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Indian Union Minister Nirmala Sitharaman on Thursday (Jan 29) tabled the Economic Survey 2025–26, tabled in the Lok Sabha. This year's "report card" of the Indian economy has laid out an ambitious but cautious roadmap for India's medium-term growth, arguing that "deregulation" and greater economic freedom will be central to sustaining high growth in a fragmenting global economy.Here’s what the Survey says about where India is headed.Also read | <a href="https://www.wionews.com/india-news/nirmala-sitharaman-tables-economic-survey-2025-26-in-parliament-ahead-of-union-budget-on-feb-1-1769669170996">Nirmala Sitharaman tables Economic Survey 2025-26 in Parliament</a><h2>India needs 8% growth for a decade</h2>According to the Economic Survey, to realise its economic aspirations of becoming "Viksit Bharat" by 2047, India needs to achieve a growth rate of around eight per cent (8%) "at constant prices, on average" for at least 10 to 20 years.That target, it notes, is necessary to:<ul><li>Raise living standards,</li><li>Create enough jobs,</li><li>Build future-ready infrastructure,</li><li>And transition into a developed economy by the centenary of independence</li></ul>Also read | <a href="https://www.wionews.com/india-news/budget-2026-india-is-on-reform-express-pm-modi-hails-india-eu-fta-sends-perform-and-transform-message-ahead-of-economic-survey-2026-1769664578732">PM Modi's message ahead of Economic Survey 2026: 'India is on Reform Express'</a><h2>What is India's current growth rate?</h2>The Survey projects India's potential growth rate at 7 per cent, revised upward from 6.5 per cent estimated three years ago. This reflects gains from structural reforms, higher public investment, improved logistics and strengthening supply-side conditions. "The economy retains momentum and growth is likely to be sustained into FY27," the Survey noted, adding that India continues to be better placed than most major economies due to its large domestic market, strong macroeconomic framework and relatively low external vulnerabilities.<h2>What the Economic Survey says about inflation</h2>On inflation, the Survey said price pressures remain "tamed and anchored", despite periodic volatility in food prices. It noted that core inflation has remained subdued, indicating improved supply-side efficiency, better logistics, and expanding productive capacity across sectors."There is no threat of higher inflation from crude oil imports at present," the Survey noted, adding that stable inflation expectations have helped preserve macroeconomic stability even in an uncertain global environment.

India needs to grow at around 8% for the next 10–20 years to become a developed nation by 2047, says the Economic Survey 2025–26. It also says inflation remains under control despite global uncertainty.

Indian Union Minister Nirmala Sitharaman on Thursday (Jan 29) tabled the Economic Survey 2025–26, tabled in the Lok Sabha. This year's "report card" of the Indian economy has laid out an ambitious but cautious roadmap for India's medium-term growth, arguing that "deregulation" and greater economic freedom will be central to sustaining high growth in a fragmenting global economy. Here’s what the Survey says about where India is headed. Also read | Nirmala Sitharaman tables Economic Survey 2025-26 in Parliament India needs 8% growth for a decade According to the Economic Survey, to realise its economic aspirations of becoming "Viksit Bharat" by 2047, India needs to achieve a growth rate of around eight per cent (8%) "at constant prices, on average" for at least 10 to 20 years. That target, it notes, is necessary to: Raise living standards, Create enough jobs, Build future-ready infrastructure, And transition into a developed economy by the centenary of independence Also read | PM Modi's message ahead of Economic Survey 2026: 'India is on Reform Express' What is India's current growth rate? The Survey projects India's potential growth rate at 7 per cent, revised upward from 6.5 per cent estimated three years ago. This reflects gains from structural reforms, higher public investment, improved logistics and strengthening supply-side conditions. "The economy retains momentum and growth is likely to be sustained into FY27," the Survey noted, adding that India continues to be better placed than most major economies due to its large domestic market, strong macroeconomic framework and relatively low external vulnerabilities. What the Economic Survey says about inflation On inflation, the Survey said price pressures remain "tamed and anchored", despite periodic volatility in food prices. It noted that core inflation has remained subdued, indicating improved supply-side efficiency, better logistics, and expanding productive capacity across sectors. "There is no threat of higher inflation from crude oil imports at present," the Survey noted, adding that stable inflation expectations have helped preserve macroeconomic stability even in an uncertain global environment.

India needs to grow at around 8% for the next 10–20 years to become a developed nation by 2047, says the Economic Survey 2025–26. It also says inflation remains under control despite global uncertainty.

India needs 8% growth to achieve ‘Viksit Bharat’ dream by 2047; Here's what Economic Survey 2025–26 says about India growth outlook

Indian Union Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament on Thursday (Jan 29), formally kicking off the countdown to the Union Budget. The Budget will be presented on Sunday, February 1, and will mark Sitharaman's ninth consecutive Budget, a record in itself. As always, the Survey comes first. It is the government’s way of laying out the state of the economy before announcing how it plans to tax, spend and reform it.<h2>The economy's report card: What is the Economic Survey?</h2>The Economic Survey is often described as India’s annual "report card". It offers a data-heavy review of how the economy performed over the past year and sets the tone for what lies ahead. While the Budget focuses on future decisions, the Survey explains the past, what worked, what did not, and where the risks lie. In practical terms, it gives policymakers and lawmakers the context behind the numbers that will appear in the Budget speech.Also read | <a href="https://www.wionews.com/india-news/budget-2026-india-is-on-reform-express-pm-modi-hails-india-eu-fta-sends-perform-and-transform-message-ahead-of-economic-survey-2026-1769664578732">PM Modi's message ahead of Economic Survey 2026: 'India is on Reform Express'</a><h2>Who prepares it</h2>The Survey is prepared by the Economic Division of the Department of Economic Affairs under the Chief Economic Adviser. It is released in two parts, each serving a different purpose. One looks forward. The other looks back.<h2>What Part 1 covers</h2>Part 1, also called Volume 1, is the big picture section. It provides a macroeconomic overview and a forward-looking assessment of the Indian economy. This is where the government lays out its narrative on growth, inflation, fiscal health and external trade.The section includes analysis of GDP growth, inflation trends using CPI and WPI, fiscal deficit levels and the balance of trade. It also flags structural issues and policy challenges, and offers recommendations on reforms needed to sustain growth. This part is meant to shape the policy mood for the year ahead.Also read | <a href="https://www.wionews.com/photos/india-budget-2026-union-budget-nirmala-sitharaman-what-is-the-halwa-ceremony-and-lock-in-period-why-was-it-skipped-in-2022-and-held-twice-in-2024-1769654226526">India Budget 2026: Halwa Ceremony, lock-in period and traditions EXPLAINED</a><h2>What Part 2 focuses on</h2>Part 2 is more granular and data-driven. It breaks down performance across individual sectors like agriculture, industry, services and infrastructure. It also looks at social indicators, including health, education, poverty and climate-related risks.This section is packed with data, charts and tables, and is often used by researchers and economists to track long-term trends.<h2>Why it matters</h2>The tabling of the Economic Survey is not just a formality. It is the final checkpoint before the Budget, giving a snapshot of where the economy stands and what pressures the government is working with. Growth numbers, inflation trends and fiscal constraints outlined here often shape the tone and limits of the Budget itself.In short, the Survey tells you how the economy is doing. The Budget tells you what the government plans to do about it. &nbsp;

Nirmala Sitharaman tables Economic Survey 2025-26 in Parliament ahead of Union Budget on Feb 1

Indian Union Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament on Thursday (Jan 29), formally kicking off the countdown to the Union Budget. The Budget will be presented on Sunday, February 1, and will mark Sitharaman's ninth consecutive Budget, a record in itself. As always, the Survey comes first. It is the government’s way of laying out the state of the economy before announcing how it plans to tax, spend and reform it. The economy's report card: What is the Economic Survey? The Economic Survey is often described as India’s annual "report card". It offers a data-heavy review of how the economy performed over the past year and sets the tone for what lies ahead. While the Budget focuses on future decisions, the Survey explains the past, what worked, what did not, and where the risks lie. In practical terms, it gives policymakers and lawmakers the context behind the numbers that will appear in the Budget speech. Also read | PM Modi's message ahead of Economic Survey 2026: 'India is on Reform Express' Who prepares it The Survey is prepared by the Economic Division of the Department of Economic Affairs under the Chief Economic Adviser. It is released in two parts, each serving a different purpose. One looks forward. The other looks back. What Part 1 covers Part 1, also called Volume 1, is the big picture section. It provides a macroeconomic overview and a forward-looking assessment of the Indian economy. This is where the government lays out its narrative on growth, inflation, fiscal health and external trade. The section includes analysis of GDP growth, inflation trends using CPI and WPI, fiscal deficit levels and the balance of trade. It also flags structural issues and policy challenges, and offers recommendations on reforms needed to sustain growth. This part is meant to shape the policy mood for the year ahead. Also read | India Budget 2026: Halwa Ceremony, lock-in period and traditions EXPLAINED What Part 2 focuses on Part 2 is more granular and data-driven. It breaks down performance across individual sectors like agriculture, industry, services and infrastructure. It also looks at social indicators, including health, education, poverty and climate-related risks. This section is packed with data, charts and tables, and is often used by researchers and economists to track long-term trends. Why it matters The tabling of the Economic Survey is not just a formality. It is the final checkpoint before the Budget, giving a snapshot of where the economy stands and what pressures the government is working with. Growth numbers, inflation trends and fiscal constraints outlined here often shape the tone and limits of the Budget itself. In short, the Survey tells you how the economy is doing. The Budget tells you what the government plans to do about it.

Nirmala Sitharaman tables Economic Survey 2025-26 in Parliament ahead of Union Budget on Feb 1

Indian Union Finance Minister Nirmala Sitharaman will table the Economic Survey 2025-26 in the Lok Sabha today (Thursday, Jan 29). The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, provides insights into the state of the economy and various indicators for 2025-26 (April-March), as well as an outlook for the next fiscal. Further, Union Minister of State for Civil Aviation Murlidhar Mohol will table documents related to the Airports Economic Regulatory Authority of India (AERA).Also read | <a href="https://www.wionews.com/photos/india-budget-2026-union-budget-nirmala-sitharaman-what-is-the-halwa-ceremony-and-lock-in-period-why-was-it-skipped-in-2022-and-held-twice-in-2024-1769654226526">India Budget 2026: What is Halwa Ceremony and 'lock-in' period? Why was it skipped in 2022 and held twice in 2024</a> In addition, a statement reviewing the working of the Airports Economic Regulatory Authority of India, New Delhi, for the year 2024-25 will be presented before the House. As per the agenda, the House will first take up Question Hour, with questions listed separately to be asked and answered by the concerned Ministers. This will be followed by the laying of papers on the Table by members of the Union Council of Ministers. Sitharaman is scheduled to lay papers pertaining to the Ministry of Finance, while Murlidhar Mohol will lay papers related to the Ministry of Civil Aviation. Also read | <a href="https://www.wionews.com/india-news/the-vsr-connection-ajit-pawar-plane-crash-revives-chilling-2023-learjet-disaster-linked-to-same-operator-1769586531526">Ajit Pawar crash revives chilling 2023 Learjet disaster linked to same operator</a>A key item on the day's agenda is the formal laying of eight Bills that have been passed by both Houses of Parliament during the Sixth Session of the 18th Lok Sabha and have subsequently received the President's assent. The Bills will be laid on the table by the Secretary General of the Lok Sabha. &nbsp;The House will also witness the presentation of the 13th Report of the Business Advisory Committee. The report will be presented by Kiren Rijiju and Kodikunnil Suresh, as listed in the agenda. &nbsp;Additionally, the Lok Sabha will take up Matters under Rule 377, a parliamentary provision that allows Members of Parliament to raise issues of urgent public importance. &nbsp;The Budget Session of Parliament commenced a day earlier. The Budget Session will span 30 sittings over 65 days, concluding on April 2, with a recess from February 13 to March 9 for scrutiny of Demands for Grants by Standing Committees.&nbsp;

Finance Minister Nirmala Sitharaman will table the Economic Survey 2025–26 in Lok Sabha today, outlining the state of India’s economy and outlook. Civil Aviation MoS Murlidhar Mohol will present AERA-related documents. 

Indian Union Finance Minister Nirmala Sitharaman will table the Economic Survey 2025-26 in the Lok Sabha today (Thursday, Jan 29). The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, provides insights into the state of the economy and various indicators for 2025-26 (April-March), as well as an outlook for the next fiscal. Further, Union Minister of State for Civil Aviation Murlidhar Mohol will table documents related to the Airports Economic Regulatory Authority of India (AERA). Also read | India Budget 2026: What is Halwa Ceremony and 'lock-in' period? Why was it skipped in 2022 and held twice in 2024 In addition, a statement reviewing the working of the Airports Economic Regulatory Authority of India, New Delhi, for the year 2024-25 will be presented before the House. As per the agenda, the House will first take up Question Hour, with questions listed separately to be asked and answered by the concerned Ministers. This will be followed by the laying of papers on the Table by members of the Union Council of Ministers. Sitharaman is scheduled to lay papers pertaining to the Ministry of Finance, while Murlidhar Mohol will lay papers related to the Ministry of Civil Aviation. Also read | Ajit Pawar crash revives chilling 2023 Learjet disaster linked to same operator A key item on the day's agenda is the formal laying of eight Bills that have been passed by both Houses of Parliament during the Sixth Session of the 18th Lok Sabha and have subsequently received the President's assent. The Bills will be laid on the table by the Secretary General of the Lok Sabha. The House will also witness the presentation of the 13th Report of the Business Advisory Committee. The report will be presented by Kiren Rijiju and Kodikunnil Suresh, as listed in the agenda. Additionally, the Lok Sabha will take up Matters under Rule 377, a parliamentary provision that allows Members of Parliament to raise issues of urgent public importance. The Budget Session of Parliament commenced a day earlier. The Budget Session will span 30 sittings over 65 days, concluding on April 2, with a recess from February 13 to March 9 for scrutiny of Demands for Grants by Standing Committees.

Finance Minister Nirmala Sitharaman will table the Economic Survey 2025–26 in Lok Sabha today, outlining the state of India’s economy and outlook. Civil Aviation MoS Murlidhar Mohol will present AERA-related documents.&nbsp;

Union Finance Minister to present Economic Survey in Lok Sabha ahead of Budget 2026

The US Federal Reserve, led by Chair Jerome Powell, announced on Wednesday (Jan. 28) that the interest rate will remain steady. The decision on the central bank came after a two-day meeting. “In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 per cent,” FOMC said.&nbsp;The Federal Open Market Committee (FOMC) considers various economic indicators, such as inflation trends and labour market conditions, before announcing interest rates. The decision means the federal funds rate, which serves as a benchmark for interest rates across the country, remains at a range of 3.5 per cent to 3.75 per cent.&nbsp;&nbsp;Also read: <a href="https://www.wionews.com/world/us-vs-iran-america-offers-15mn-in-reward-for-information-about-the-irgc-s-oil-transfers-details-inside-1769516715631">US vs Iran: America offers $15mn in reward for ‘information about the IRGC's oil transfers’. Details inside</a>&nbsp;There were a total of 12 voting members in the committee. 10 of them voted in favour of the decision. Voting against were Stephen Miran, who continued his streak of dissents, and Christopher Waller, who is seen as a potential candidate to become the next Fed chair.&nbsp;Powell held a press conference after the announcement and said, “Available indicators suggest that economic activity has been expanding at a solid pace. Consumer spending has been resilient, and business fixed investment has continued to expand. In contrast, activity in the housing sector has remained weak."<h2>What was the impact of the shutdown?</h2>“The temporary shutdown of the federal government likely weighed on economic activity last quarter,” Powell said. “Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people,” he added.&nbsp;“Most of the overrun in goods prices is from tariffs. And that's actually good, because if it weren't from tariffs, it might mean it's from demand, and you know, that's a harder problem to solve. We do think tariffs are likely to move through and be a one-time price, so most of the overshoot, if if you were to take that out, you'd get and you would, I mean inflation, core PCE, inflation is running just a bit above 2% x the effects of tariffs on goods,” Powell said.

The US Federal Reserve kept interest rates unchanged at 3.5–3.75 per cent, with Chair Jerome Powell saying the economy remains resilient despite a temporary government shutdown, weak housing activity, and tariff-driven inflation pressures.

The US Federal Reserve, led by Chair Jerome Powell, announced on Wednesday (Jan. 28) that the interest rate will remain steady. The decision on the central bank came after a two-day meeting. “In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 per cent,” FOMC said. The Federal Open Market Committee (FOMC) considers various economic indicators, such as inflation trends and labour market conditions, before announcing interest rates. The decision means the federal funds rate, which serves as a benchmark for interest rates across the country, remains at a range of 3.5 per cent to 3.75 per cent. Also read: US vs Iran: America offers $15mn in reward for ‘information about the IRGC's oil transfers’. Details inside There were a total of 12 voting members in the committee. 10 of them voted in favour of the decision. Voting against were Stephen Miran, who continued his streak of dissents, and Christopher Waller, who is seen as a potential candidate to become the next Fed chair. Powell held a press conference after the announcement and said, “Available indicators suggest that economic activity has been expanding at a solid pace. Consumer spending has been resilient, and business fixed investment has continued to expand. In contrast, activity in the housing sector has remained weak." What was the impact of the shutdown? “The temporary shutdown of the federal government likely weighed on economic activity last quarter,” Powell said. “Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people,” he added. “Most of the overrun in goods prices is from tariffs. And that's actually good, because if it weren't from tariffs, it might mean it's from demand, and you know, that's a harder problem to solve. We do think tariffs are likely to move through and be a one-time price, so most of the overshoot, if if you were to take that out, you'd get and you would, I mean inflation, core PCE, inflation is running just a bit above 2% x the effects of tariffs on goods,” Powell said.

The US Federal Reserve kept interest rates unchanged at 3.5–3.75 per cent, with Chair Jerome Powell saying the economy remains resilient despite a temporary government shutdown, weak housing activity, and tariff-driven inflation pressures.

No change in interest rate: Here’s the outcome of US Federal Reserve meeting

A recent study by the Kiel Institute for World Economy finds that closer EU-India economic integration could lift bilateral trade by 41 to 65 per cent, significantly increasing ties between the two partners amid growing global trade fragmentation. Both the regions together make up 21.1 per cent of global GDP and 23.4 per cent of the world's population.&nbsp;The study by the Institute suggests that this deeper integration would boost bilateral trade, along with the expected upsurge of the real incomes by 0.12 to 0.13 per cent of GDP on both sides, while reducing reliance on risk-prone markets, according to a report in the news agency ANI.<h3>EU–India trade surges nearly 90%</h3>EU–India trade has surged nearly 90 per cent over the past decade, with EU exports touching 48.8 billion euros in 2024. Yet, steep Indian tariffs—some as high as 150 per cent- continue to hinder European market access, even as around 6,000 EU companies already operate in India.&nbsp;"India is one of the fastest-growing major markets in the world, but it remains highly protected," says Julian Hinz, Research Director at the Kiel Institute for the World Economy. "A comprehensive EU-India trade agreement would open substantial parts of the economy, strengthen supply chains, and reduce vulnerability to geopolitical shocks," Julian Hinz added.&nbsp;Model simulations indicated that the Indian exports with this deal could increase by 41 per cent, with EU and EU exports to India by 65 per cent. The agreement is projected to generate annual income gains of roughly 22 billion euros ($26.3 billion) for the EU and 4.2 billion euros ($4.73 billion) for India, with the largest advantages expected in sectors such as IT services, textiles, chemicals, machinery and food processing.&nbsp;The timing is significant, as India is grappling with steep US tariffs of up to 50 per cent imposed in 2025, which have dampened trade flows. Analysts say the EU–India deal could offer much-needed stability amid escalating global trade tensions.&nbsp;"Against this backdrop, the EU-India agreement would act as a stabiliser," says Vasundhara Thakur, researcher at the Kiel Institute. "It provides an insurance mechanism against global trade turmoil and sends a strong signal that rules-based trade cooperation still works," Thakur added.&nbsp;Also read: <a href="https://www.wionews.com/world/amazon-to-fire-16-000-employees-us-based-staff-will-get-90-days-to-look-for-new-roles-details-here-1769602191793">Amazon to fire 16,000 employees, US-based staff will get 90 days to look for new roles. Details here</a>

The study by the Institute suggests that this deeper integration would boost bilateral trade, along with the expected upsurge of the real incomes by 0.12 to 0.13 per cent of GDP on both sides, while reducing reliance on risk-prone markets.

A recent study by the Kiel Institute for World Economy finds that closer EU-India economic integration could lift bilateral trade by 41 to 65 per cent, significantly increasing ties between the two partners amid growing global trade fragmentation. Both the regions together make up 21.1 per cent of global GDP and 23.4 per cent of the world's population. The study by the Institute suggests that this deeper integration would boost bilateral trade, along with the expected upsurge of the real incomes by 0.12 to 0.13 per cent of GDP on both sides, while reducing reliance on risk-prone markets, according to a report in the news agency ANI. EU–India trade surges nearly 90% EU–India trade has surged nearly 90 per cent over the past decade, with EU exports touching 48.8 billion euros in 2024. Yet, steep Indian tariffs—some as high as 150 per cent- continue to hinder European market access, even as around 6,000 EU companies already operate in India. "India is one of the fastest-growing major markets in the world, but it remains highly protected," says Julian Hinz, Research Director at the Kiel Institute for the World Economy. "A comprehensive EU-India trade agreement would open substantial parts of the economy, strengthen supply chains, and reduce vulnerability to geopolitical shocks," Julian Hinz added. Model simulations indicated that the Indian exports with this deal could increase by 41 per cent, with EU and EU exports to India by 65 per cent. The agreement is projected to generate annual income gains of roughly 22 billion euros ($26.3 billion) for the EU and 4.2 billion euros ($4.73 billion) for India, with the largest advantages expected in sectors such as IT services, textiles, chemicals, machinery and food processing. The timing is significant, as India is grappling with steep US tariffs of up to 50 per cent imposed in 2025, which have dampened trade flows. Analysts say the EU–India deal could offer much-needed stability amid escalating global trade tensions. "Against this backdrop, the EU-India agreement would act as a stabiliser," says Vasundhara Thakur, researcher at the Kiel Institute. "It provides an insurance mechanism against global trade turmoil and sends a strong signal that rules-based trade cooperation still works," Thakur added. Also read: Amazon to fire 16,000 employees, US-based staff will get 90 days to look for new roles. Details here

The study by the Institute suggests that this deeper integration would boost bilateral trade, along with the expected upsurge of the real incomes by 0.12 to 0.13 per cent of GDP on both sides, while reducing reliance on risk-prone markets.

EU–India FTA could boost bilateral trade by up to 65%, incomes to rise: Report

Amazon was reported to slash around 16,000 jobs in its latest round of layoffs in the tech industry. &nbsp;A senior vice president at the e-commerce giant, Beth Galetti, announced the decision on Wednesday (Jan 28) via a blog post, which was sent to the employees. This came after a round of layoffs in October last year when Amazon fired 14,000 workers.&nbsp;Also read: <a href="https://www.wionews.com/world/us-vs-iran-america-offers-15mn-in-reward-for-information-about-the-irgc-s-oil-transfers-details-inside-1769516715631">US vs Iran: America offers $15mn in reward for ‘information about the IRGC's oil transfers’. Details inside</a>&nbsp;"Some of you might ask if this is the beginning of a new rhythm – where we announce broad reductions every few months. That's not our plan," Galetti said, CBS News reported.&nbsp;"But just as we always have, every team will continue to evaluate the ownership, speed, and capacity to invent for customers, and make adjustments as appropriate. That's never been more important than it is today in a world that's changing faster than ever," she added.&nbsp;Also read: <a href="https://www.wionews.com/world/if-their-soil-sky-or-waters-are-used-against-iran-irgc-s-warning-to-neighbouring-nations-says-they-ll-be-considered-hostile-1769541085343">‘If their soil, sky, or waters are used against Iran...’: IRGC’s warning to neighbouring nations, says they’ll be considered ‘hostile’</a>&nbsp;"While we're making these changes, we'll also continue hiring and investing in strategic areas and functions that are critical to our future. We're still in the early stages of building every one of our businesses, and there's significant opportunity ahead," she further said.&nbsp;Also read: <a href="https://www.wionews.com/world/us-under-state-of-emergency-as-extremely-dangerous-winter-storm-hits-america-millions-at-risk-details-inside-1769264055230">US under ‘State of Emergency’ as ‘extremely dangerous’ winter storm hits America; millions at risk. Details inside</a>&nbsp;She also said that the US-based staff would be allotted a time frame of 90 days to look for a new role. They will be offered severance pay, outplacement services, and health insurance benefits.&nbsp;Also read: <a href="https://www.wionews.com/world/-we-iranians-know-how-to-defend-ourselves-iran-fm-lashes-out-at-confused-clown-zelensky-over-his-remark-on-tehran-1769277845979">‘We Iranians know how to defend ourselves’: Iran FM lashes out at ‘confused clown’ Zelensky over his remark on Tehran</a>

Amazon will lay off around 16,000 employees in a fresh round of job cuts, offering US-based staff 90 days to find new roles along with severance, benefits, and continued strategic hiring.

Amazon was reported to slash around 16,000 jobs in its latest round of layoffs in the tech industry. A senior vice president at the e-commerce giant, Beth Galetti, announced the decision on Wednesday (Jan 28) via a blog post, which was sent to the employees. This came after a round of layoffs in October last year when Amazon fired 14,000 workers. Also read: US vs Iran: America offers $15mn in reward for ‘information about the IRGC's oil transfers’. Details inside "Some of you might ask if this is the beginning of a new rhythm – where we announce broad reductions every few months. That's not our plan," Galetti said, CBS News reported. "But just as we always have, every team will continue to evaluate the ownership, speed, and capacity to invent for customers, and make adjustments as appropriate. That's never been more important than it is today in a world that's changing faster than ever," she added. Also read: ‘If their soil, sky, or waters are used against Iran...’: IRGC’s warning to neighbouring nations, says they’ll be considered ‘hostile’ "While we're making these changes, we'll also continue hiring and investing in strategic areas and functions that are critical to our future. We're still in the early stages of building every one of our businesses, and there's significant opportunity ahead," she further said. Also read: US under ‘State of Emergency’ as ‘extremely dangerous’ winter storm hits America; millions at risk. Details inside She also said that the US-based staff would be allotted a time frame of 90 days to look for a new role. They will be offered severance pay, outplacement services, and health insurance benefits. Also read: ‘We Iranians know how to defend ourselves’: Iran FM lashes out at ‘confused clown’ Zelensky over his remark on Tehran

Amazon will lay off around 16,000 employees in a fresh round of job cuts, offering US-based staff 90 days to find new roles along with severance, benefits, and continued strategic hiring.

Amazon to fire 16,000 employees, US-based staff will get 90 days to look for new roles. Details here

Prime Minister Narendra Modi and European Commission President Ursula von der Leyen concluded the India–European Union Free Trade Agreement (India–EU FTA) at the 16th India–EU Summit on Tuesday. The announcement marks a historic development in India–EU economic relations and trade engagement with important global partners.&nbsp;The FTA concluded with the commitment by India and the European Union to open markets, predictability, and inclusive growth. It comes after years of sustained dialogue and cooperation between India and the EU, which demonstrate the political will and shared vision to deliver a balanced, modern, and rules-based economic and trade partnership.&nbsp;In a press release, the Ministry of Commerce and Industry stated that the India-EU trade pact includes trade in goods, services, trade remedies, rules of origin, customs and trade facilitation, along with the emerging areas such as SMEs and digital trade, amongst others.&nbsp;The India–EU FTA delivers a major push to labour-intensive sectors, including textiles, apparel, leather, footwear, marine products, gems and jewellery, handicrafts, engineering goods and automobiles, cutting tariffs of up to 10% to zero on nearly $33 billion worth of exports once the pact takes effect.&nbsp;In automobiles, a carefully structured, quota-based liberalisation will enable EU carmakers to introduce higher-end models in India, while creating scope for Make in India manufacturing and future exports. Indian buyers stand to gain from advanced technology and stronger competition, even as reciprocal access opens doors for India-made vehicles in the EU market.&nbsp;The agreement is set to significantly uplift agriculture and processed foods by ensuring fairer conditions for farmers and agri-businesses. Beyond tariff cuts, it addresses non-tariff barriers through deeper regulatory cooperation, improved transparency, smoother customs processes, and streamlined SPS and technical standards.&nbsp;Under CBAM-related commitments, the deal secures forward-looking MFN assurances, technical cooperation on carbon pricing and verification, and financial and targeted support to help reduce emissions and meet evolving carbon norms.With services forming the fastest-growing segment of both economies, the FTA enhances certainty of access, non-discriminatory treatment, digital trade, and mobility—strengthening prospects for India’s services exports.<h3>Trade talks include sectors like IT, AI &amp; financial services</h3>The FTA locks in broader, commercially meaningful commitments from the EU in sectors where India holds strong advantages, such as IT and IT-enabled services, professional services, education, financial services, tourism, construction, and other business activities.&nbsp;Guaranteed and predictable access to 144 EU subsectors—including IT/ITeS, professional, business and education services—will strengthen Indian service providers’ ability to deliver competitive, world-class offerings to European consumers. In return, EU access to 102 Indian subsectors is expected to attract high-tech services and investment into India, creating a win-win framework.&nbsp;On mobility, the pact establishes a clear and facilitative system for short-term, temporary and business travel in both directions, allowing professionals to move between the two markets to deliver services. Both sides have committed to mobility for intra-corporate transferees and business visitors, along with entry and work rights for their dependents.&nbsp;Additionally, the EU has opened 37 sectors for contractual service suppliers and 17 for independent professionals, including areas of key interest to India such as professional, IT-related, R&amp;D and education services. Now, the FTA promotes cooperation to advance innovation and global-level electronic payments in financial services, while providing India with increased market access across multiple major EU member states. These provisions are likely to deepen financial integration and support the growth of financial services trade.&nbsp;These commitments reinforce India’s position as a global hub for talent, innovation, and sustainable economic growth, along with the unlocking of high-value employment opportunities. The FTA is set to deepen cooperation in strategic fields such as Artificial Intelligence, clean technologies, and semiconductors, supporting India's technological advancement. It is also expected to significantly expand trade, improve export competitiveness, and embed Indian companies more deeply into the European and global value chains. &nbsp;

The FTA concluded with the commitment by India and the European Union to open markets, predictability, and inclusive growth. It comes after years of sustained dialogue and cooperation between India and the EU, which demonstrate the political will and shared vision.

Prime Minister Narendra Modi and European Commission President Ursula von der Leyen concluded the India–European Union Free Trade Agreement (India–EU FTA) at the 16th India–EU Summit on Tuesday. The announcement marks a historic development in India–EU economic relations and trade engagement with important global partners. The FTA concluded with the commitment by India and the European Union to open markets, predictability, and inclusive growth. It comes after years of sustained dialogue and cooperation between India and the EU, which demonstrate the political will and shared vision to deliver a balanced, modern, and rules-based economic and trade partnership. In a press release, the Ministry of Commerce and Industry stated that the India-EU trade pact includes trade in goods, services, trade remedies, rules of origin, customs and trade facilitation, along with the emerging areas such as SMEs and digital trade, amongst others. The India–EU FTA delivers a major push to labour-intensive sectors, including textiles, apparel, leather, footwear, marine products, gems and jewellery, handicrafts, engineering goods and automobiles, cutting tariffs of up to 10% to zero on nearly $33 billion worth of exports once the pact takes effect. In automobiles, a carefully structured, quota-based liberalisation will enable EU carmakers to introduce higher-end models in India, while creating scope for Make in India manufacturing and future exports. Indian buyers stand to gain from advanced technology and stronger competition, even as reciprocal access opens doors for India-made vehicles in the EU market. The agreement is set to significantly uplift agriculture and processed foods by ensuring fairer conditions for farmers and agri-businesses. Beyond tariff cuts, it addresses non-tariff barriers through deeper regulatory cooperation, improved transparency, smoother customs processes, and streamlined SPS and technical standards. Under CBAM-related commitments, the deal secures forward-looking MFN assurances, technical cooperation on carbon pricing and verification, and financial and targeted support to help reduce emissions and meet evolving carbon norms. With services forming the fastest-growing segment of both economies, the FTA enhances certainty of access, non-discriminatory treatment, digital trade, and mobility—strengthening prospects for India’s services exports. Trade talks include sectors like IT, AI & financial services The FTA locks in broader, commercially meaningful commitments from the EU in sectors where India holds strong advantages, such as IT and IT-enabled services, professional services, education, financial services, tourism, construction, and other business activities. Guaranteed and predictable access to 144 EU subsectors—including IT/ITeS, professional, business and education services—will strengthen Indian service providers’ ability to deliver competitive, world-class offerings to European consumers. In return, EU access to 102 Indian subsectors is expected to attract high-tech services and investment into India, creating a win-win framework. On mobility, the pact establishes a clear and facilitative system for short-term, temporary and business travel in both directions, allowing professionals to move between the two markets to deliver services. Both sides have committed to mobility for intra-corporate transferees and business visitors, along with entry and work rights for their dependents. Additionally, the EU has opened 37 sectors for contractual service suppliers and 17 for independent professionals, including areas of key interest to India such as professional, IT-related, R&D and education services. Now, the FTA promotes cooperation to advance innovation and global-level electronic payments in financial services, while providing India with increased market access across multiple major EU member states. These provisions are likely to deepen financial integration and support the growth of financial services trade. These commitments reinforce India’s position as a global hub for talent, innovation, and sustainable economic growth, along with the unlocking of high-value employment opportunities. The FTA is set to deepen cooperation in strategic fields such as Artificial Intelligence, clean technologies, and semiconductors, supporting India's technological advancement. It is also expected to significantly expand trade, improve export competitiveness, and embed Indian companies more deeply into the European and global value chains.

The FTA concluded with the commitment by India and the European Union to open markets, predictability, and inclusive growth. It comes after years of sustained dialogue and cooperation between India and the EU, which demonstrate the political will and shared vision.

India–EU FTA concluded: Markets open, tariffs cut, services in trade, auto & tech expanded; Check who gains & what changes

India and the European Union (EU) on Tuesday (January 27) unveiled what officials are calling a landmark free trade agreement, one that is unlikely to sit well with US President Donald Trump. The deal brings together a bloc Trump has repeatedly criticised and pressured, and a country he has sought to strong-arm with steep tariffs. Trump, who has openly mocked Europe and clashed with it over issues ranging from defence spending to his controversial Greenland ambitions, is also locked in a tense trade standoff with India.&nbsp;Compounding Trump’s irritation, the European Union has also paused progress on its own trade agreement with the United States. The symbolism is hard to miss: Europe and India, both targets of Trump’s tariff threats, have instead chosen to deepen ties with each other.&nbsp;Signs of Washington’s discomfort surfaced on Monday when US Treasury Secretary Scott Bessent accused Europe of indirectly financing the Russia-Ukraine war by importing energy routed through India. Speaking to ABC News, Bessent pointed out that the US had imposed 25% tariffs on India over Russian oil purchases, only for Europe to finalise a trade pact with New Delhi days later.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/watch-loyal-till-the-end-pitbull-guards-teen-s-body-for-four-days-in-himachal-snow-1769510488560">WATCH | Loyal till the end: Pitbull guards teen’s body for four days in Himachal snow</a>&nbsp;What Bessent did not acknowledge is that Trump’s own trade tactics may have accelerated the deal. Negotiations between India and the EU have dragged on for nearly two decades. It was the growing uncertainty created by US tariffs, export controls, and diplomatic friction that finally pushed both sides to close ranks. Prime Minister Modi alluded to this global disruption while announcing the agreement. Without naming Trump, he noted that the international order was in flux and that the India-EU deal could help bring stability.<h2>How Trump’s pressure backfired</h2>India is currently facing combined US tariffs of 50%—25% under reciprocal measures and another 25% linked to Russian oil imports. Over the past year, Trump and his allies have repeatedly criticised India, branding it a conduit for Moscow and even framing the Ukraine conflict as “Modi’s war.” The pressure was aimed at forcing India into a trade deal tilted heavily in America’s favour.&nbsp;New Delhi, however, chose restraint over retaliation. While refusing to bow to US demands, India avoided direct attacks on Trump himself. Europe’s experience has been similar. Trump’s aggressive rhetoric, threats of additional tariffs, and anger over EU resistance to his Greenland proposal have strained transatlantic ties. In response, Brussels shelved its trade talks with Washington, while several European countries declined to participate in Trump-backed diplomatic initiatives in West Asia.&nbsp;<a href="https://www.wionews.com/videos/white-house-confirms-trump-s-diplomatic-push-amid-europe-russia-tensions-1769512874157/embed">https://www.wionews.com/videos/white-house-confirms-trump-s-diplomatic-push-amid-europe-russia-tensions-1769512874157/embed</a><h2>Why the India-EU deal matters?</h2>For India, the agreement sends a clear message: it will not negotiate under duress. In recent months, New Delhi has concluded trade deals with the UK, New Zealand, and Oman, reinforcing its intent to diversify partnerships. India’s negotiating stance reflects an understanding that Trump responds to leverage, not submission. Unlike Canada, where trade talks with China were frozen after Trump threatened 100% tariffs, India has stayed the course.&nbsp;The EU, for its part, accommodated India’s long-standing sensitivities by excluding agriculture and dairy from the pact, safeguarding Indian farmers. This stands in contrast to US demands for deep access to these politically sensitive sectors. While European leaders have expressed unease over India’s ties with Russia, they have largely avoided public ultimatums or sanctions. That tone helped keep negotiations on track.&nbsp;India, now the world’s fourth-largest economy, offers Europe a vast and steadily expanding market. Despite occasional disagreements, New Delhi has refrained from publicly pressuring or embarrassing Brussels—an approach that paid dividends. The agreement, set to take effect next year, promises significant gains on both sides. Indian exporters in labour-intensive sectors such as textiles, chemicals, gems, and jewellery, hit hard by US tariffs, will gain preferential or duty-free access to European markets.&nbsp;The EU is already India’s largest trading partner. Under the FTA, duties will be eliminated on more than 90% of traded goods, while services sectors like telecom and accounting will see reduced barriers. Europe also stands to benefit from India’s decision to slash tariffs on imported EU cars to 40%, down from levels as high as 110%. This opens the door wider for manufacturers such as Volkswagen, Mercedes-Benz, and BMW in the world’s third-largest automobile market by volume.

Why the India-EU ‘mother of all’ trade deal is bad news for US President Donald Trump

India and the European Union (EU) on Tuesday (January 27) unveiled what officials are calling a landmark free trade agreement, one that is unlikely to sit well with US President Donald Trump. The deal brings together a bloc Trump has repeatedly criticised and pressured, and a country he has sought to strong-arm with steep tariffs. Trump, who has openly mocked Europe and clashed with it over issues ranging from defence spending to his controversial Greenland ambitions, is also locked in a tense trade standoff with India. Compounding Trump’s irritation, the European Union has also paused progress on its own trade agreement with the United States. The symbolism is hard to miss: Europe and India, both targets of Trump’s tariff threats, have instead chosen to deepen ties with each other. Signs of Washington’s discomfort surfaced on Monday when US Treasury Secretary Scott Bessent accused Europe of indirectly financing the Russia-Ukraine war by importing energy routed through India. Speaking to ABC News, Bessent pointed out that the US had imposed 25% tariffs on India over Russian oil purchases, only for Europe to finalise a trade pact with New Delhi days later. Also Read: WATCH | Loyal till the end: Pitbull guards teen’s body for four days in Himachal snow What Bessent did not acknowledge is that Trump’s own trade tactics may have accelerated the deal. Negotiations between India and the EU have dragged on for nearly two decades. It was the growing uncertainty created by US tariffs, export controls, and diplomatic friction that finally pushed both sides to close ranks. Prime Minister Modi alluded to this global disruption while announcing the agreement. Without naming Trump, he noted that the international order was in flux and that the India-EU deal could help bring stability. How Trump’s pressure backfired India is currently facing combined US tariffs of 50%—25% under reciprocal measures and another 25% linked to Russian oil imports. Over the past year, Trump and his allies have repeatedly criticised India, branding it a conduit for Moscow and even framing the Ukraine conflict as “Modi’s war.” The pressure was aimed at forcing India into a trade deal tilted heavily in America’s favour. New Delhi, however, chose restraint over retaliation. While refusing to bow to US demands, India avoided direct attacks on Trump himself. Europe’s experience has been similar. Trump’s aggressive rhetoric, threats of additional tariffs, and anger over EU resistance to his Greenland proposal have strained transatlantic ties. In response, Brussels shelved its trade talks with Washington, while several European countries declined to participate in Trump-backed diplomatic initiatives in West Asia. https://www.wionews.com/videos/white-house-confirms-trump-s-diplomatic-push-amid-europe-russia-tensions-1769512874157/embed Why the India-EU deal matters? For India, the agreement sends a clear message: it will not negotiate under duress. In recent months, New Delhi has concluded trade deals with the UK, New Zealand, and Oman, reinforcing its intent to diversify partnerships. India’s negotiating stance reflects an understanding that Trump responds to leverage, not submission. Unlike Canada, where trade talks with China were frozen after Trump threatened 100% tariffs, India has stayed the course. The EU, for its part, accommodated India’s long-standing sensitivities by excluding agriculture and dairy from the pact, safeguarding Indian farmers. This stands in contrast to US demands for deep access to these politically sensitive sectors. While European leaders have expressed unease over India’s ties with Russia, they have largely avoided public ultimatums or sanctions. That tone helped keep negotiations on track. India, now the world’s fourth-largest economy, offers Europe a vast and steadily expanding market. Despite occasional disagreements, New Delhi has refrained from publicly pressuring or embarrassing Brussels—an approach that paid dividends. The agreement, set to take effect next year, promises significant gains on both sides. Indian exporters in labour-intensive sectors such as textiles, chemicals, gems, and jewellery, hit hard by US tariffs, will gain preferential or duty-free access to European markets. The EU is already India’s largest trading partner. Under the FTA, duties will be eliminated on more than 90% of traded goods, while services sectors like telecom and accounting will see reduced barriers. Europe also stands to benefit from India’s decision to slash tariffs on imported EU cars to 40%, down from levels as high as 110%. This opens the door wider for manufacturers such as Volkswagen, Mercedes-Benz, and BMW in the world’s third-largest automobile market by volume.

India and the EU finalise a major trade deal, easing tariffs and deepening ties as both seek stability amid US pressure and Trump’s trade confrontations

A historic free trade agreement between India and the European Union is set to sharply cut import duties on nearly all European goods coming to India, making many products more affordable for Indian consumers across sectors such as agriculture, food, and automobiles. Under the deal, tariffs on about 96.6 per cent of EU exports to India will either be fully removed or significantly lowered. The agreement is expected to save European exporters up to €4 billion annually in customs duties.&nbsp;Described as the biggest trade deal ever concluded by both sides, the agreement will bring down steep tariffs, currently ranging from 50 to 150 per cent, on items such as chocolate, wine, and cars to levels of zero to 20 per cent. The European Union said the deal comes at a critical moment, strengthening economic and strategic cooperation between the world’s two largest democracies amid global uncertainty and geopolitical strain.&nbsp;Also Read: <a href="https://www.wionews.com/world/-blueprint-for-shared-prosperity-how-india-eu-fta-redefines-defence-and-security-cooperation-1769501459135">‘Blueprint for shared prosperity’: How India-EU FTA redefines defence and security cooperation</a>&nbsp;By cutting red tape and easing market access, the agreement aims to make cross-border trade faster, simpler, and more cost-effective, the EU said. Prime Minister Narendra Modi, announcing the signing on Tuesday (January 27), said the pact would unlock significant benefits for citizens and businesses in both India and Europe.&nbsp;<a href="https://www.wionews.com/videos/europe-bets-big-on-wind-to-power-a-greener-future-1769503867678/embed">https://www.wionews.com/videos/europe-bets-big-on-wind-to-power-a-greener-future-1769503867678/embed</a>&nbsp;Calling it a model partnership between major global economies, Modi noted that the agreement covers economies accounting for roughly 25 per cent of global GDP and one-third of worldwide trade. European Commission President Ursula von der Leyen welcomed the pact as a historic achievement, calling it the “mother of all” trade agreements. In a post on X, PM Modi wrote, “This agreement will drive trade, investment, and innovation while strengthening our strategic relationship. It reflects our shared resolve to shape a stable, prosperous, and future-ready economic relationship.”&nbsp;<h2>Check the complete list below. What gets cheaper for Indians after India-EU deal</h2>

<figure class="table"><table><tbody><tr><td>Product</td><td>Current tariffs</td><td>Future Tariffs</td></tr><tr><td>Machinery and electrical equipment</td><td>Up to 44% &nbsp;</td><td>0% for almost all products</td></tr><tr><td>Aircraft and spacecraft&nbsp;&nbsp; &nbsp;</td><td>Up to 11% &nbsp;</td><td>0% for almost all products</td></tr><tr><td>Optical, medical and surgical equipment</td><td>Up to 27,5% &nbsp;</td><td>0% for 90% of the products</td></tr><tr><td>Plastics</td><td>Up to 16,5% &nbsp;&nbsp;</td><td>0% for almost all products</td></tr><tr><td>Pearls, precious stones and metals</td><td>Up to 22,5% &nbsp;&nbsp;</td><td>0% for 20% of the products and tariff reduction for another 36% of the products</td></tr><tr><td>Chemicals</td><td>Up to 22% &nbsp;</td><td>0% for almost all products</td></tr><tr><td>Motor vehicles</td><td>110%</td><td>10% (quota of 250k)</td></tr><tr><td>Iron and steel&nbsp; &nbsp;</td><td>Up to 22%</td><td>0% for almost all products</td></tr><tr><td>Pharmaceuticals&nbsp; &nbsp;</td><td>11%</td><td>0% for almost all products</td></tr><tr><td>Wine&nbsp;&nbsp;</td><td>&nbsp;150%</td><td>20% (premium range); 30% (medium range)</td></tr><tr><td>Spirits&nbsp;&nbsp;</td><td>Up to 150%</td><td>40%</td></tr><tr><td>Beer&nbsp;&nbsp;</td><td>110%</td><td>50%</td></tr><tr><td>Olive Oil, margarine and other vegetable oils</td><td>Up to 45%</td><td>0%</td></tr><tr><td>Kiwis and pears</td><td>33%</td><td>10% in-quota</td></tr><tr><td>Fruit juices and non-alcoholic beer</td><td>Up to 55%</td><td>0%</td></tr><tr><td>Processed food (breads, pastries, biscuits, pasta, chocolate, pet food)</td><td>Up to 50%</td><td>0%</td></tr><tr><td>Sheep meat</td><td>33%</td><td>0%</td></tr><tr><td>Sausages and other meat preparations</td><td>Up to 110%</td><td>50%</td></tr></tbody></table></figure>

India-EU trade deal | From chocolates to wines to cars: Products that may get cheaper after trade pact. See the complete list

A historic free trade agreement between India and the European Union is set to sharply cut import duties on nearly all European goods coming to India, making many products more affordable for Indian consumers across sectors such as agriculture, food, and automobiles. Under the deal, tariffs on about 96.6 per cent of EU exports to India will either be fully removed or significantly lowered. The agreement is expected to save European exporters up to €4 billion annually in customs duties. Described as the biggest trade deal ever concluded by both sides, the agreement will bring down steep tariffs, currently ranging from 50 to 150 per cent, on items such as chocolate, wine, and cars to levels of zero to 20 per cent. The European Union said the deal comes at a critical moment, strengthening economic and strategic cooperation between the world’s two largest democracies amid global uncertainty and geopolitical strain. Also Read: ‘Blueprint for shared prosperity’: How India-EU FTA redefines defence and security cooperation By cutting red tape and easing market access, the agreement aims to make cross-border trade faster, simpler, and more cost-effective, the EU said. Prime Minister Narendra Modi, announcing the signing on Tuesday (January 27), said the pact would unlock significant benefits for citizens and businesses in both India and Europe. https://www.wionews.com/videos/europe-bets-big-on-wind-to-power-a-greener-future-1769503867678/embed Calling it a model partnership between major global economies, Modi noted that the agreement covers economies accounting for roughly 25 per cent of global GDP and one-third of worldwide trade. European Commission President Ursula von der Leyen welcomed the pact as a historic achievement, calling it the “mother of all” trade agreements. In a post on X, PM Modi wrote, “This agreement will drive trade, investment, and innovation while strengthening our strategic relationship. It reflects our shared resolve to shape a stable, prosperous, and future-ready economic relationship.” Check the complete list below. What gets cheaper for Indians after India-EU deal

India and the EU on Tuesday (January 27) signed their largest-ever trade deal, cutting tariffs on 96.6% of EU exports and boosting trade, savings, and cooperation

India and the European Union on Tuesday finalised the ‘mother of all’ trade deals in a landmark development. In response to the agreement, President of the European Commission, Ursula Von Der Leyen, said on social media platform X (formerly Twitter) that ]Europe and India are making history today'.&nbsp;“Europe and India are making history today. We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit. This is only the beginning. We will grow our strategic relationship to be even stronger,” Ursula Von Der Leyen said on X.&nbsp;Prime Minister Narendra Modi also said on Tuesday that India and the European Union have finalised a free trade agreement, highlighting that both sides together constitute around 25 per cent of global GDP and around one-third of world trade. While speaking virtually at Indian Energy Week, he called the deal the “mother of all deals” and stated that it opens up key opportunities for 140 crore Indians as well as millions of Europeans.<h3>How the India–EU deal will benefit Indians</h3>The India-EU Free Trade Agreement or FTA, which is also called the ‘mother of all deals’, aims to provide extensive economic benefits to both countries. Following the agreement, Indians European cars, beer, and several food items are likely to get cheaper.&nbsp;The European Union said duties on 96.6% of its goods exports to India will be either eliminated or reduced, resulting in annual savings of up to €4 billion for European exporters. At the India-EU Summit, both sides also launched an EU-India Security and Defence Partnership and announced key breakthroughs under the trade agreement.&nbsp;Under the deal, tariffs will be scrapped on EU exports such as fruit juices and processed foods, while duties on olive oil, margarine and other vegetable oils will be reduced or removed. Tariffs on spirits will be lowered to 40 per cent.&nbsp;The EU also plans to provide 500 million euros in support over the next two years to help India cut greenhouse gas emissions, highlighting the pact’s economic as well as climate focus. In the meantime, India has decided to substantially lower import duties on several European products, and the EU will provide full market access covering a wide range of Indian exports across manufacturing, chemicals, textiles and electronics.&nbsp;In addition, 90 per cent tariffs on European optical, medical and surgical equipment will be removed. Duties on most of the EU aircraft and spacecraft exports to India will also be removed, the European Union added. The deal will also remove tariffs of up to 44 per cent on machinery, 22 per cent on chemicals and 11 per cent on pharmaceuticals, a development that the EU expects to strengthen the market access and double the exports from the EU to India by 2032.&nbsp;Two-way trade in goods between India and the European Union is estimated at $136 billion. Under the agreement, India is expected to gain duty-free access for key exports such as textiles, leather and marine products, while offering tariff reductions in sectors including automobiles, wines and spirits.&nbsp;Also read: <a href="https://www.wionews.com/world/-financing-war-against-itself-us-slams-europe-over-russian-oil-as-india-eu-trade-deal-nears-1769488585079">‘Financing war against itself’: US slams Europe over Russian oil as India-EU trade deal nears</a>

Prime Minister Narendra Modi said on Tuesday that India and the European Union have finalised a free trade agreement, highlighting that both sides together constitute around 25 per cent of global GDP and around one-third of world trade.

India and the European Union on Tuesday finalised the ‘mother of all’ trade deals in a landmark development. In response to the agreement, President of the European Commission, Ursula Von Der Leyen, said on social media platform X (formerly Twitter) that ]Europe and India are making history today'. “Europe and India are making history today. We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit. This is only the beginning. We will grow our strategic relationship to be even stronger,” Ursula Von Der Leyen said on X. Prime Minister Narendra Modi also said on Tuesday that India and the European Union have finalised a free trade agreement, highlighting that both sides together constitute around 25 per cent of global GDP and around one-third of world trade. While speaking virtually at Indian Energy Week, he called the deal the “mother of all deals” and stated that it opens up key opportunities for 140 crore Indians as well as millions of Europeans. How the India–EU deal will benefit Indians The India-EU Free Trade Agreement or FTA, which is also called the ‘mother of all deals’, aims to provide extensive economic benefits to both countries. Following the agreement, Indians European cars, beer, and several food items are likely to get cheaper. The European Union said duties on 96.6% of its goods exports to India will be either eliminated or reduced, resulting in annual savings of up to €4 billion for European exporters. At the India-EU Summit, both sides also launched an EU-India Security and Defence Partnership and announced key breakthroughs under the trade agreement. Under the deal, tariffs will be scrapped on EU exports such as fruit juices and processed foods, while duties on olive oil, margarine and other vegetable oils will be reduced or removed. Tariffs on spirits will be lowered to 40 per cent. The EU also plans to provide 500 million euros in support over the next two years to help India cut greenhouse gas emissions, highlighting the pact’s economic as well as climate focus. In the meantime, India has decided to substantially lower import duties on several European products, and the EU will provide full market access covering a wide range of Indian exports across manufacturing, chemicals, textiles and electronics. In addition, 90 per cent tariffs on European optical, medical and surgical equipment will be removed. Duties on most of the EU aircraft and spacecraft exports to India will also be removed, the European Union added. The deal will also remove tariffs of up to 44 per cent on machinery, 22 per cent on chemicals and 11 per cent on pharmaceuticals, a development that the EU expects to strengthen the market access and double the exports from the EU to India by 2032. Two-way trade in goods between India and the European Union is estimated at $136 billion. Under the agreement, India is expected to gain duty-free access for key exports such as textiles, leather and marine products, while offering tariff reductions in sectors including automobiles, wines and spirits. Also read: ‘Financing war against itself’: US slams Europe over Russian oil as India-EU trade deal nears

Prime Minister Narendra Modi said on Tuesday that India and the European Union have finalised a free trade agreement, highlighting that both sides together constitute around 25 per cent of global GDP and around one-third of world trade.

How the India–EU deal will impact Indian consumers and exporters: Know key benefits

India and the European Union have wrapped up negotiations on their long-pending Free Trade Agreement, Commerce Secretary Rajesh Agrawal confirmed on Monday (January 26). The agreement, expected to be formally unveiled on Thursday (January 27), has been described as equitable and future-focused, aimed at strengthening India’s economic ties with Europe. Agrawal said the agreement is complete and will likely come into effect next year. The legal review of the text is expected to take five to six months, after which the pact will be officially signed. He added that the deal is poised to significantly boost bilateral trade and investment flows.&nbsp;The announcement coincides with the visit of European Council President Antonio Costa and European Commission President Ursula von der Leyen to New Delhi, where they attended the 77th Republic Day celebrations and the 16th India-EU Summit. Prime Minister Narendra Modi welcomed the EU leadership, noting that their presence reflects the deepening partnership between India and the bloc. The European Commission echoed this sentiment in a post on X, highlighting shared ambitions to address global challenges and advance cooperation at the upcoming summit.&nbsp;Also Read: <a href="https://www.wionews.com/world/uss-abraham-lincoln-aircraft-carrier-arrives-in-middle-east-amid-iran-tensions-1769445072073">USS Abraham Lincoln aircraft carrier arrives in Middle East amid Iran tensions</a><h2>Why did talks move quickly?</h2>Momentum for the deal accelerated after Modi and von der Leyen agreed last year to speed up negotiations. Trade talks, which resumed in 2022 after being stalled for nearly a decade, gained urgency amid shifting global trade dynamics, including higher US tariffs under President Donald Trump. Meanwhile, negotiations on a potential India-US trade pact remain unresolved. Final discussions reportedly centered on automobiles and steel. The EU pushed India to substantially lower import duties on European cars, which currently exceed 100%. India, in turn, sought relief from EU restrictions affecting its steel exports. According to news agency Reuters, New Delhi may cut tariffs on EU car imports to about 40%, down from levels as high as 110%. However, certain agricultural and dairy products were kept outside the agreement, as India aims to shield its farming sector from external competition.<h2>EU calls it the ‘mother of all deals’</h2>EU Trade Commissioner Maros Sefcovic said the agreement could open up vast opportunities for European businesses, referring to it as the “mother of all deals,” a phrase earlier used by Ursula von der Leyen. He noted that negotiators were finalising figures as the EU pressed for reductions in India’s high import duties, which can reach 150% in some categories. Sefcovic said the deal would create one of the world’s largest free trade areas, covering nearly two billion people, while easing customs barriers for European goods in India. Sensitive sectors have been deliberately excluded to ensure consensus and deliver tangible benefits.&nbsp;<a href="https://www.wionews.com/videos/russia-ukraine-continue-to-trade-fire-fury-across-multiple-fronts-1769450756255/embed">https://www.wionews.com/videos/russia-ukraine-continue-to-trade-fire-fury-across-multiple-fronts-1769450756255/embed</a>&nbsp;Calling it the biggest trade agreement ever, he pointed out that nearly 6,000 European companies already operate in India, with bilateral trade growing rapidly over the past decade. EU officials see the pact as a strategic effort to reduce reliance on the US and China, while Indian policymakers view it as a step toward attracting foreign investment and expanding market access. European Commission Vice-President Kaja Kallas also highlighted expanding cooperation beyond trade, including security and defence, noting that EU naval personnel took part in India’s Republic Day parade for the first time.

India and the EU have finalised a landmark free trade agreement, paving the way for deeper economic ties, lower tariffs, and expanded market access

India and the European Union have wrapped up negotiations on their long-pending Free Trade Agreement, Commerce Secretary Rajesh Agrawal confirmed on Monday (January 26). The agreement, expected to be formally unveiled on Thursday (January 27), has been described as equitable and future-focused, aimed at strengthening India’s economic ties with Europe. Agrawal said the agreement is complete and will likely come into effect next year. The legal review of the text is expected to take five to six months, after which the pact will be officially signed. He added that the deal is poised to significantly boost bilateral trade and investment flows. The announcement coincides with the visit of European Council President Antonio Costa and European Commission President Ursula von der Leyen to New Delhi, where they attended the 77th Republic Day celebrations and the 16th India-EU Summit. Prime Minister Narendra Modi welcomed the EU leadership, noting that their presence reflects the deepening partnership between India and the bloc. The European Commission echoed this sentiment in a post on X, highlighting shared ambitions to address global challenges and advance cooperation at the upcoming summit. Also Read: USS Abraham Lincoln aircraft carrier arrives in Middle East amid Iran tensions Why did talks move quickly? Momentum for the deal accelerated after Modi and von der Leyen agreed last year to speed up negotiations. Trade talks, which resumed in 2022 after being stalled for nearly a decade, gained urgency amid shifting global trade dynamics, including higher US tariffs under President Donald Trump. Meanwhile, negotiations on a potential India-US trade pact remain unresolved. Final discussions reportedly centered on automobiles and steel. The EU pushed India to substantially lower import duties on European cars, which currently exceed 100%. India, in turn, sought relief from EU restrictions affecting its steel exports. According to news agency Reuters, New Delhi may cut tariffs on EU car imports to about 40%, down from levels as high as 110%. However, certain agricultural and dairy products were kept outside the agreement, as India aims to shield its farming sector from external competition. EU calls it the ‘mother of all deals’ EU Trade Commissioner Maros Sefcovic said the agreement could open up vast opportunities for European businesses, referring to it as the “mother of all deals,” a phrase earlier used by Ursula von der Leyen. He noted that negotiators were finalising figures as the EU pressed for reductions in India’s high import duties, which can reach 150% in some categories. Sefcovic said the deal would create one of the world’s largest free trade areas, covering nearly two billion people, while easing customs barriers for European goods in India. Sensitive sectors have been deliberately excluded to ensure consensus and deliver tangible benefits. https://www.wionews.com/videos/russia-ukraine-continue-to-trade-fire-fury-across-multiple-fronts-1769450756255/embed Calling it the biggest trade agreement ever, he pointed out that nearly 6,000 European companies already operate in India, with bilateral trade growing rapidly over the past decade. EU officials see the pact as a strategic effort to reduce reliance on the US and China, while Indian policymakers view it as a step toward attracting foreign investment and expanding market access. European Commission Vice-President Kaja Kallas also highlighted expanding cooperation beyond trade, including security and defence, noting that EU naval personnel took part in India’s Republic Day parade for the first time.

India and the EU have finalised a landmark free trade agreement, paving the way for deeper economic ties, lower tariffs, and expanded market access

'Mother of all deals': India, EU FTA finalised, formal announcement on January 27

Gold prices hit $5,000 per ounce for the first time ever in history, even as silver prices breached another all-time record. For two assets long known fore for their store of value than real-world usage, gold and silver’s unprecedented rally is raising questions as to whether this is irrational exuberance. Geopolitical uncertainties, central bank purchases, and the use of silver in emerging technologies like electric vehicles may be some reasons. But how far can this rally be sustained? Here are the factors to consider.<h2>Gold and silver: How have prices risen in past year?</h2>Gold spot prices breached the $5,000 mark for the first time ever, trading in spot markets at around $5,074.48 per ounce on Monday (Jan 26) after hitting an all-time high of $5,091.14. The bull run is because gold is enjoying strong momentum, up roughly 85 per cent year-on-year, having risen 17 per cent in the past month alone.&nbsp;Silver, meanwhile, is growing more explosively, having hit $108.17 per ounce on Monday after an all-time high of over $100 for the first time on January 23. In percentage terms, this represents higher growth than gold, a surge of over 258 per cent on the year and a rise of 50 per cent in the past month alone.<a href="https://www.wionews.com/videos/gold-hits-5-000-an-ounce-for-the-first-time-world-business-watch-1769403964264/embed">https://www.wionews.com/videos/gold-hits-5-000-an-ounce-for-the-first-time-world-business-watch-1769403964264/embed</a><h2>What is driving the precious metals rally?</h2>The growth is mainly because of risk aversion in the market, causing safe-haven flows to the metals. In a world where news flow is virtually led by Donald Trump, heightened geopolitical and policy uncertainties are making investors opt for safer bets. It started with various tariff threats by the Trump administration amid the Ukraine–Russia war. Trade frictions pitting the US on one side and virtually all friends and foes on the other — including China, India and the European Union — continued over the past year. Conflicts and regime-change risks involving nations particularly active in oil trade — Venezuela, Russia and Iran — have indicated broader instability.At the domestic level in the US, expectations of accommodative Federal Reserve monetary policy amid potential rate cuts were another reason, as the dollar became less attractive as an asset. Central banks across the world are now accumulating more gold too.Also read: <a href="https://www.wionews.com/trending/pot-of-gold-buried-900-years-ago-unearthed-in-a-karnataka-village-now-there-is-a-fuss-over-who-owns-it-1768376950848">Pot of gold buried 900 years ago unearthed in a Karnataka village. Now there is a fuss over who owns it</a>&nbsp;There is strong demand for gold in Asia, particularly in nations like India, with higher inflows into exchange-traded funds (ETFs) and investments by both retail and institutional investors.There are also supply-side issues, contributed to by geopolitical tensions. There is an acute shortage of silver due to mining deficits. Silver now has a newfound utility in sunrise industries like solar energy, electric vehicles, electronics, and artificial intelligence.<h2>But is it irrational exuberance?</h2>Investors are hedging against fiscal risks by increasing their gold and silver holdings. Concerns over rising inflation and a lack of confidence in traditional fiat systems like the dollar are contributing to this bull run. There are higher forecasts for gold by Goldman Sachs, which pegged it to hit $5,400 per ounce in 2026, citing sustained demand from investors and central banks.It is not clear if this is a case of irrational exuberance, particularly for gold. Gold derives most of its value as a non-yielding store of value and hedge. It has limited practical utility beyond jewellery, investment, and minor applications in electronics and dentistry.Also read: <a href="https://www.wionews.com/photos/can-silver-outperform-gold-in-future-due-to-rise-in-demand-1766396593842">Can Silver outperform Gold in future due to rise in demand?</a>Silver, as mentioned earlier, is more useful in current industries.&nbsp;There are reasons to believe that current price trends match those of bubble-like characteristics seen in the past. Most of the ETF premiums are driven by fear of missing out, meaning some investors are flocking to the asset because everyone else is. This amounts to what could be called ‘herd momentum’. It is similar to speculative pricing seen in the past.There is a strong chance that price corrections could be very sharp whenever they occur.If the risk of global wars and conflicts ease suddenly, the fall in prices could happen even before 2026 closes.But some analysts, such as those at JP Morgan and Goldman Sachs, argue that the fundamentals are strong for the metals, particularly given asset diversification by central banks and dwindling supply, especially for silver.

Are we seeing a bubble in gold and silver prices that would inevitably burst? Gold crossed $5,000 per ounce for the first time ever, while silver hit new highs above $100. What are the factors driving this, and are we in ‘irrational exuberance’ territory?



Gold prices hit $5,000 per ounce for the first time ever in history, even as silver prices breached another all-time record. For two assets long known fore for their store of value than real-world usage, gold and silver’s unprecedented rally is raising questions as to whether this is irrational exuberance. Geopolitical uncertainties, central bank purchases, and the use of silver in emerging technologies like electric vehicles may be some reasons. But how far can this rally be sustained? Here are the factors to consider. Gold and silver: How have prices risen in past year? Gold spot prices breached the $5,000 mark for the first time ever, trading in spot markets at around $5,074.48 per ounce on Monday (Jan 26) after hitting an all-time high of $5,091.14. The bull run is because gold is enjoying strong momentum, up roughly 85 per cent year-on-year, having risen 17 per cent in the past month alone. Silver, meanwhile, is growing more explosively, having hit $108.17 per ounce on Monday after an all-time high of over $100 for the first time on January 23. In percentage terms, this represents higher growth than gold, a surge of over 258 per cent on the year and a rise of 50 per cent in the past month alone. https://www.wionews.com/videos/gold-hits-5-000-an-ounce-for-the-first-time-world-business-watch-1769403964264/embed What is driving the precious metals rally? The growth is mainly because of risk aversion in the market, causing safe-haven flows to the metals. In a world where news flow is virtually led by Donald Trump, heightened geopolitical and policy uncertainties are making investors opt for safer bets. It started with various tariff threats by the Trump administration amid the Ukraine–Russia war. Trade frictions pitting the US on one side and virtually all friends and foes on the other — including China, India and the European Union — continued over the past year. Conflicts and regime-change risks involving nations particularly active in oil trade — Venezuela, Russia and Iran — have indicated broader instability. At the domestic level in the US, expectations of accommodative Federal Reserve monetary policy amid potential rate cuts were another reason, as the dollar became less attractive as an asset. Central banks across the world are now accumulating more gold too. Also read: Pot of gold buried 900 years ago unearthed in a Karnataka village. Now there is a fuss over who owns it There is strong demand for gold in Asia, particularly in nations like India, with higher inflows into exchange-traded funds (ETFs) and investments by both retail and institutional investors. There are also supply-side issues, contributed to by geopolitical tensions. There is an acute shortage of silver due to mining deficits. Silver now has a newfound utility in sunrise industries like solar energy, electric vehicles, electronics, and artificial intelligence. But is it irrational exuberance? Investors are hedging against fiscal risks by increasing their gold and silver holdings. Concerns over rising inflation and a lack of confidence in traditional fiat systems like the dollar are contributing to this bull run. There are higher forecasts for gold by Goldman Sachs, which pegged it to hit $5,400 per ounce in 2026, citing sustained demand from investors and central banks. It is not clear if this is a case of irrational exuberance, particularly for gold. Gold derives most of its value as a non-yielding store of value and hedge. It has limited practical utility beyond jewellery, investment, and minor applications in electronics and dentistry. Also read: Can Silver outperform Gold in future due to rise in demand? Silver, as mentioned earlier, is more useful in current industries. There are reasons to believe that current price trends match those of bubble-like characteristics seen in the past. Most of the ETF premiums are driven by fear of missing out, meaning some investors are flocking to the asset because everyone else is. This amounts to what could be called ‘herd momentum’. It is similar to speculative pricing seen in the past. There is a strong chance that price corrections could be very sharp whenever they occur. If the risk of global wars and conflicts ease suddenly, the fall in prices could happen even before 2026 closes. But some analysts, such as those at JP Morgan and Goldman Sachs, argue that the fundamentals are strong for the metals, particularly given asset diversification by central banks and dwindling supply, especially for silver.

Are we seeing a bubble in gold and silver prices that would inevitably burst? Gold crossed $5,000 per ounce for the first time ever, while silver hit new highs above $100. What are the factors driving this, and are we in ‘irrational exuberance’ territory?

Gold breaches $5,000 per ounce for first time in history, silver at new high. Are we in ‘irrational exuberance’ territory?

The Indian Union Budget for 2026 is scheduled to be presented on Sunday, February 1, marking the first time since 2000. The timing of the budget announcements on weekends might seem strange, but it serves a specific purpose. Since 2017, the financial announcement has been made on February 1 to provide Parliament with sufficient time to approve policies before the beginning of the financial year on April 4.&nbsp;So, the question might be: in 2026, February 1 falls on a Sunday, but why is the government continuing to present on the holiday? Basically, it allows ministers to conduct their duties on working days without interruptions from office operations. It also provides investors and analysts time to understand the information prior to the beginning of markets on Monday. Therefore, this Sunday effectively turns into India’s most productive “working day” for financial planning and policy decisions.<h3>Can the Union Budget be presented on the weekend?</h3>Yes, the Union Budget can legally be presented on a weekend, as there are no constitutional or procedural barriers. When required, Parliament can hold special sessions to carry out essential business, allowing Budget discussions and approvals to move forward without disrupting the fiscal calendar or routine government functioning.&nbsp;For investors, a Sunday Budget works like an advance guide before the markets open. With the Union Budget scheduled to be presented on February 1, 2026, which falls on Sunday, investors will have ample time to analyse the announcements before trading resumes on the BSE and NSE on Monday. They can comfortably review proposed tax changes, spending plans and incentives at their own pace, helping them plan their next steps more effectively.<h3>Why government choose February 1 for the Budget announcement?</h3>The Indian government shifted the budget presentation from the February-end financial crunch to February 1 to ease the pressure of last-minute financial approvals. This gives Parliament adequate time to pass the Appropriation Bill, which must be cleared before March 31, helping the government avoid the temporary and often complex “Vote on Account” process.With the financial year starting on April 1, this revised timeline allows for a smoother transition into the new fiscal cycle, minimising delays and unfinished clearances. The streamlined approach enables better planning and quicker execution of policies, while also ensuring the timely availability of funds for both the government and investors.<h3>When and where to watch the Budget session 2026?</h3>The Budget Session for 2026 will begin on January 28, 2026, with the President's address to a joint sitting of the Lok Sabha and Rajya Sabha. It will be presented at 11 am on February 1, 2026. Live coverage will be available on Doordarshan as well as on the Government of India’s official YouTube channel.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/deepinder-goyal-steps-down-as-eternal-ceo-albinder-dhindsa-to-take-charge-1768996221996">Deepinder Goyal steps down as Eternal CEO; Albinder Dhindsa to take charge</a>

The Indian government shifted the budget presentation from the February-end financial crunch to February 1 to ease the pressure of last-minute financial approvals. This gives Parliament adequate time to pass the Appropriation Bill.

The Indian Union Budget for 2026 is scheduled to be presented on Sunday, February 1, marking the first time since 2000. The timing of the budget announcements on weekends might seem strange, but it serves a specific purpose. Since 2017, the financial announcement has been made on February 1 to provide Parliament with sufficient time to approve policies before the beginning of the financial year on April 4. So, the question might be: in 2026, February 1 falls on a Sunday, but why is the government continuing to present on the holiday? Basically, it allows ministers to conduct their duties on working days without interruptions from office operations. It also provides investors and analysts time to understand the information prior to the beginning of markets on Monday. Therefore, this Sunday effectively turns into India’s most productive “working day” for financial planning and policy decisions. Can the Union Budget be presented on the weekend? Yes, the Union Budget can legally be presented on a weekend, as there are no constitutional or procedural barriers. When required, Parliament can hold special sessions to carry out essential business, allowing Budget discussions and approvals to move forward without disrupting the fiscal calendar or routine government functioning. For investors, a Sunday Budget works like an advance guide before the markets open. With the Union Budget scheduled to be presented on February 1, 2026, which falls on Sunday, investors will have ample time to analyse the announcements before trading resumes on the BSE and NSE on Monday. They can comfortably review proposed tax changes, spending plans and incentives at their own pace, helping them plan their next steps more effectively. Why government choose February 1 for the Budget announcement? The Indian government shifted the budget presentation from the February-end financial crunch to February 1 to ease the pressure of last-minute financial approvals. This gives Parliament adequate time to pass the Appropriation Bill, which must be cleared before March 31, helping the government avoid the temporary and often complex “Vote on Account” process. With the financial year starting on April 1, this revised timeline allows for a smoother transition into the new fiscal cycle, minimising delays and unfinished clearances. The streamlined approach enables better planning and quicker execution of policies, while also ensuring the timely availability of funds for both the government and investors. When and where to watch the Budget session 2026? The Budget Session for 2026 will begin on January 28, 2026, with the President's address to a joint sitting of the Lok Sabha and Rajya Sabha. It will be presented at 11 am on February 1, 2026. Live coverage will be available on Doordarshan as well as on the Government of India’s official YouTube channel. Also read: Deepinder Goyal steps down as Eternal CEO; Albinder Dhindsa to take charge

The Indian government shifted the budget presentation from the February-end financial crunch to February 1 to ease the pressure of last-minute financial approvals. This gives Parliament adequate time to pass the Appropriation Bill.

Why is Budget 2026 being presented on Sunday? Know reason, history and where to watch live

International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned on Friday that the ‘artificial intelligence (AI) tsunami’ will hit the labour market soon, and 60% of jobs in advanced economies will be affected by it. The ‘AI tsunami’ will wipe out many entry-level roles, and hence the young will be the most affected, Georgieva said, citing research. Artificial intelligence will be a “tsunami hitting the labour market”, with young people being the worst hit, the IMF chief said at the World Economic Forum in Davos on Friday.&nbsp;Georgieva told delegates that the IMF’s own research suggested that there would be a big transformation of demand for skills as the technology becomes increasingly widespread.&nbsp;Also Read: <a href="https://www.wionews.com/world/death-toll-in-karachi-shopping-mall-blaze-rises-to-71-may-go-up-further-as-search-operation-still-on-1769170605758">Death toll in Karachi shopping mall blaze rises to 71, may go up further as search operation still on</a>&nbsp;“We expect over the next years, in advanced economies, 60% of jobs to be affected by AI, either enhanced or eliminated or transformed–40% globally,” she said. “This is like a tsunami hitting the labour market.”She further said that one in 10 jobs in advanced economies had already been “enhanced” by AI, tending to boost these workers’ pay, with knock-on benefits for the local economy.&nbsp;<h2>‘AI would wipe out roles taken up by younger workers’</h2>&nbsp;By contrast, Georgieva warned that AI would wipe out many roles traditionally taken up by younger workers. “Tasks that are eliminated are usually what entry-level jobs do at present, so young people searching for jobs find it harder to get to a good placement.”&nbsp;Also Read: <a href="https://www.wionews.com/world/davos-2026-soon-there-will-be-more-robots-than-people-says-elon-musk-1769105556661">Davos 2026: ‘Soon there will be more robots than people,’ says Elon Musk</a>&nbsp;Besides, people whose jobs are not directly changed by artificial intelligence will be at risk of being squeezed, and their pay may potentially fall without a productivity boost from AI, she said.“So the middle class, inevitably, is going to be affected,” Georgieva predicted.&nbsp;&nbsp;<h2>‘AI insufficiently regulated, moving fast but not safe yet’</h2>&nbsp;&nbsp;She further said that her greatest fear was that AI was insufficiently regulated. “This is moving so fast, and yet we don’t know how to make it safe. We don’t know how to make it inclusive. Wake up, AI is for real, and it is transforming our world faster than we are getting ahead of it,” she said.&nbsp;Georgieva was speaking on a panel alongside the president of the European Central Bank, Christine Lagarde, who warned that the AI boom could be hampered by growing mistrust between rival economies as the US throws up tariff barriers.&nbsp;Also Read: <a href="https://www.wionews.com/world/davos-2026-zelensky-says-europe-needs-to-protect-itself-take-action-to-become-global-force-1769091116500">‘Europe needs to protect itself, take action to become global force,’ says Zelensky at Davos</a>&nbsp;“We are dependent on each other,” she said, pointing out that AI was capital intensive, energy intensive, and data intensive. If countries did not work cooperatively and “define the new rules of the game,” she said, there would be less capital and less data. “We are in a bind, let’s face it,” she said.&nbsp;<h2>‘Disparity getting deeper and bigger,’ says Christine Lagarde</h2>&nbsp;Lagarde also sounded the alarm about widening global inequality, highlighting the “disparity that is getting deeper and bigger”.The session titled ‘The Great Rebalancing: Artificial Intelligence, Jobs, and the Future of Inclusive Growth’ was held at the UAE Pavilion.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-claims-total-access-greenland-deal-pm-says-unaware-as-europe-unites-1769111824495">Trump claims ‘total access’ Greenland deal, PM Nielsen says unaware of details</a>&nbsp;Earlier, Microsoft chief executive Satya Nadella warned at Davos that AI could lose its “social permission” to compete for resources such as energy, for example, if it failed to generate benefits beyond a few powerful tech firms–such as the rapid development of effective new drugs.

IMF chief Kristalina Georgieva said her greatest fear was that AI was insufficiently regulated. It is moving so fast, and yet we don’t know how to make it safe, she said. “Wake up, AI is for real, and it is transforming our world faster than we are getting ahead of it,” she added.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned on Friday that the ‘artificial intelligence (AI) tsunami’ will hit the labour market soon, and 60% of jobs in advanced economies will be affected by it. The ‘AI tsunami’ will wipe out many entry-level roles, and hence the young will be the most affected, Georgieva said, citing research. Artificial intelligence will be a “tsunami hitting the labour market”, with young people being the worst hit, the IMF chief said at the World Economic Forum in Davos on Friday. Georgieva told delegates that the IMF’s own research suggested that there would be a big transformation of demand for skills as the technology becomes increasingly widespread. Also Read: Death toll in Karachi shopping mall blaze rises to 71, may go up further as search operation still on “We expect over the next years, in advanced economies, 60% of jobs to be affected by AI, either enhanced or eliminated or transformed–40% globally,” she said. “This is like a tsunami hitting the labour market.” She further said that one in 10 jobs in advanced economies had already been “enhanced” by AI, tending to boost these workers’ pay, with knock-on benefits for the local economy. ‘AI would wipe out roles taken up by younger workers’ By contrast, Georgieva warned that AI would wipe out many roles traditionally taken up by younger workers. “Tasks that are eliminated are usually what entry-level jobs do at present, so young people searching for jobs find it harder to get to a good placement.” Also Read: Davos 2026: ‘Soon there will be more robots than people,’ says Elon Musk Besides, people whose jobs are not directly changed by artificial intelligence will be at risk of being squeezed, and their pay may potentially fall without a productivity boost from AI, she said. “So the middle class, inevitably, is going to be affected,” Georgieva predicted. ‘AI insufficiently regulated, moving fast but not safe yet’ She further said that her greatest fear was that AI was insufficiently regulated. “This is moving so fast, and yet we don’t know how to make it safe. We don’t know how to make it inclusive. Wake up, AI is for real, and it is transforming our world faster than we are getting ahead of it,” she said. Georgieva was speaking on a panel alongside the president of the European Central Bank, Christine Lagarde, who warned that the AI boom could be hampered by growing mistrust between rival economies as the US throws up tariff barriers. Also Read: ‘Europe needs to protect itself, take action to become global force,’ says Zelensky at Davos “We are dependent on each other,” she said, pointing out that AI was capital intensive, energy intensive, and data intensive. If countries did not work cooperatively and “define the new rules of the game,” she said, there would be less capital and less data. “We are in a bind, let’s face it,” she said. ‘Disparity getting deeper and bigger,’ says Christine Lagarde Lagarde also sounded the alarm about widening global inequality, highlighting the “disparity that is getting deeper and bigger”. The session titled ‘The Great Rebalancing: Artificial Intelligence, Jobs, and the Future of Inclusive Growth’ was held at the UAE Pavilion. Also Read: Trump claims ‘total access’ Greenland deal, PM Nielsen says unaware of details Earlier, Microsoft chief executive Satya Nadella warned at Davos that AI could lose its “social permission” to compete for resources such as energy, for example, if it failed to generate benefits beyond a few powerful tech firms–such as the rapid development of effective new drugs.

IMF chief Kristalina Georgieva said her greatest fear was that AI was insufficiently regulated. It is moving so fast, and yet we don’t know how to make it safe, she said. “Wake up, AI is for real, and it is transforming our world faster than we are getting ahead of it,” she added.

AI ‘tsunami’ will hit job market, young and middle class will suffer most: IMF chief

Tech billionaire Elon Musk made his first appearance at the World Economic Forum in Davos on Thursday and predicted that robots will eventually outnumber humans in the years to come and humanoid machines will become as commonplace as smartphones. “By the end of next year I think we’d be selling humanoid robots to the public,” Musk said, adding, “My prediction is there’ll be more robots than people… everyone on Earth is going to have one and going to want one… who wouldn’t want a robot to… watch over your kids, take care of your pets… we are in the most interesting time in history.”&nbsp;Also Read: <a href="https://www.wionews.com/world/-ukraine-us-russia-to-hold-trilateral-talks-in-uae-hope-war-ends-says-zelensky-at-davos-2026-1769097668812">‘Ukraine, US, Russia to hold trilateral talks in UAE; hope war ends,’ says Zelensky at Davos 2026</a>&nbsp;&nbsp;The South Africa-born Tesla and SpaceX chief, who is the world’s richest person, spoke with BlackRock CEO Larry Fink at the Davos summit he previously dismissed as elitist and boring.Musk began with a joke about US President Donald Trump’s territorial ambitions, referencing a peace summit. “And I was like, is that piece? A little piece of Greenland. A little piece of Venezuela,” he said to limited laughter.Trump also repeated his claim about extraterrestrial life. “I’m often asked: ‘Are there aliens among us?’ And I say, I am one, but they don’t believe me. If anyone would know if there were aliens among us, it would be me.”&nbsp;Also Read: <a href="https://www.wionews.com/world/davos-2026-zelensky-says-europe-needs-to-protect-itself-take-action-to-become-global-force-1769091116500">‘Europe needs to protect itself, take action to become global force,’ says Zelensky at Davos</a><h2>‘AI and robotics would trigger an unprecedented economic explosion’</h2>&nbsp;Musk also told the audience that AI and robotics would trigger an unprecedented economic explosion.“We will actually make so many robots and AI that they will actually saturate human needs,” he said. “My prediction is that there will be more robots than people.”Musk said Tesla’s Optimus humanoid robots would perform simple tasks in factories by the end of this year and more complex industrial work within 12 months.“Who wouldn’t want a robot to, assuming it’s very safe, watch over your kids, take care of your pets?” Musk asked.&nbsp;Also Read: <a href="https://www.wionews.com/world/russia-ukraine-peace-deal-talks-down-to-one-issue-says-us-envoy-steve-witkoff-1769082947582">Russia-Ukraine peace talks ‘down to one issue’, says US envoy Steve Witkoff</a><h2>‘AI would become smarter than any human by 2026-end’</h2>&nbsp;Musk also predicted that AI would become smarter than any individual human by the end of 2026 and surpass the collective intelligence of humanity within five years.Tesla has rolled out robotaxi services in several US cities and expects widespread deployment across the country by year’s end, Musk said. He added that Tesla hopes to receive European approval for the vehicles next month but did not specify which countries.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/uae-hands-over-list-of-over-900-indian-prisoners-set-for-release-1769084675586">UAE hands over list of over 900 Indian prisoners set for release</a><h2>‘Ageing a very solvable problem’</h2><h2>&nbsp;</h2>Discussing human longevity, Musk said ageing was “a very solvable problem” and predicted that once identified, the cause would be “incredibly obvious” to scientists.Musk was added to the WEF schedule as a last-minute participant, appearing one day after Trump addressed the forum.&nbsp;Also Read: <a href="https://www.wionews.com/world/davos-2026-ashwini-vaishnaw-corrects-imf-chief-says-india-among-top-tier-ai-powers-1769020163510">Davos 2026: Ashwini Vaishnaw corrects IMF chief, says India among ‘top tier’ AI powers</a>&nbsp;He had previously called the annual gathering “boring” and slammed the WEF as a body that’s “increasingly becoming an unelected world government” in previous years.In December 2022, he said he declined a Davos invitation because it sounded “boring af”.

Tech billionaire Elon Musk told the audience that AI and robotics would trigger an unprecedented economic explosion. He said Tesla’s Optimus humanoid robots would perform simple tasks in factories by the end of this year and more complex industrial work within 12 months.

Tech billionaire Elon Musk made his first appearance at the World Economic Forum in Davos on Thursday and predicted that robots will eventually outnumber humans in the years to come and humanoid machines will become as commonplace as smartphones. “By the end of next year I think we’d be selling humanoid robots to the public,” Musk said, adding, “My prediction is there’ll be more robots than people… everyone on Earth is going to have one and going to want one… who wouldn’t want a robot to… watch over your kids, take care of your pets… we are in the most interesting time in history.” Also Read: ‘Ukraine, US, Russia to hold trilateral talks in UAE; hope war ends,’ says Zelensky at Davos 2026 The South Africa-born Tesla and SpaceX chief, who is the world’s richest person, spoke with BlackRock CEO Larry Fink at the Davos summit he previously dismissed as elitist and boring. Musk began with a joke about US President Donald Trump’s territorial ambitions, referencing a peace summit. “And I was like, is that piece? A little piece of Greenland. A little piece of Venezuela,” he said to limited laughter. Trump also repeated his claim about extraterrestrial life. “I’m often asked: ‘Are there aliens among us?’ And I say, I am one, but they don’t believe me. If anyone would know if there were aliens among us, it would be me.” Also Read: ‘Europe needs to protect itself, take action to become global force,’ says Zelensky at Davos ‘AI and robotics would trigger an unprecedented economic explosion’ Musk also told the audience that AI and robotics would trigger an unprecedented economic explosion. “We will actually make so many robots and AI that they will actually saturate human needs,” he said. “My prediction is that there will be more robots than people.” Musk said Tesla’s Optimus humanoid robots would perform simple tasks in factories by the end of this year and more complex industrial work within 12 months. “Who wouldn’t want a robot to, assuming it’s very safe, watch over your kids, take care of your pets?” Musk asked. Also Read: Russia-Ukraine peace talks ‘down to one issue’, says US envoy Steve Witkoff ‘AI would become smarter than any human by 2026-end’ Musk also predicted that AI would become smarter than any individual human by the end of 2026 and surpass the collective intelligence of humanity within five years. Tesla has rolled out robotaxi services in several US cities and expects widespread deployment across the country by year’s end, Musk said. He added that Tesla hopes to receive European approval for the vehicles next month but did not specify which countries. Also Read: UAE hands over list of over 900 Indian prisoners set for release ‘Ageing a very solvable problem’ Discussing human longevity, Musk said ageing was “a very solvable problem” and predicted that once identified, the cause would be “incredibly obvious” to scientists. Musk was added to the WEF schedule as a last-minute participant, appearing one day after Trump addressed the forum. Also Read: Davos 2026: Ashwini Vaishnaw corrects IMF chief, says India among ‘top tier’ AI powers He had previously called the annual gathering “boring” and slammed the WEF as a body that’s “increasingly becoming an unelected world government” in previous years. In December 2022, he said he declined a Davos invitation because it sounded “boring af”.

Tech billionaire Elon Musk told the audience that AI and robotics would trigger an unprecedented economic explosion. He said Tesla’s Optimus humanoid robots would perform simple tasks in factories by the end of this year and more complex industrial work within 12 months.

Davos 2026: ‘Soon there will be more robots than people,’ says Elon Musk

US President Donald Trump on Wednesday (Jan 21) took a U-turn on his hardline push to acquire Greenland, dropping his 500 per cent tariff threat against those opposing him. Just hours after using the stage at the World Economic Forum in Davos to hint at a softer approach on Greenland, the POTUS met with NATO chief Mark Rutte, and afterwards announced a Greenland framework deal. The deal, as per reports, carries a striking resemblance to the UK's Cyprus territory arrangement. Here's all you need to know about the two deals.Also read | <a href="https://www.wionews.com/world/trump-drops-500-tariff-threat-unveils-greenland-framework-deal-with-nato-all-we-know-1769050593395">Trump drops 500% tariff threat, unveils Greenland ‘framework deal’ with NATO | Details inside</a><h2>Trump's framework deal for Greenland</h2>After meeting NATO Secretary General Mark Rutte, the US president said the two had drawn up what he called a "framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region".He hailed the solution as a "great one for the United States of America, and all NATO Nations," if consummated. The POTUS also backed down from his tariff threats. ON Truth Social, he said, "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress."<h2>How is Trump's Greenland deal similar to the UK-Cyprus deal?</h2>Reports suggest that Trump's framework mirrors the United Kingdom's long-standing agreement with Cyprus, a small island nation in the Mediterranean Sea. Under the UK-Cyprus deal, Britain retains sovereign control over military bases on the island, even as Cyprus remains an independent State.Similarly, under the Greenland proposal, the United States is expected to gain sovereignty over some parts of the frozen island. The New York Times, citing senior officials familiar with the talks, reported that the framework being discussed could include a clause giving the United States sovereignty over parts of certain pockets of Greenland, and not the whole island.Also read | <a href="https://www.wionews.com/trending/sometimes-people-need-a-dictator-trump-stuns-davos-after-greenland-rant-1769047692322">Sometimes people 'need a dictator’: Trump stuns Davos with sinister threat after Greenland rant</a>Reportedly, under the proposal, America would be able to carry out military operations, intelligence gathering missions, and training without having to seek permission from Denmark. If the deal goes through, it is expected that American bases in Greenland would be recognised as US territory in the Arctic. The move, as per reports, is intended to alleviate Danish concerns about Trump's America potentially acquiring Greenland.It could also come with provisions for the US to conduct limited local development, including potential mining of rare earth minerals. Greenland sits on large reserves of rare earth elements, materials that are critical for everything from smartphones to missile systems. &nbsp;

US President Donald Trump has announced a Greenland ‘framework’ deal that would potentially give the US control over parts of the island. The plan, as per reports, bears a striking resemblance to a UK-Cyprus deal. Here's all you need to know.

US President Donald Trump on Wednesday (Jan 21) took a U-turn on his hardline push to acquire Greenland, dropping his 500 per cent tariff threat against those opposing him. Just hours after using the stage at the World Economic Forum in Davos to hint at a softer approach on Greenland, the POTUS met with NATO chief Mark Rutte, and afterwards announced a Greenland framework deal. The deal, as per reports, carries a striking resemblance to the UK's Cyprus territory arrangement. Here's all you need to know about the two deals. Also read | Trump drops 500% tariff threat, unveils Greenland ‘framework deal’ with NATO | Details inside Trump's framework deal for Greenland After meeting NATO Secretary General Mark Rutte, the US president said the two had drawn up what he called a "framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region". He hailed the solution as a "great one for the United States of America, and all NATO Nations," if consummated. The POTUS also backed down from his tariff threats. ON Truth Social, he said, "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress." How is Trump's Greenland deal similar to the UK-Cyprus deal? Reports suggest that Trump's framework mirrors the United Kingdom's long-standing agreement with Cyprus, a small island nation in the Mediterranean Sea. Under the UK-Cyprus deal, Britain retains sovereign control over military bases on the island, even as Cyprus remains an independent State. Similarly, under the Greenland proposal, the United States is expected to gain sovereignty over some parts of the frozen island. The New York Times, citing senior officials familiar with the talks, reported that the framework being discussed could include a clause giving the United States sovereignty over parts of certain pockets of Greenland, and not the whole island. Also read | Sometimes people 'need a dictator’: Trump stuns Davos with sinister threat after Greenland rant Reportedly, under the proposal, America would be able to carry out military operations, intelligence gathering missions, and training without having to seek permission from Denmark. If the deal goes through, it is expected that American bases in Greenland would be recognised as US territory in the Arctic. The move, as per reports, is intended to alleviate Danish concerns about Trump's America potentially acquiring Greenland. It could also come with provisions for the US to conduct limited local development, including potential mining of rare earth minerals. Greenland sits on large reserves of rare earth elements, materials that are critical for everything from smartphones to missile systems.

US President Donald Trump has announced a Greenland ‘framework’ deal that would potentially give the US control over parts of the island. The plan, as per reports, bears a striking resemblance to a UK-Cyprus deal. Here's all you need to know.

Trump's 'great' Greenland deal bears striking similarities to Britain’s Cyprus base pact | All details here

Zohran Mamdani insists that his administration will tax the rich, as promised. Just three weeks into the job, the New York mayor is already picking a fight with Albany. On Wednesday (Jan 21), he brushed aside Governor Kathy Hochul's newly released state budget, which came without any raise in income taxes, and said that it was time for NYC's "wealthiest residents to pay their fair share"<h2>"Tax the rich"</h2>"Our administration is preparing to make the case that it is the time for New York's most profitable corporations and wealthiest residents to pay their fair share," Mamdani told reporters at the Whitney Museum in Manhattan.This statement comes just a day after Hochul rolled out a $260 billion budget for New York, one of the largest in the state's history, as she heads into a tough election year with pressure coming from all sides.Also read | <a href="https://www.wionews.com/world/davos-2026-key-takeaways-from-donald-trump-s-angry-greenland-obsessed-speech-nato-and-ungrateful-europe-1769040847782">Davos 2026: Key takeaways from Trump's angry, Greenland-obsessed speech</a><h2>Not enough for City Hall</h2>Hochul's plan includes a major expansion of universal pre k, something Mamdani has long backed. Still, it was not enough to soften his stance. The mayor argued that New York City sends far more money to Albany than it gets back.The city, he said, generates 54.5 per cent of the state's tax revenue but receives only 40.5 per cent in return. Any tax hike for the city would need approval from the state legislature."What we are looking to do is to tackle long-standing fiscal issues that both have to do with the need for more revenue from the highest earners, but also the relationship between City Hall and Albany, " Mamdani said, pointing to both the need for more revenue from top earners.Hochul, for her part, has not ruled out tax hikes forever. But her budget director, Blake Washington, made her position clear this week. "She thinks it’s a last resort to raise taxes on anybody at any time," he said.Also read | <a href="https://www.wionews.com/trending/-gulf-of-trump-had-a-good-ring-trump-reveals-wild-renaming-plan-for-gulf-of-mexico-says-he-feared-getting-killed-1768979268262">'Gulf of Trump had a good ring': Trump reveals wild renaming plan for 'Gulf of Mexico,' says he feared getting killed</a><h2>A deficit and a target</h2>Mamdani inherited a problem. A $12.6 billion budget deficit is projected over the next two fiscal years, reports the New York Post. On Wednesday, he pinned the deficit's blame squarely on his predecessor, former Mayor Eric Adams. However, he insisted that the state was on steady ground."I think that it’s actually the governor’s fiscal stewardship, I think it’s also the strength of our city’s tax base, that the state is on firm financial footing," he said. "The issue, however, is that the city is not, and that is a result, a direct result of Eric Adams’s gross fiscal mismanagement," he added.<h2>Political pressure on Hochul</h2>The standoff puts Hochul in a bind. She is already facing a primary challenge from her lieutenant governor, Antonio Delgado, who is running to her left. Republicans in the suburbs, including Nassau County executive Bruce Blakeman, are using Mamdani's rhetoric to paint her as captive to the party’s liberal wing.Despite Mamdani's push, city finances are not collapsing. Comptroller Mark Levine reported that tax revenue rose 7 per cent in the last fiscal year."This wasn't caused by a bad economy," he said. "It’s the result of budgeting decisions from the previous administration that we must now deal with."&nbsp;

New York Mayor Zohran Mamdani clashed with Governor Kathy Hochul after she released a tax-hike-free state budget. He says the city’s richest residents and corporations must pay more to plug a $12.6 billion deficit, blaming former mayor Eric Adams for it.

Zohran Mamdani insists that his administration will tax the rich, as promised. Just three weeks into the job, the New York mayor is already picking a fight with Albany. On Wednesday (Jan 21), he brushed aside Governor Kathy Hochul's newly released state budget, which came without any raise in income taxes, and said that it was time for NYC's "wealthiest residents to pay their fair share" "Tax the rich" "Our administration is preparing to make the case that it is the time for New York's most profitable corporations and wealthiest residents to pay their fair share," Mamdani told reporters at the Whitney Museum in Manhattan. This statement comes just a day after Hochul rolled out a $260 billion budget for New York, one of the largest in the state's history, as she heads into a tough election year with pressure coming from all sides. Also read | Davos 2026: Key takeaways from Trump's angry, Greenland-obsessed speech Not enough for City Hall Hochul's plan includes a major expansion of universal pre k, something Mamdani has long backed. Still, it was not enough to soften his stance. The mayor argued that New York City sends far more money to Albany than it gets back. The city, he said, generates 54.5 per cent of the state's tax revenue but receives only 40.5 per cent in return. Any tax hike for the city would need approval from the state legislature. "What we are looking to do is to tackle long-standing fiscal issues that both have to do with the need for more revenue from the highest earners, but also the relationship between City Hall and Albany, " Mamdani said, pointing to both the need for more revenue from top earners. Hochul, for her part, has not ruled out tax hikes forever. But her budget director, Blake Washington, made her position clear this week. "She thinks it’s a last resort to raise taxes on anybody at any time," he said. Also read | 'Gulf of Trump had a good ring': Trump reveals wild renaming plan for 'Gulf of Mexico,' says he feared getting killed A deficit and a target Mamdani inherited a problem. A $12.6 billion budget deficit is projected over the next two fiscal years, reports the New York Post. On Wednesday, he pinned the deficit's blame squarely on his predecessor, former Mayor Eric Adams. However, he insisted that the state was on steady ground. "I think that it’s actually the governor’s fiscal stewardship, I think it’s also the strength of our city’s tax base, that the state is on firm financial footing," he said. "The issue, however, is that the city is not, and that is a result, a direct result of Eric Adams’s gross fiscal mismanagement," he added. Political pressure on Hochul The standoff puts Hochul in a bind. She is already facing a primary challenge from her lieutenant governor, Antonio Delgado, who is running to her left. Republicans in the suburbs, including Nassau County executive Bruce Blakeman, are using Mamdani's rhetoric to paint her as captive to the party’s liberal wing. Despite Mamdani's push, city finances are not collapsing. Comptroller Mark Levine reported that tax revenue rose 7 per cent in the last fiscal year. "This wasn't caused by a bad economy," he said. "It’s the result of budgeting decisions from the previous administration that we must now deal with."

New York Mayor Zohran Mamdani clashed with Governor Kathy Hochul after she released a tax-hike-free state budget. He says the city’s richest residents and corporations must pay more to plug a $12.6 billion deficit, blaming former mayor Eric Adams for it.

‘Tax the rich’: Zohran Mamdani takes on Kathy Hochul a day after $260 billion New York budget unveiling

Union Minister for Electronics and Information Technology Ashwini Vaishnaw resolutely corrected International Monetary Fund (IMF) Managing Director Kristalina Georgieva’s statement categorising India as a “second-tier” artificial intelligence (AI) power and asserted that India clearly belongs among the world’s leading AI nations, and alluded to the Stanford University rankings that put India in third place globally.&nbsp;Vaishnaw’s calm and composed response to Georgieva’s remarks on Wednesday during a panel discussion titled ‘AI Power Play’ at the World Economic Forum (WEF) Davos 2026, which focused on the global impact and future trajectory of AI, is gathering eyeballs on the social media and the video of the discussion is being shared widely with comments.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Union Minister <a href="https://twitter.com/AshwiniVaishnaw?ref_src=twsrc%5Etfw">@AshwiniVaishnaw</a> says India is democratizing AI by offering government-subsidised GPU access at one-third of the global cost, free AI models for common needs, training 10 million people in AI skills, and steering the IT industry toward scalable AI services for… <a href="https://t.co/drOXcMfK97">pic.twitter.com/drOXcMfK97</a>&mdash; DD News (@DDNewslive) <a href="https://twitter.com/DDNewslive/status/2013880627142238333?ref_src=twsrc%5Etfw">January 21, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/-canada-should-be-grateful-to-us-trump-castigates-carney-after-his-fiery-speech-1769012325712">‘Canada should be grateful to US,’ Trump castigates Carney after his fiery speech</a>&nbsp;Speaking in the panel discussion, the IMF chief said countries such as the US, Denmark, and Singapore formed the top tier in AI development and placed India in the second group, describing it as a second-tier AI power that is not yet a global leader in the field, though she acknowledged India’s long-term investments in information technology.&nbsp;Responding to the comment, Vaishnaw said the IMF’s assessment did not align with widely accepted global benchmarks.&nbsp;“I don’t know what the IMF’s criteria are, but Stanford University ranks India third in the world in AI penetration, AI preparedness, and AI talent. It ranks second in AI talent. Therefore, your second-tier classification is incorrect. India is clearly in the first group,” Vaishnaw said.&nbsp;&nbsp;&nbsp;

<blockquote class="twitter-tweet">Absolute treat watching Ashwini Vaishnaw masterfully school the IMF Chief on AI at Davos, politely dismantling her &quot;second-tier&quot; label with Stanford&#39;s ranking of India at #3 <a href="https://t.co/qfaP93kFwu">pic.twitter.com/qfaP93kFwu</a>&mdash; Rishi Bagree (@rishibagree) <a href="https://twitter.com/rishibagree/status/2013867976802607609?ref_src=twsrc%5Etfw">January 21, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/-europe-prefers-dialogue-and-solutions-but-fully-prepared-to-act-if-necessary-says-von-der-leyen-at-davos-2026-1768995043904">‘Europe prefers dialogue and solutions, but fully prepared to act if necessary,’ says Von der Leyen at Davos 2026</a><h2>‘AI leadership not determined by building large models’</h2>&nbsp;Vaishnaw emphasised that India’s AI strategy is firmly anchored in real-world deployment and return on investment (ROI) rather than an excessive focus on very large models. He stressed that leadership in AI is not defined solely by building large foundational models.“Return on investment (ROI) doesn’t come from building large models. 95% of the work is done by models with 20–50 billion parameters. India has already built many such models and is deploying them in various sectors, leading to improved productivity, efficiency, and technology utilisation,” he said.&nbsp;<h2>‘India advancing across all five layers of AI architecture’</h2>&nbsp;The Union Minister said India is advancing across all five layers of AI architecture, the application layer, model layer, chip layer, infrastructure layer, and energy layer.“India will become the world’s largest service provider at the application layer. Understanding the enterprise’s business and providing services through AI applications will generate the highest ROI. India’s focus is on diffusing AI on a large scale, not just on scale,” Vaishnav said.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/-globalisation-failed-the-west-and-us-says-us-commerce-secretary-howard-lutnick-at-davos-2026-1768990421968">‘Globalisation failed the West and US’: says US commerce secretary Howard Lutnick at Davos 2026</a><h2>‘India ranks among the top three globally’</h2>&nbsp;Citing a Stanford report, Vaishnav said India ranks among the top three globally in AI penetration, preparedness and talent, and second in AI talent.He added that India is building a comprehensive semiconductor ecosystem encompassing design, fabrication, packaging, materials and equipment. Global technology firms, including Google, are expanding AI data centres in India and deepening partnerships with Indian startups.Vaishnav said these developments reflect growing international recognition of India as a trusted AI partner, with the country focusing on the fifth Industrial Revolution, where smaller, cost-effective solutions are expected to deliver higher returns.&nbsp;&nbsp;&nbsp;

<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/Watch?src=hash&amp;ref_src=twsrc%5Etfw">#Watch</a> | Union Minister <a href="https://twitter.com/AshwiniVaishnaw?ref_src=twsrc%5Etfw">@AshwiniVaishnaw</a> says nearly 95% of AI work can be done using the 20–50 billion parameter models, which India is already deploying across sectors to boost productivity and efficiency. He added that Stanford ranks India third globally in AI penetration,… <a href="https://t.co/i2dc27PaEc">pic.twitter.com/i2dc27PaEc</a>&mdash; DD News (@DDNewslive) <a href="https://twitter.com/DDNewslive/status/2013869737940525128?ref_src=twsrc%5Etfw">January 21, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/japan-restarts-world-s-largest-nuclear-plant-15-years-after-shutting-down-all-reactors-1769006962093">Japan restarts world’s largest nuclear plant, 15 years after shutting down all reactors</a><h2>‘India has developed a bouquet of efficient, cost-effective models’</h2>&nbsp;He highlighted that India has already developed a bouquet of such efficient, cost-effective models, which are being deployed across sectors to enhance productivity, efficiency and effective technology use. This approach, focused on offering maximum return at low cost, reflects India’s emphasis on economically sustainable AI deployment.&nbsp;The panel discussion titled “AI Power Play” was moderated by Ian Bremmer, President of Eurasia Group, also featured Brad Smith, President and Vice Chair of Microsoft, and Khalid Al-Falih, Minister of Investment, Kingdom of Saudi Arabia besides the IMF Managing Director Georgieva and Vaishnaw.

Union Minister Ashwini Vaishnaw emphasised that India’s AI strategy is firmly anchored in real-world deployment and return on investment (ROI) rather than an excessive focus on very large models. He stressed that leadership in AI is not defined solely by building large foundational models.

Union Minister for Electronics and Information Technology Ashwini Vaishnaw resolutely corrected International Monetary Fund (IMF) Managing Director Kristalina Georgieva’s statement categorising India as a “second-tier” artificial intelligence (AI) power and asserted that India clearly belongs among the world’s leading AI nations, and alluded to the Stanford University rankings that put India in third place globally. Vaishnaw’s calm and composed response to Georgieva’s remarks on Wednesday during a panel discussion titled ‘AI Power Play’ at the World Economic Forum (WEF) Davos 2026, which focused on the global impact and future trajectory of AI, is gathering eyeballs on the social media and the video of the discussion is being shared widely with comments.

Union Minister Ashwini Vaishnaw emphasised that India’s AI strategy is firmly anchored in real-world deployment and return on investment (ROI) rather than an excessive focus on very large models. He stressed that leadership in AI is not defined solely by building large foundational models.

Davos 2026: Ashwini Vaishnaw corrects IMF chief, says India among ‘top tier’ AI powers

Deepinder Goyal, founder of Eternal, the parent company of Blinkit and Zomato, has stepped down as the chief executive of the company, according to a stock exchange filing. After the resignation of Goyal, Eternal has appointed Blinkit founder and CEO Albinder Dhindsa as his successor, with the change taking effect on February 1.<h3>Goyal as the role of vice-chairman</h3>Goyal will take on the role of vice-chairman and continue to serve on Eternal’s board. He added that day-to-day operating decisions will now be handled by Dhindsa. "Of late, I have found myself drawn to a set of new ideas that involve significantly higher risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal," Goyal said in a letter to shareholders.&nbsp;"As group CEO, he will own day-to-day execution, operating priorities, and business decisions," he said. Goyal further said that the journey of Blinkit from acquisition to breakeven was managed by Dhindsa, who is "more than capable of leading Eternal" as group CEO.&nbsp;Citing sources, the Economic Times indicated that, for now, Dhindsa will continue to head Blinkit. As part of the leadership transition, Goyal's unvested stock options will return to the employee stock option (Esop) pool.&nbsp;Goyal co-founded Zomato in 2008 with Pankaj Chaddah. Originally launched as Foodiebay, a restaurant menu and reviews platform, it later grew into one of India’s largest food delivery companies. Over the past year, Goyal has also pursued several deeptech, longevity and research ventures outside Eternal.

Goyal co-founded Zomato in 2008 with Pankaj Chaddah. Originally launched as Foodiebay, a restaurant menu and reviews platform, it later grew into one of India’s largest food delivery companies. 

Deepinder Goyal, founder of Eternal, the parent company of Blinkit and Zomato, has stepped down as the chief executive of the company, according to a stock exchange filing. After the resignation of Goyal, Eternal has appointed Blinkit founder and CEO Albinder Dhindsa as his successor, with the change taking effect on February 1. Goyal as the role of vice-chairman Goyal will take on the role of vice-chairman and continue to serve on Eternal’s board. He added that day-to-day operating decisions will now be handled by Dhindsa. "Of late, I have found myself drawn to a set of new ideas that involve significantly higher risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal," Goyal said in a letter to shareholders. "As group CEO, he will own day-to-day execution, operating priorities, and business decisions," he said. Goyal further said that the journey of Blinkit from acquisition to breakeven was managed by Dhindsa, who is "more than capable of leading Eternal" as group CEO. Citing sources, the Economic Times indicated that, for now, Dhindsa will continue to head Blinkit. As part of the leadership transition, Goyal's unvested stock options will return to the employee stock option (Esop) pool. Goyal co-founded Zomato in 2008 with Pankaj Chaddah. Originally launched as Foodiebay, a restaurant menu and reviews platform, it later grew into one of India’s largest food delivery companies. Over the past year, Goyal has also pursued several deeptech, longevity and research ventures outside Eternal.

Goyal co-founded Zomato in 2008 with Pankaj Chaddah. Originally launched as Foodiebay, a restaurant menu and reviews platform, it later grew into one of India’s largest food delivery companies.&nbsp;

Deepinder Goyal steps down as Eternal CEO; Albinder Dhindsa to take charge

President of the European Commission Ursula von der Leyen said on Wednesday that Europe prefers dialogue and solutions, but is fully prepared to act if necessary with unity, urgency and determination if such a need arises.Referring to the escalation in tensions over Trump’s quest to acquire Greenland, she said “the threat of additional tariffs for security reasons is simply wrong” and added that Europe’s leaders are meeting on Thursday to discuss response to the US president’s threatened tariffs.“Europe prefers dialogue and solutions, but we are fully prepared to act if necessary with unity, urgency and determination,” she said.She acknowledged that there has been a shift in the international order that “is not only seismic but it is permanent.”“We now live in a world defined by raw power,” Von der Leyen said, adding that it is now “imperative” for Europe to “speed up our push for independence”, and get “new levers of power”.&nbsp;Also Read: <a href="https://www.wionews.com/world/-globalisation-failed-the-west-and-us-says-us-commerce-secretary-howard-lutnick-at-davos-2026-1768990421968">‘Globalisation failed the West and US’: says US commerce secretary Howard Lutnick at Davos 2026</a><h2>Macron urges EU to consider retaliation against US tariffs</h2>&nbsp;European countries are strongly opposing Donald Trump’s efforts to acquire Greenland and threatening tariffs on nations opposing his plan.French President Emmanuel Macron said at the World Economic Forum on Tuesday that he preferred “respect to bullies” and the “rule of law to brutality”.&nbsp;The US president had threatened to levy a 200% tariff on French wine and champagne, after the French premier declined an invitation to join Trump’s international ‘Board of Peace’.Macron is among the leaders who have been urging the EU to consider retaliatory options against US tariffs, including an anti-coercion tool nicknamed “trade bazooka”.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/davos-2026-seven-indian-ceos-invited-to-trump-s-wef-reception-know-who-they-are-1768981581092">Davos 2026: Seven Indian CEOs invited to Trump’s WEF reception — Know who they are?</a><h2>What is Anti-Coercion Instrument (ACI) or ‘trade bazooka’?</h2>&nbsp;The ‘Anti-Coercion Instrument’ (ACI) was approved by Brussels in 2023 in order to deter attempts by outside powers to force policy changes on the EU or member states. It was given a nod at a time when a threat was seen as coming from China, which had “punished” Lithuania for its links with Taiwan by putting restrictions on bilateral trade.If there is agreement that coercion has been attempted by an outside power, and if negotiations to resolve the conflict fail, then the EU has enhanced powers to retaliate “within international law”.The ACI permits import and export restrictions to be placed on goods and services, but also on intellectual property rights and foreign direct investment.It also enables the imposition of various restrictions on access to the EU market. However, the ACI has never been used till now.&nbsp;

European countries are strongly opposing Donald Trump’s efforts to acquire Greenland and threatening tariffs on nations opposing his plan. French President Emmanuel Macron said at the World Economic Forum that he preferred “respect to bullies” and the “rule of law to brutality”.

President of the European Commission Ursula von der Leyen said on Wednesday that Europe prefers dialogue and solutions, but is fully prepared to act if necessary with unity, urgency and determination if such a need arises. Referring to the escalation in tensions over Trump’s quest to acquire Greenland, she said “the threat of additional tariffs for security reasons is simply wrong” and added that Europe’s leaders are meeting on Thursday to discuss response to the US president’s threatened tariffs. “Europe prefers dialogue and solutions, but we are fully prepared to act if necessary with unity, urgency and determination,” she said. She acknowledged that there has been a shift in the international order that “is not only seismic but it is permanent.” “We now live in a world defined by raw power,” Von der Leyen said, adding that it is now “imperative” for Europe to “speed up our push for independence”, and get “new levers of power”. Also Read: ‘Globalisation failed the West and US’: says US commerce secretary Howard Lutnick at Davos 2026 Macron urges EU to consider retaliation against US tariffs European countries are strongly opposing Donald Trump’s efforts to acquire Greenland and threatening tariffs on nations opposing his plan. French President Emmanuel Macron said at the World Economic Forum on Tuesday that he preferred “respect to bullies” and the “rule of law to brutality”. The US president had threatened to levy a 200% tariff on French wine and champagne, after the French premier declined an invitation to join Trump’s international ‘Board of Peace’. Macron is among the leaders who have been urging the EU to consider retaliatory options against US tariffs, including an anti-coercion tool nicknamed “trade bazooka”. Also Read: Davos 2026: Seven Indian CEOs invited to Trump’s WEF reception — Know who they are? What is Anti-Coercion Instrument (ACI) or ‘trade bazooka’? The ‘Anti-Coercion Instrument’ (ACI) was approved by Brussels in 2023 in order to deter attempts by outside powers to force policy changes on the EU or member states. It was given a nod at a time when a threat was seen as coming from China, which had “punished” Lithuania for its links with Taiwan by putting restrictions on bilateral trade. If there is agreement that coercion has been attempted by an outside power, and if negotiations to resolve the conflict fail, then the EU has enhanced powers to retaliate “within international law”. The ACI permits import and export restrictions to be placed on goods and services, but also on intellectual property rights and foreign direct investment. It also enables the imposition of various restrictions on access to the EU market. However, the ACI has never been used till now.

European countries are strongly opposing Donald Trump’s efforts to acquire Greenland and threatening tariffs on nations opposing his plan. French President Emmanuel Macron said at the World Economic Forum that he preferred “respect to bullies” and the “rule of law to brutality”.

‘Europe prefers dialogue and solutions, but fully prepared to act if necessary,’ says Von der Leyen at Davos 2026

US Commerce Secretary Howard Lutnick has said that globalisation has proved to be a failed policy as it has failed the West and the United States. Lutnick said that the Trump Administration is very clear that the existing global economic model has left American workers behind. Speaking in Davos, on the sidelines of the World Economic Forum, Lutnick said the policies followed by the West for decades on exports, offshoring, and finding the cheapest labour worldwide damaged the domestic industries and workers.“We are in Davos at the World Economic Forum, and the Trump administration and myself. We are here to make a very clear point. Globalisation has failed the West and the United States of America. It’s a failed policy,” Lutnick said.&nbsp;<h2>‘Globalisation hollowed out domestic industrial bases’</h2>&nbsp;Globalisation was promoted as a way to make the world a better place, but in reality, it hollowed out domestic industrial bases and weakened national economies. The model prioritised offshoring production and far-shoring supply chains, which left America and its workers behind in the long run, he added.&nbsp;Under its ‘America First’ policy, the Trump administration is advocating a different approach, placing domestic workers and national interests at the centre of economic decision-making, said Lutnick, adding that other countries should also consider adopting this model.&nbsp;“And what we are here to say is that America first is a different model, one that we encourage other countries to consider, which is that our workers come first,” he said.Linking economic policy closely with sovereignty, he said that control over critical industries is fundamental and argued that countries should not offshore essential sectors like medicines and semiconductors.“And if you’re going to be dependent on someone, it darn well better be your best allies."&nbsp;<h2>‘Europe’s carbon neutrality goals mean becoming dependent on China’</h2>&nbsp;He pointed out the West’s policy inconsistency on energy and climate and questioned why major European countries are focusing on developing solar and wind energy to achieve ‘carbon neutrality’ goals when they don’t have the battery manufacturing capabilities.&nbsp;“Committing to carbon neutrality by 2030 is no different from deciding to become dependent on battery-producing China,” he added.&nbsp;&nbsp;<h2>‘Lutnick is factually wrong. Why engage in convenient deception’</h2>&nbsp;&nbsp;Reacting to Lutnick’s comments, India’s former foreign secretary Kanwal Sibal said no one forced globalisation on the US, and it was, in fact, the main force behind it.&nbsp;“The US itself was the main force behind globalisation. It was made possible by the collapse of the Soviet Union and US unilateralism that followed. Globalisation was a product of the belief in the end of history in US circles. Globalisation became integral to the unchallenged assertion of America’s global hegemony,” he said in a post on X.&nbsp;&nbsp;

<blockquote class="twitter-tweet">The US itself was the main force behind globalisation . It was made possible by the collapse of the Soviet Union and US unilateralism that followed. Globalisation was a product of the belief in the end of history in US circles. Globalisation became integral to the… <a href="https://t.co/b6lHB00pPI">https://t.co/b6lHB00pPI</a>&mdash; Kanwal Sibal (@KanwalSibal) <a href="https://twitter.com/KanwalSibal/status/2013863207962845315?ref_src=twsrc%5Etfw">January 21, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;“The US let this happen as it preferred to concentrate on maintaining its advance in high technology areas and wield its financial domination,” he said,“Lutnick is factually wrong. Why engage in convenient deception?” he said.&nbsp;The 56th Annual Meeting of the World Economic Forum is underway in Davos from January 19 to January 23, 2026, bringing together nearly 3,000 leaders from more than 130 countries.

Under its ‘America First’ policy, the Trump administration is advocating a different approach, placing domestic workers and national interests at the centre of economic decision-making, said Lutnick, adding that other countries should also consider adopting this model.

US Commerce Secretary Howard Lutnick has said that globalisation has proved to be a failed policy as it has failed the West and the United States. Lutnick said that the Trump Administration is very clear that the existing global economic model has left American workers behind. Speaking in Davos, on the sidelines of the World Economic Forum, Lutnick said the policies followed by the West for decades on exports, offshoring, and finding the cheapest labour worldwide damaged the domestic industries and workers. “We are in Davos at the World Economic Forum, and the Trump administration and myself. We are here to make a very clear point. Globalisation has failed the West and the United States of America. It’s a failed policy,” Lutnick said. ‘Globalisation hollowed out domestic industrial bases’ Globalisation was promoted as a way to make the world a better place, but in reality, it hollowed out domestic industrial bases and weakened national economies. The model prioritised offshoring production and far-shoring supply chains, which left America and its workers behind in the long run, he added. Under its ‘America First’ policy, the Trump administration is advocating a different approach, placing domestic workers and national interests at the centre of economic decision-making, said Lutnick, adding that other countries should also consider adopting this model. “And what we are here to say is that America first is a different model, one that we encourage other countries to consider, which is that our workers come first,” he said. Linking economic policy closely with sovereignty, he said that control over critical industries is fundamental and argued that countries should not offshore essential sectors like medicines and semiconductors. “And if you’re going to be dependent on someone, it darn well better be your best allies." ‘Europe’s carbon neutrality goals mean becoming dependent on China’ He pointed out the West’s policy inconsistency on energy and climate and questioned why major European countries are focusing on developing solar and wind energy to achieve ‘carbon neutrality’ goals when they don’t have the battery manufacturing capabilities. “Committing to carbon neutrality by 2030 is no different from deciding to become dependent on battery-producing China,” he added. ‘Lutnick is factually wrong. Why engage in convenient deception’ Reacting to Lutnick’s comments, India’s former foreign secretary Kanwal Sibal said no one forced globalisation on the US, and it was, in fact, the main force behind it. “The US itself was the main force behind globalisation. It was made possible by the collapse of the Soviet Union and US unilateralism that followed. Globalisation was a product of the belief in the end of history in US circles. Globalisation became integral to the unchallenged assertion of America’s global hegemony,” he said in a post on X.

Under its ‘America First’ policy, the Trump administration is advocating a different approach, placing domestic workers and national interests at the centre of economic decision-making, said Lutnick, adding that other countries should also consider adopting this model.

‘Globalisation failed the West and US’: says US commerce secretary Howard Lutnick at Davos 2026

Davos Week is in full swing in Switzerland, and Maharashtra isn’t just shaking hands — it’s closing deals and firming up some major plans. After a blockbuster opening day at the World Economic Forum, the state’s delegation returned to packed meeting rooms, more handshakes and fresh investment conversations, signalling that the momentum is very much intact.&nbsp;On the first day, Maharashtra announced investment commitments worth around Rs 14.5 lakh crore. Led by Chief Minister Devendra Fadnavis, Maharashtra has been in full pitch mode — selling its growth story, industrial muscle and long-term stability to global investors who are scanning Asia for their next big bet.&nbsp;Officials say while Day 1 was about big headline numbers, Day 2 focused on deepening commitments and widening the net. One of the key takeaways from the second day was the growing interest in non-metro Maharashtra. A major steel expansion in Gadchiroli stood out, with Surjagad Ispat stepping up its investment plans and doubling down on production capacity.&nbsp;For the state, this wasn’t just another MoU — it was a signal that investors are finally looking beyond Mumbai and Pune, towards resource-rich but underdeveloped districts. One of the standout developments was Maharashtra’s unveiling of the first city of its ambitious “Third Mumbai” project — Raigad–Pen.&nbsp;This new business district is being pitched like a next-generation urban hub, similar to Mumbai’s Bandra-Kurla Complex (BKC), with plans to attract high-paying jobs and big global investors. The day also saw intense discussions around technology, innovation and knowledge partnerships. Instead of only chasing capital, Maharashtra pitched itself as a destination for collaboration — from advanced manufacturing and data centres to clean energy and research ecosystems. Meetings with global universities and technology leaders were aimed at bringing ideas, talent and problem-solving skills back to the state, not just money.&nbsp;Fadnavis repeatedly stressed that Davos is not about quick wins. “These are long-term relationships,” officials said, adding that many of the deals announced will unfold over the next decade, creating jobs and supply chains along the way. The focus, they insist, is on investments that actually land on the ground — not just sign on paper.&nbsp;Back home, Maharashtra’s political churn hasn’t gone unnoticed, but at Davos, the pitch remained steady: policy continuity, fast approvals and a state machinery that understands scale.&nbsp;&nbsp;Also read: <a href="https://www.wionews.com/world/-substantially-larger-gifts-us-ambassador-to-singapore-faces-backlash-over-fundraising-for-july-4-celebrations-1768987748775">'Substantially larger gifts': US Ambassador to Singapore faces backlash over fundraising for July 4 celebrations</a>

After a blockbuster opening day at the World Economic Forum, the state’s delegation returned to packed meeting rooms, more handshakes and fresh investment conversations, signalling that the momentum is very much intact.

Davos Week is in full swing in Switzerland, and Maharashtra isn’t just shaking hands — it’s closing deals and firming up some major plans. After a blockbuster opening day at the World Economic Forum, the state’s delegation returned to packed meeting rooms, more handshakes and fresh investment conversations, signalling that the momentum is very much intact. On the first day, Maharashtra announced investment commitments worth around Rs 14.5 lakh crore. Led by Chief Minister Devendra Fadnavis, Maharashtra has been in full pitch mode — selling its growth story, industrial muscle and long-term stability to global investors who are scanning Asia for their next big bet. Officials say while Day 1 was about big headline numbers, Day 2 focused on deepening commitments and widening the net. One of the key takeaways from the second day was the growing interest in non-metro Maharashtra. A major steel expansion in Gadchiroli stood out, with Surjagad Ispat stepping up its investment plans and doubling down on production capacity. For the state, this wasn’t just another MoU — it was a signal that investors are finally looking beyond Mumbai and Pune, towards resource-rich but underdeveloped districts. One of the standout developments was Maharashtra’s unveiling of the first city of its ambitious “Third Mumbai” project — Raigad–Pen. This new business district is being pitched like a next-generation urban hub, similar to Mumbai’s Bandra-Kurla Complex (BKC), with plans to attract high-paying jobs and big global investors. The day also saw intense discussions around technology, innovation and knowledge partnerships. Instead of only chasing capital, Maharashtra pitched itself as a destination for collaboration — from advanced manufacturing and data centres to clean energy and research ecosystems. Meetings with global universities and technology leaders were aimed at bringing ideas, talent and problem-solving skills back to the state, not just money. Fadnavis repeatedly stressed that Davos is not about quick wins. “These are long-term relationships,” officials said, adding that many of the deals announced will unfold over the next decade, creating jobs and supply chains along the way. The focus, they insist, is on investments that actually land on the ground — not just sign on paper. Back home, Maharashtra’s political churn hasn’t gone unnoticed, but at Davos, the pitch remained steady: policy continuity, fast approvals and a state machinery that understands scale. Also read: 'Substantially larger gifts': US Ambassador to Singapore faces backlash over fundraising for July 4 celebrations

After a blockbuster opening day at the World Economic Forum, the state’s delegation returned to packed meeting rooms, more handshakes and fresh investment conversations, signalling that the momentum is very much intact.

From MoUs to mega plans: Maharashtra’s Davos run continues

At the start of the World Economic Forum 2026 in Davos, China warned the international community against return to the 'law of the jungle'. Donald Trump might want to make WEF all about himself and America, but the US president might take note of the quiet progress made by China in all areas of competition: trade, technology, warfare and climate. One recurring story in the current world order is the increasing territorial ambitions of both nations, one which assumes American supremacy and exceptionalism, and the other stressing a multipolar world. China’s slowly warming relations with European nations, Canada, India and the Arab world sharply contrast with the renewed conflict-mongering of Trump, from Greenland to Iran and further afield. Trump wants to thrust America into the centre of everything, be it the pursuit of peace in Gaza or the technology-trade rivalries involving semiconductors. But it appears China is smiling as Trump destroys alliances and friendships that took American leaders decades to build. Here is how the rivalry is shaping up.<h2>World Economic Forum: An annual 'do' turns into a crisis meeting</h2>Geopolitical tensions and trade and tariff wars form the backdrop for this year’s WEF, taking place on January 19–23, under the theme "A Spirit of Dialogue" with the aim of fostering cooperation amid global fractures. &nbsp;The WEF’s Global Risks Report 2026 identified geoeconomic - not geopolitical- confrontation as the most significant short-term threat to global stability. This includes the use of sanctions, tariffs, export controls and trade restrictions as instruments of state power. Most of it actually applies to the Trump administration. Cooperative mechanisms are crumbling, and multilateralism is in retreat. China–US rivalries are at the core of this global uncertainty.The WEF's session names are also ominous. One is titled "Is the World at a Breaking Point?", an example of the forum's shift from optimism to panic-mode realism. That's because trade, technology and finance are increasingly being weaponised in a global order where economic tools are central to strategic influence.<a href="https://www.wionews.com/videos/davos-2026-economic-development-trade-minister-of-maldives-mohamed-saeed-speaks-to-wion-1768971956455/embed">https://www.wionews.com/videos/davos-2026-economic-development-trade-minister-of-maldives-mohamed-saeed-speaks-to-wion-1768971956455/embed</a><h2>Trade, a new frontline pitting America against China</h2>China is working hard to appear as a stable and predictable trade partner, and has had a record $1.2 trillion trade surplus in 2025 as evidence. Vice-Premier He Lifeng highlighted China’s role in defending globalisation, touting the Belt and Road Initiative (BRI) as a tool for global stability and investment. Remember, only a few years ago, there was a lot of pessimism about BRI. US actions, on the other hand, prioritised protectionism and unilateral action under Trump’s so-called "Donroe doctrine".Tariffs, export controls on high-tech items like chips, and trade restrictions are framed as necessary to counter China’s industrial dominance. This approach risks the US being seen as a "bully".Both US allies and emerging powers are now exploring independent or China-aligned strategies. Global trade, which used to be largely immune to geopolitical tensions, is now fragmenting into geopolitical zones. This is leading several companies to adopt the "China +1" supply-chain strategy, hedging by diversifying production to India, South-East Asia, Mexico and Europe. India, Brazil and Gulf states are seeking more autonomy in global relations, but still face pressure from the US in the form of tariffs, sanctions or disincentives, making some of them tilt more towards China.Also read: <a href="https://www.wionews.com/world/wef-davos-2026-opens-without-founder-after-whistleblower-flags-financial-and-ethical-misconduct-1768897765147">WEF Davos 2026 opens without founder after whistleblower flags 'financial and ethical misconduct'</a><h2>Technology rivalry to the forefront: AI race, semiconductors</h2>Perhaps the fiercest arena of US–China competition is technology. AI acceleration and industrial innovation are dominating the Davos discussions. While the US has leadership in frontier AI research, proprietary ecosystems and advanced semiconductors, it is also employing export controls on critical chips to stay at the top of the race. But China enjoys advantages in scaling, deployment and industrial ecosystems. It is already leading the world in electric vehicles, &nbsp;renewable energy, robotics, 5G infrastructure and batteries. China has perfected this through decades of state-backed strategic investment, process knowledge and ferocious market competition.Low electricity costs in China, at $0.04–0.08/kWh, enable massive AI computing deployment compared to $0.15/kWh in the US. State-backed industrial policy and alternative chip quests position China to compete effectively despite US export restrictions.Also read: <a href="https://www.wionews.com/world/davos-2026-kerala-pavilion-inaugurated-at-wef-davos-as-global-investors-line-up-1768970543478">Davos 2026: Kerala Pavilion inaugurated at WEF Davos as global investors line up</a><h2>China vs US: A tussle between hegemony and multipolarity</h2>Davos 2026 reflects a broader power struggle over global governance, with China and the US at the two ends of the spectrum. China challenges US dominance in covert, overt or subtle manners, advocating a multipolar world through the Global Development Initiative and leadership in AI and clean energy standards. This is an approach that developing nations, particularly in regions like Africa, appear to embrace. China continues to be one of the key contributors to global GDP growth, more than 22 per cent of the total as per some estimates for 2026.The US, on the other hand, appears to be operating in chaos, controlled or otherwise. Under Trump, it is showing inconsistent diplomacy, reliance on sanctions, and choreographed rhetoric regarding actual conflicts and wars. Under such leadership, globalisation is fragmenting, and companies and nations are navigating these dual blocs or adopting hedging strategies.Disclaimer: The writer's views do not represent those of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer. &nbsp;

Davos 2026 is taking place amid intensifying US–China rivalry across geopolitics, trade and technology. China projects stability and multipolarity in spite of its domestic issues, while Trump’s America disrupts alliances and global cooperation.

At the start of the World Economic Forum 2026 in Davos, China warned the international community against return to the 'law of the jungle'. Donald Trump might want to make WEF all about himself and America, but the US president might take note of the quiet progress made by China in all areas of competition: trade, technology, warfare and climate. One recurring story in the current world order is the increasing territorial ambitions of both nations, one which assumes American supremacy and exceptionalism, and the other stressing a multipolar world. China’s slowly warming relations with European nations, Canada, India and the Arab world sharply contrast with the renewed conflict-mongering of Trump, from Greenland to Iran and further afield. Trump wants to thrust America into the centre of everything, be it the pursuit of peace in Gaza or the technology-trade rivalries involving semiconductors. But it appears China is smiling as Trump destroys alliances and friendships that took American leaders decades to build. Here is how the rivalry is shaping up. World Economic Forum: An annual 'do' turns into a crisis meeting Geopolitical tensions and trade and tariff wars form the backdrop for this year’s WEF, taking place on January 19–23, under the theme "A Spirit of Dialogue" with the aim of fostering cooperation amid global fractures. The WEF’s Global Risks Report 2026 identified geoeconomic - not geopolitical- confrontation as the most significant short-term threat to global stability. This includes the use of sanctions, tariffs, export controls and trade restrictions as instruments of state power. Most of it actually applies to the Trump administration. Cooperative mechanisms are crumbling, and multilateralism is in retreat. China–US rivalries are at the core of this global uncertainty. The WEF's session names are also ominous. One is titled "Is the World at a Breaking Point?", an example of the forum's shift from optimism to panic-mode realism. That's because trade, technology and finance are increasingly being weaponised in a global order where economic tools are central to strategic influence. https://www.wionews.com/videos/davos-2026-economic-development-trade-minister-of-maldives-mohamed-saeed-speaks-to-wion-1768971956455/embed Trade, a new frontline pitting America against China China is working hard to appear as a stable and predictable trade partner, and has had a record $1.2 trillion trade surplus in 2025 as evidence. Vice-Premier He Lifeng highlighted China’s role in defending globalisation, touting the Belt and Road Initiative (BRI) as a tool for global stability and investment. Remember, only a few years ago, there was a lot of pessimism about BRI. US actions, on the other hand, prioritised protectionism and unilateral action under Trump’s so-called "Donroe doctrine". Tariffs, export controls on high-tech items like chips, and trade restrictions are framed as necessary to counter China’s industrial dominance. This approach risks the US being seen as a "bully". Both US allies and emerging powers are now exploring independent or China-aligned strategies. Global trade, which used to be largely immune to geopolitical tensions, is now fragmenting into geopolitical zones. This is leading several companies to adopt the "China +1" supply-chain strategy, hedging by diversifying production to India, South-East Asia, Mexico and Europe. India, Brazil and Gulf states are seeking more autonomy in global relations, but still face pressure from the US in the form of tariffs, sanctions or disincentives, making some of them tilt more towards China. Also read: WEF Davos 2026 opens without founder after whistleblower flags 'financial and ethical misconduct' Technology rivalry to the forefront: AI race, semiconductors Perhaps the fiercest arena of US–China competition is technology. AI acceleration and industrial innovation are dominating the Davos discussions. While the US has leadership in frontier AI research, proprietary ecosystems and advanced semiconductors, it is also employing export controls on critical chips to stay at the top of the race. But China enjoys advantages in scaling, deployment and industrial ecosystems. It is already leading the world in electric vehicles, renewable energy, robotics, 5G infrastructure and batteries. China has perfected this through decades of state-backed strategic investment, process knowledge and ferocious market competition. Low electricity costs in China, at $0.04–0.08/kWh, enable massive AI computing deployment compared to $0.15/kWh in the US. State-backed industrial policy and alternative chip quests position China to compete effectively despite US export restrictions. Also read: Davos 2026: Kerala Pavilion inaugurated at WEF Davos as global investors line up China vs US: A tussle between hegemony and multipolarity Davos 2026 reflects a broader power struggle over global governance, with China and the US at the two ends of the spectrum. China challenges US dominance in covert, overt or subtle manners, advocating a multipolar world through the Global Development Initiative and leadership in AI and clean energy standards. This is an approach that developing nations, particularly in regions like Africa, appear to embrace. China continues to be one of the key contributors to global GDP growth, more than 22 per cent of the total as per some estimates for 2026. The US, on the other hand, appears to be operating in chaos, controlled or otherwise. Under Trump, it is showing inconsistent diplomacy, reliance on sanctions, and choreographed rhetoric regarding actual conflicts and wars. Under such leadership, globalisation is fragmenting, and companies and nations are navigating these dual blocs or adopting hedging strategies. Disclaimer: The writer's views do not represent those of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.

Davos 2026 is taking place amid intensifying US–China rivalry across geopolitics, trade and technology. China projects stability and multipolarity in spite of its domestic issues, while Trump’s America disrupts alliances and global cooperation.

Davos 2026 is also about US-China rivalry in geopolitics, trade and tech. And China is quietly winning

While speaking on the sidelines of the World Economic Forum in Davos on Tuesday, Minister of Civil Aviation Ram Mohan Naidu said India aims to build around 350 airports by 2047, adding that India has planned to build 50 airports in the next 5 years.&nbsp;"We have a plan to build 50 airports in the next 5 years, and by Viksit Bharat 2047, when we want to see a developed India, we want to have up to 350 airports," Naidu said on Tuesday, news agency ANI reported.&nbsp;"We are the third largest domestic aviation market in the world. It was not a natural growth, but rather due to policy-making, a strong infusion of capital into the civil aviation sector, and the whole idea of democratising civil aviation in the country and expanding regional connectivity..." he added.<h3>India's tremendous growth</h3>Naidu highlighted that India has witnessed a tremendous growth in the last 10-11 years, and it is expected to see this kind of growth for the next 25-30 years. He said that, along with building airports, India has ordered almost 1700 aircraft.&nbsp;"Every sector in India has seen a tremendous growth in the last 10-11 years and we are projected to see this kind of growth for the next 25-30 years. From 74 airports in 2014, we have grown to 164 today... We have a plan to build 50 airports in the next 5 years and by 2047, when we want to see a developed India, we want to have up to 350 airports. We have almost 1700 aircraft orders, and no other country has this kind of order... Every year, in civil aviation itself, we are growing at a growth rate of over 10-12%..." he added.&nbsp;Commenting on the ongoing engagements between state governments and foreign conglomerates, Minister Naidu said the aim was collaboration rather than mere gains. He emphasised the importance of contributing through meaningful dialogue and debate to build a future that is sustainable, safe, secure and driven by technology for everyone.&nbsp;At the World Economic Forum, several states, including Madhya Pradesh, Karnataka, Uttar Pradesh and Assam, have been actively holding talks with global leaders to explore a range of opportunities.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/davos-2026-how-kerala-is-strengthening-brand-image-with-the-motto-responsible-investment-responsible-industry-1768554714220">Davos 2026 | How Kerala is strengthening brand image with the motto ‘responsible Investment, responsible Industry’</a> &nbsp;

Davos 2026: Ram Mohan Naidu highlighted that India has witnessed a tremendous growth in the last 10-11 years, and it is expected to see this kind of growth for the next 25-30 years. He said that, along with building airports, India has ordered almost 1700 aircraft.

While speaking on the sidelines of the World Economic Forum in Davos on Tuesday, Minister of Civil Aviation Ram Mohan Naidu said India aims to build around 350 airports by 2047, adding that India has planned to build 50 airports in the next 5 years. "We have a plan to build 50 airports in the next 5 years, and by Viksit Bharat 2047, when we want to see a developed India, we want to have up to 350 airports," Naidu said on Tuesday, news agency ANI reported. "We are the third largest domestic aviation market in the world. It was not a natural growth, but rather due to policy-making, a strong infusion of capital into the civil aviation sector, and the whole idea of democratising civil aviation in the country and expanding regional connectivity..." he added. India's tremendous growth Naidu highlighted that India has witnessed a tremendous growth in the last 10-11 years, and it is expected to see this kind of growth for the next 25-30 years. He said that, along with building airports, India has ordered almost 1700 aircraft. "Every sector in India has seen a tremendous growth in the last 10-11 years and we are projected to see this kind of growth for the next 25-30 years. From 74 airports in 2014, we have grown to 164 today... We have a plan to build 50 airports in the next 5 years and by 2047, when we want to see a developed India, we want to have up to 350 airports. We have almost 1700 aircraft orders, and no other country has this kind of order... Every year, in civil aviation itself, we are growing at a growth rate of over 10-12%..." he added. Commenting on the ongoing engagements between state governments and foreign conglomerates, Minister Naidu said the aim was collaboration rather than mere gains. He emphasised the importance of contributing through meaningful dialogue and debate to build a future that is sustainable, safe, secure and driven by technology for everyone. At the World Economic Forum, several states, including Madhya Pradesh, Karnataka, Uttar Pradesh and Assam, have been actively holding talks with global leaders to explore a range of opportunities. Also read: Davos 2026 | How Kerala is strengthening brand image with the motto ‘responsible Investment, responsible Industry’

Davos 2026: Ram Mohan Naidu highlighted that India has witnessed a tremendous growth in the last 10-11 years, and it is expected to see this kind of growth for the next 25-30 years. He said that, along with building airports, India has ordered almost 1700 aircraft.

India aims to build 350 airports by 2047: Civil Aviation Minister at Davos

The Artificial Intelligence-driven upskilling is leading to a steady increase in women's participation across India's science, technology, engineering and mathematics (STEM) ecosystem, a latest report by EY India said. Generative AI and technology-enabled skilling are emerging as significant catalysts for expanding women's participation in STEM careers in India. STEM-related upskilling has witnessed rapid adoption among women, supported by increased digital access, flexible learning pathways, and rising demand for future-focused skills, the report said. As per the data released by EY India in a report titled 'Breaking the code: The rise of women in India's STEM landscape', women's participation in STEM upskilling increased from 22 per cent in 2018-19 to 33% in 2023, reflecting a sustained shift in career aspirations and preparedness for high-growth technology roles. This momentum has been further accelerated by the rise of generative AI, with GenAI course enrolments surging 195% year-on-year in 2025. Meanwhile, companies are also signalling a positive trend. 62% of employers reported hiring more women in STEM roles in fiscal year 23-2024. Despite strong graduation rates and growing enthusiasm for technical upskilling, women remain underrepresented across several STEM-intensive sectors. In technology and IT, women account for 36% of STEM jobs, demonstrating comparatively stronger representation but still below parity. Representation drops significantly in heavy manufacturing and engineering, where women make up only 3% of the STEM workforce. In India's rapidly expanding electric mobility space, women hold approximately 13% of roles in the EV/automotive sector. At a macro level, national employment patterns also shape STEM outcomes. India's labour force participation rate for women rose to 41.7% in 2023-24. To fully harness the potential of women in STEM, the report calls for a comprehensive approach that expands inclusive education, strengthens mentorship and career support, and highlights women's achievements to inspire future talent.&nbsp;Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

In India's rapidly expanding electric mobility space, women hold approximately 13% of roles in the EV/automotive sector. At a macro level, national employment patterns also shape STEM outcomes. India's labour force participation rate for women rose to 41.7% in 2023-24.

The Artificial Intelligence-driven upskilling is leading to a steady increase in women's participation across India's science, technology, engineering and mathematics (STEM) ecosystem, a latest report by EY India said. Generative AI and technology-enabled skilling are emerging as significant catalysts for expanding women's participation in STEM careers in India. STEM-related upskilling has witnessed rapid adoption among women, supported by increased digital access, flexible learning pathways, and rising demand for future-focused skills, the report said. As per the data released by EY India in a report titled 'Breaking the code: The rise of women in India's STEM landscape', women's participation in STEM upskilling increased from 22 per cent in 2018-19 to 33% in 2023, reflecting a sustained shift in career aspirations and preparedness for high-growth technology roles. This momentum has been further accelerated by the rise of generative AI, with GenAI course enrolments surging 195% year-on-year in 2025. Meanwhile, companies are also signalling a positive trend. 62% of employers reported hiring more women in STEM roles in fiscal year 23-2024. Despite strong graduation rates and growing enthusiasm for technical upskilling, women remain underrepresented across several STEM-intensive sectors. In technology and IT, women account for 36% of STEM jobs, demonstrating comparatively stronger representation but still below parity. Representation drops significantly in heavy manufacturing and engineering, where women make up only 3% of the STEM workforce. In India's rapidly expanding electric mobility space, women hold approximately 13% of roles in the EV/automotive sector. At a macro level, national employment patterns also shape STEM outcomes. India's labour force participation rate for women rose to 41.7% in 2023-24. To fully harness the potential of women in STEM, the report calls for a comprehensive approach that expands inclusive education, strengthens mentorship and career support, and highlights women's achievements to inspire future talent. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

In India's rapidly expanding electric mobility space, women hold approximately 13% of roles in the EV/automotive sector. At a macro level, national employment patterns also shape STEM outcomes. India's labour force participation rate for women rose to 41.7% in 2023-24.

GenAI fuels surge in women entering India’s STEM ecosystem, EY report says

The Reserve Bank of India is expected to keep key policy rates unchanged at its upcoming monetary policy review meeting, slated for February 4-6, 2026, according to Crisil. The monetary policy committee had reduced the repo rate by 25 basis points in its December meeting to 5.25 per cent. Their policy stance remained neutral, indicating a data-dependent approach going ahead.&nbsp;"We expect the RBI to stay put on policy rates given the creep up in inflation," Crisil said in a report. India's retail inflation rose from 0.71 per cent in November to 1.33 per cent in December, marking a moderate uptick. Though it remained below the RBI's target range of 2-4 per cent.&nbsp;RBI Governor Sanjay Malhotra in December characterised India's current macroeconomic moment as a "rare goldilocks period", which currently marks high economic growth and exceptionally low inflation. Given strong growth reported inthe July-September quarter, the RBI raised its GDP growth projection at 7.3 per cent for the full year, up by half a percentage point.&nbsp;Against this backdrop, Crisil expect India's GDP growth to moderate to 6.7 per cent next fiscal compared with the first advance estimate of 7.4 per cent this fiscal. "Challenging global trade environment, moderating domestic fiscal support and waning support from statistical factors, namely a low base and this fiscal's low deflator, are expected to drag growth next fiscal. However, nominal growth is expected to be higher due to rising inflation," Crisil said. The National Statistics Office's first advance estimates pegged real GDP growth at 7.4 per cent for this fiscal 2025-26, compared with 6.5 per cent last fiscal.&nbsp;Moving on to inflation, Crisil expects India's retail inflation to rise to 5.0 per cent next fiscal 2026-27 from an estimated 2.5 per cent in the current fiscal 2025-26. "Low food inflation of this fiscal should lend a statistical lift to inflation next year. However, softer commodity prices and continued impact of the Goods and Services Tax rationalisation should keep inflation within the RBI's target band," it said.&nbsp;Crisil also gave a view on crude oil prices. It expects crude oil prices to remain benign this fiscal, averaging USD 62-67 per barrel. In calendar 2026, it sees prices averaging USD 60-65 per barrel. Brent crude oil prices fell to USD 62.7 per barrel average in December, down 1.4 per cent month-on-month and 15.1 per cent year-on-year. At the time of filing this report, crude oil traded at USD 59 per barrel.&nbsp;Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for the WION audience.

RBI Governor Sanjay Malhotra in December characterised India's current macroeconomic moment as a "rare goldilocks period", which currently marks high economic growth and exceptionally low inflation.

The Reserve Bank of India is expected to keep key policy rates unchanged at its upcoming monetary policy review meeting, slated for February 4-6, 2026, according to Crisil. The monetary policy committee had reduced the repo rate by 25 basis points in its December meeting to 5.25 per cent. Their policy stance remained neutral, indicating a data-dependent approach going ahead. "We expect the RBI to stay put on policy rates given the creep up in inflation," Crisil said in a report. India's retail inflation rose from 0.71 per cent in November to 1.33 per cent in December, marking a moderate uptick. Though it remained below the RBI's target range of 2-4 per cent. RBI Governor Sanjay Malhotra in December characterised India's current macroeconomic moment as a "rare goldilocks period", which currently marks high economic growth and exceptionally low inflation. Given strong growth reported inthe July-September quarter, the RBI raised its GDP growth projection at 7.3 per cent for the full year, up by half a percentage point. Against this backdrop, Crisil expect India's GDP growth to moderate to 6.7 per cent next fiscal compared with the first advance estimate of 7.4 per cent this fiscal. "Challenging global trade environment, moderating domestic fiscal support and waning support from statistical factors, namely a low base and this fiscal's low deflator, are expected to drag growth next fiscal. However, nominal growth is expected to be higher due to rising inflation," Crisil said. The National Statistics Office's first advance estimates pegged real GDP growth at 7.4 per cent for this fiscal 2025-26, compared with 6.5 per cent last fiscal. Moving on to inflation, Crisil expects India's retail inflation to rise to 5.0 per cent next fiscal 2026-27 from an estimated 2.5 per cent in the current fiscal 2025-26. "Low food inflation of this fiscal should lend a statistical lift to inflation next year. However, softer commodity prices and continued impact of the Goods and Services Tax rationalisation should keep inflation within the RBI's target band," it said. Crisil also gave a view on crude oil prices. It expects crude oil prices to remain benign this fiscal, averaging USD 62-67 per barrel. In calendar 2026, it sees prices averaging USD 60-65 per barrel. Brent crude oil prices fell to USD 62.7 per barrel average in December, down 1.4 per cent month-on-month and 15.1 per cent year-on-year. At the time of filing this report, crude oil traded at USD 59 per barrel. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for the WION audience.

RBI Governor Sanjay Malhotra in December characterised India's current macroeconomic moment as a "rare goldilocks period", which currently marks high economic growth and exceptionally low inflation.

RBI likely to hold rates in February as inflation edges up; no rate cut expected: Crisil