Daily News - Tuesday, 10 February 2026

India announced a USD 175 Million economic package for Seychelles to set up a hydrographic unit to strengthen maritime security (Business Standard)

On February 9, 2026, Prime Minister Narendra Modi announced a USD 175 million (INR ~1,450 crore) special economic package for Seychelles, following talks with President Patrick Herminie, who is on a six‑day visit to India. The package includes 1,000 million tonnes of grains and lentils for food security, along with support for social housing, vocational training, health, defence, and maritime security. India and Seychelles signed seven agreements and adopted a joint vision for sustainability, economic growth, and security, with New Delhi committing to help set up a hydrographic unit in Seychelles. The Ministry of External Affairs (MEA) noted that bilateral trade remains modest due to the absence of a direct shipping line, but Indian assistance is part of its Neighbourhood First and non‑reciprocity policy. India has recently announced similar packages: USD 450 million (INR ~3,730 crore) for Sri Lanka’s cyclone recovery and USD 680 million (INR ~5,640 crore) for Mauritius, alongside aid for Bhutan, Maldives, Nepal, and Afghanistan. The Seychelles package also coincides with the country’s 50th year of independence, and Modi emphasized people‑to‑people ties, noting the 5,000 Persons of Indian Origin (PIOs) in Seychelles and 7,000 non‑resident Indians employed there.

Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) 2 Million barrels of Venezuelan Merey crude for April 2026 (Business Today)

On February 9, 2026, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) jointly purchased 2 million barrels of Venezuelan Merey crude for delivery in April, marking a diversification of India’s oil sourcing strategy. The cargo will be shipped on a single VLCC (Very Large Crude Carrier), with IOC lifting 1.5 million barrels and HPCL taking 500,000 barrels, according to trade sources. The seller is global commodity trader Trafigura, which, along with Vitol, recently received U.S. licences to sell Venezuelan oil after Washington’s military operation against President Nicolas Maduro. For HPCL, this is the first Venezuelan crude purchase, while IOC had previously processed Merey crude at its Paradip refinery in Odisha in 2024. The deal is priced against the Dubai benchmark, with discounts similar to Reliance Industries’ April purchase of 2 million barrels from Vitol at USD 6.50–7 (INR ~550–590) per barrel below ICE Brent. Analysts note the move aligns with India’s effort to reduce reliance on Russian oil and supports ongoing India–US trade pact negotiations, where Washington rescinded 25% tariffs on Indian goods after New Delhi committed to winding down Russian imports.

India Post and Emirates Post adopted the EMS Standard Agreement to make shipments faster and cost‑effective (Economic Times)

Union Minister for Communications Jyotiraditya Scindia praised the adoption of the Express Mail Service (EMS) Standard Agreement between India Post and Emirates Post. The agreement ensures that shipments from the UAE to India will now be cost‑effective, faster, and seamless, strengthening postal and logistics ties between the two nations. India Post described the move as a new milestone in India‑UAE postal collaboration, highlighting smarter delivery and stronger connections. This follows an earlier MoU signed in February 2022, which led to the launch of a joint commemorative stamp, marking cultural and diplomatic ties. The announcement came shortly after the January 19, 2026 visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to India, where he and Prime Minister Narendra Modi reviewed the full scope of bilateral cooperation under the India‑UAE Comprehensive Strategic Partnership. The Ministry of External Affairs (MEA) noted that recent visits by UAE Crown Princes Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum reflect generational continuity in strengthening bilateral relations.

Indian farm unions and opposition parties announced nationwide protests on February 12 against the India-US trade pact (Reuters)

On February 9, 2026, Indian farm unions and opposition parties announced nationwide protests on February 12 against the new India–US trade framework, warning it could hurt the farm sector. The Samyukt Kisan Morcha (SKM), a coalition of over 100 farm groups, said the pact would allow subsidised US farm imports that could depress domestic prices and rural incomes. Farmer leader Rakesh Tikait argued Indian farmers are more vulnerable than their US counterparts, who benefit from larger landholdings and higher subsidies, while Indian growers face weak processing infrastructure and rising costs. The government defended the deal, saying imports of staples like rice, wheat, corn, and dairy are excluded, while Indian producers of basmati rice, fruits, spices, coffee, and tea would gain duty‑free access to the US market. SKM national secretary Purushottam Sharma warned that lower tariffs on crude soyoil (currently taxed at ~16.5%) would hurt domestic oilseed producers, while apple growers from Kashmir said more than 700,000 families depend on horticulture and demanded import duties above 100% on US apples. The opposition Congress party called the agreement a “total surrender,” citing US Agriculture Secretary Brooke Rollins, who said the deal would boost US farm exports to India and pump cash into rural America.