Daily News - Wednesday, 11 February 2026

White House revises India-US trade deal fact sheet, omits digital services tax and pulses (Hindustan Times)

The White House released a fact sheet on the new India–US trade deal, but revised it within 24 hours, raising questions about key commitments. The original version stated that India would remove its digital services tax, but this was later omitted, leaving ambiguity on taxation policy. Similarly, the earlier text said India had committed to purchase USD $500 billion (INR ~41.5 lakh crore) worth of US energy products, aircraft parts, precious metals, technology goods, and coking coal over five years; the revised version softened this to intends to purchase. The fact sheet also listed tariff reductions on industrial goods and agricultural products such as dried distillers’ grains (DDGs), red sorghum, tree nuts, fruits, soybean oil, wine, and spirits, but later removed certain pulses from the list. The Ministry of Commerce and Industry in India has not yet clarified whether pulses and digital services tax are excluded from the final agreement. Analysts note that the revisions highlight sensitive sectors- agriculture and digital taxation where India faces strong domestic opposition, especially from farmer unions and tech companies.

Minister H. D. Kumaraswamy said India aims for global EV leadership under its 2070 net‑zero target (The Hindu Businessline)

H. D. Kumaraswamy, Minister for Heavy Industries and Steel, said India has set a clear national objective of achieving net‑zero emissions by 2070 and aims to move into a global leadership position in electric vehicles (EVs). Speaking at the 5th Global Electrification Mobility Summit organized by the Society of Indian Automobile Manufacturers (SIAM), he highlighted that India’s EV market recorded a compound annual growth rate (CAGR) exceeding 60% in FY25, with registrations approaching 2 million units. The Ministry of Heavy Industries has allocated ₹2,000 crore (USD $240 million / INR ~2,000 crore) under the PM E‑DRIVE scheme to set up 70,000 charging stations nationwide. Kumaraswamy emphasized the role of Production Linked Incentive (PLI) schemes for automobiles, auto components, and advanced battery manufacturing as the backbone of India’s EV transition. He also noted that electrifying commercial vehicles and public transport deserves special focus, as these segments contribute disproportionately to urban pollution. SIAM President Shailesh Chandra added that EV penetration is currently around 4%, but the industry has grown nearly 100 times from just 1,500–2,000 units annually a few years ago, driven by policy support and OEM participation.

FDI inflows in India’s banking sector fell from USD $898 Million  in FY23 to USD $115 Million in FY25 (CNBC TV18)

Ministry of Finance informed Parliament that foreign direct investment (FDI) equity inflows in India’s banking sector fell sharply from USD $898 million (INR ~7,450 crore) in FY23 to just USD $115 million (INR ~950 crore) in FY25. Minister of State for Finance Pankaj Chaudhary explained that total FDI inflows include equity inflow, equity capital of unincorporated bodies, re‑invested earnings, and other capital, and emphasized that FDI remains a major source of non‑debt financial resources. He noted that foreign shareholding in State Bank of India (SBI) stood at 11.07% at the end of March 2025, the highest among state‑owned banks, followed by Canara Bank (10.55%), Bank of Baroda (9.43%), Union Bank of India (7.48%), and Punjab National Bank (5.85%). The Reserve Bank of India (RBI) requires prior approval for any acquisition of 5% or more of paid‑up capital in a bank, under its Master Directions on shareholding. Chaudhary also highlighted that under the Pradhan Mantri Mudra Yojana (PMMY), more than 56.31 crore loan accounts amounting to INR 37.31 lakh crore (USD $448 billion) have been disbursed as of January 2, 2026. In addition, the Securities and Exchange Board of India (SEBI) has taken enforcement actions against unregistered investment advisory services, with ₹665.26 crore (USD $80 million) disgorged since 2024.

India seeks 80% tariff liberalization in ASEAN trade pact (Financial Express)

India announced it is seeking to liberalize 80% of tariff lines in the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA), which began in 2021 after ASEAN agreed to a revision in 2019. P. Kumaran, Secretary (East), Ministry of External Affairs (MEA), said India’s objective is to achieve at least 70% tariff liberalization per ASEAN member, with concessions for least‑developed countries (LDCs). AITIGA currently covers 12,169 tariff lines, of which 10,872 have seen tariff reduction or elimination, though liberalization varies, Singapore and Malaysia are high, while Vietnam and Myanmar remain lower. India’s trade deficit with ASEAN has widened: exports grew from USD $18.11 billion (INR ~1.5 lakh crore) in 2009–10 to USD $38.96 billion (INR ~3.2 lakh crore) in 2024-25, while imports surged from USD $25.79 billion (INR ~2.1 lakh crore) to USD $84.15 billion (INR ~6.9 lakh crore). Negotiations also focus on product‑specific Rules of Origin (ROO), replacing the current uniform 35% local value addition rule, to open markets for electronics and other sectors with lower domestic value addition. Alongside trade talks, India and Malaysia welcomed collaboration between NPCI International (NIPL) and PayNet Malaysia on UPI linkages, and between the Reserve Bank of India (RBI) and Bank Negara Malaysia on local currency settlement frameworks.