.
Published: Jan 26 2026, 1 pmeznews.inBoeing anticipates increased orders for its Dreamliner aircraft in India, a market expected to experience significant growth, according to Salil Gupte, President of Boeing India and South Asia. Despite ongoing tariff disputes between India and the US, Gupte expressed confidence in overcoming short-term challenges, highlighting the industrialisation goals of both nations. Air India currently operates 33 Dreamliners, with a new custom-made model set to begin service on February 1. Gupte acknowledged the tragic crash of an Air India Dreamliner in June 2022, which killed 260 people, and noted that the investigation is ongoing. He emphasized the robust global demand for the B787 and the potential for expanding routes in India, while also addressing competition from Airbus as a natural aspect of the industry. Boeing has a significant presence in India, with over 265 aircraft in operation and annual sourcing exceeding $1.25 billion.
Published: Jan 26 2026, 1 pmeznews.inSouthern Railway has reported a significant operational boost, handling 31 million tonnes of freight between April and December 2025, up from 29 million tonnes in the same period last year, marking an 8% increase in gross earnings to ₹9,846 crore. In the passenger sector, the railway carried 579 million passengers during 2025-26, a 6% rise, while maintaining a punctuality rate of 92%. To meet seasonal demand, Southern Railway operated 3,570 special train trips and introduced six new trains with LHB coaches, alongside augmenting 111 coaches and speeding up 100 Mail/Express/Passenger trains. Infrastructure improvements included the commissioning of key projects such as new lines and the electrification of 253 track kilometres, bringing the total electrified network to 4,943 route kilometres. Additionally, the railway successfully traced and returned passenger belongings worth ₹16 crore and rescued around 2,000 runaway children and 75 trafficking victims.
Published: Jan 26 2026, 12 pmeznews.inAs India prepares for its Union Budget 2026, representatives from the agri-business sector are advocating for policies that empower farmers and enhance market efficiency while promoting climate-resilient agricultural growth. Arun Raste, MD & CEO of NCDEX, emphasized the need for increased funding in agricultural R&D, particularly for high-yield seeds, and highlighted the importance of rural entrepreneurship to curb migration and create jobs. Simon Wiebusch from Bayer called for stronger income support and investment in agri-logistics to bolster India's agricultural competitiveness. Other industry leaders, including Haresh Karamchandani and Rohit Mehrotra, stressed the necessity of support for organic farmers and improvements in supply chains. Additionally, Amit Maheshwari urged recognition of climate-smart agriculture, while Laxit Awla pointed to the potential of agri waste-to-energy projects in advancing India's clean energy goals. Collectively, these insights underscore the critical role of the upcoming budget in shaping the future of Indian agriculture.
Published: Jan 26 2026, 12 pm
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