Daily News - Wednesday, 4 February 2026
China backs India’s BRICS presidency, seeks Global South cooperation (Times of India)
India-China bilateral trade hit a record USD 155.6 billion (INR ~12.6 lakh crore) in 2025, marking a 12% year‑on‑year growth, according to Chinese Ambassador Xu Feihong. Speaking at a Chinese New Year event, Xu highlighted that India’s exports to China rose 9.7%, underscoring potential for deeper cooperation. He cited the August 2025 Tianjin meeting between PM Narendra Modi and President Xi Jinping as a turning point, describing it as a reset and fresh start for relations. Xu emphasized alignment between China’s self‑reliance drive and India’s Atmanirbhar Bharat initiative, noting shared philosophies like world of great harmony. The ambassador also stressed Beijing’s support for India’s BRICS presidency and willingness to expand multilateral coordination. These developments follow the resolution of the Galwan Valley military stand‑off in October 2024, which had strained ties since 2020.
India’s palm oil imports jump 51% to 766,000 tons in Jan 2026 (Economic Times)
India’s palm oil imports surged 51% in January 2026 to 766,000 metric tons, the highest in four months, as refiners capitalized on palm oil’s USD 100 (INR ~8,300) per tonne discount compared to soyoil. In contrast, soyoil imports slumped 45% to 280,000 tons, marking a 19‑month low, while sunflower oil imports fell 23% to 269,000 tons, according to dealer estimates. Overall edible oil imports dropped 3.5% month‑on‑month to 1.32 million tons, excluding duty‑free shipments from Nepal. Analysts like Rajesh Patel of GGN Research (Rajkot) noted that palm oil’s price advantage drove refiners to cut back on soyoil purchases. The Solvent Extractors’ Association of India (SEA) reported India averaged 632,000 tons of palm oil imports per month in the marketing year ending October 2025, and is expected to release official January data mid‑February. Industry experts, including Sandeep Bajoria of Sunvin Group, predict palm oil imports will rise further in February, while soyoil and sunflower oil remain under pressure, impacting Indonesia, Malaysia, Argentina, Brazil, Russia, and Ukraine, India’s key suppliers.
India’s exports to US fell 1.83% in Dec 2025, but Modi-Trump agreement marks golden era for India’s global integration (Fortune India)
The India-US trade deal, announced on February 3, 2026, reduces American tariffs on Indian goods from 50% to 18%, providing immediate relief to exporters who had been struggling with elevated barriers. RPSG Group Chairman Dr. Sanjiv Goenka hailed the agreement, crediting Prime Minister Narendra Modi’s leadership and describing it as an “India‑first approach advancing global interests.” Mahindra Group CEO Anish Shah emphasized that the tariff cut will strengthen bilateral trade and investment ties, while Sunil Bharti Mittal (Bharti Enterprises) called it a “golden era” for India’s integration into global value chains. ITC Chairman Sanjiv Puri noted that the deal, alongside recent FTAs with the EU, UK, New Zealand, and Oman, signals India’s ascent as a partner of choice in the global economic order. TVS Motor Chairman Sudarshan Venu highlighted that the agreement reinforces confidence in long‑term bilateral ties and supports India’s ambition for Viksit Bharat 2047. According to Commerce Ministry data, India’s exports to the US had fallen 1.83% to USD 6.88 billion (INR ~57,000 crore) in December 2025, but rebounded with a 22.6% rise in November, underscoring the importance of tariff relief.
