The Big Story
3 Feb. 2026
By Shaswata Kundu Chaudhuri
15 Jan. 2026
By M Rajshekhar and Archana Chaudhary
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Union Budget 2026: Strong fiscal signals, fragmented support for India’s energy transition
Against a backdrop of global economic uncertainty, the Union Budget 2026 underscores the government’s continued emphasis on fiscal discipline. The government has committed to reducing the fiscal deficit to 4.4% of GDP in FY2026-27 and further to 4.3% in FY2027, while continuing to lower the debt-to-GDP ratio, estimated at 55.6% in the coming fiscal year. This emphasis on fiscal consolidation is critical for maintaining investor confidence and long-term macroeconomic stability.
India Set to Ink 10-year Uranium Supply Deal with Canada
India is set to ink 10-year Uranium supply deal with Canada in PM Mark Carney’s proposed trip to India. The deal can be the biggest outcome of his visit, reported ET Energyworld .
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India-EU FTA will cut tariffs on European cars, EVs to benefit by 2032
The Free Trade Agreement (FTA) between India and the European Union (EU) is a boon for buyers interested in scooping up European-made cars. According to the FTA, import tariffs on cars manufactured in Europe will reduce from as high as 110% to as low as 10%, according to reports. The number of cars which can be sold under the FTA, however, has been capped to 250,000 vehicles.
Solar power allocation up 32% at ₹30,539 crore
The budget allocation for the solar sector increased from ₹24,200 crore (~$2.64 billion) in 2025 to ₹30,539.36 crore (~$3.33 billion) this year. The outlay for the Pradhan Mantri Krishi Urja Suraksha Evam Utthaan Mahabhiyan (PM KUSUM) programme has gone up from ₹26 billion (~$283.57 million) last year to ₹50 billion (~$545.33 million) in Budget 2026. The flagship PM Surya Ghar: Muft Bijli Yojana continues to dominate the allocations, with spending set to rise from ₹200 billion (~$2.18 billion) to ₹220 billion (~$2.39), Mercom reported. Out of ₹30,539.36 crore outlay, ₹1,775 crore was allocated for the solar power grid in 2027 against 1000 crore marking 77.5% rise, reported ET.
Air quality management allocation dips 10%, pollution control outlay down 2% in budget 2026-27
Air quality management suffered a nearly 10% dip in outlay under the Union Budget for 2026-27. Allocation to the central pollution control authority dipped slightly by 2%, DTE reported.
India-US Trade Deal: Trump Announces Tariff Cuts on India, India to End Russian Oil Purchase
US President Donald Trump announced the new US-India trade deal on social media, stating that the US will slash the existing tariffs on Indian goods from 50% to 18% following a call with Indian Prime Minister Narendra Modi in exchange for India halting its oil trade with Russia and potentially buying oil from the US and Venezuela, reported Reuters.
Fuel vs food? Economic Survey flags early warning signs of ethanol reshaping crop priorities, causing decline in crops of pulses
The Economic Survey 2025-26 said India's ethanol blending program is reshaping crop priorities, with farmers favoring maize over pulses and oilseeds, risking food security. Calling the current trends “early warning signals” the latest survey warns of increased dependence on edible oil imports and food price volatility, highlighting a conflict between energy and food self-reliance, DTE reported.
