Daily News - Monday, 1 June 2026

India-Oman CEPA Comes into Force 1 June 2026, Duty-Free Access for 98% of Tariff Lines (Economic Times)

The India-Oman Comprehensive Economic Partnership Agreement (CEPA) will come into force on June 1, 2026, granting 100% duty‑free access for Indian exports across 98.08% of Oman’s tariff lines, covering 99.38% of trade value. Bilateral trade rose to USD $11.18 billion (INR ₹920 billion) in FY25-26, with Indian exports at USD $4.02 billion (INR ₹331 billion) and imports at USD $7.16 billion (INR ₹589 billion). Key sectors benefiting immediately include textiles, agriculture, processed food, gems & jewellery, iron & steel, machinery, marine products, and pharmaceuticals, with the removal of Oman’s 5% import duty on USD $3.64 billion (INR ₹300 billion) worth of Indian goods. India has safeguarded 2,789 tariff lines covering sensitive domestic industries such as dairy, cereals, fruits, vegetables, spices, rubber, leather, textiles, petroleum oils, and mineral based products. In services, Oman raised the Intra Corporate Transferee ceiling from 20% to 50%, unlocking opportunities for Indian professionals in IT, engineering, medical, education and consulting, while India secured duty-free access for agri exports like cashews, honey, potatoes and meat. The pact, India’s fifth FTA under the Modi government, strengthens Gulf trade ties, with Oman’s strategic location near the Strait of Hormuz and its 7 lakh Indian diaspora remitting USD $2 billion (INR ₹165 billion) annually, positioning it as a gateway to Middle Eastern and African markets.

India-EAEU Trade Talks Advance Negotiation (Times of India)

India and the Eurasian Economic Union (EAEU) comprising Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia is negotiating a limited interim trade arrangement covering select product groups, ahead of a full Free Trade Agreement (FTA). Russian Economic Development Minister Maxim Reshetnikov described India’s requests as ambitious, noting the complexity of aligning interests with India’s larger economy. His remarks followed President Vladimir Putin’s statement in Astana that trade liberalisation talks with India had gathered momentum, alongside recent EAEU agreements with Mongolia, UAE and Indonesia. The EAEU, established in 2015, aims to promote integration through a common market, removal of trade barriers, and policy coordination. India and the EAEU formally launched FTA negotiations in August 2025, after bilateral trade turnover reached USD $69 billion (INR ₹5.73 trillion) in 2024, up 7% year-on-year. The first round of negotiations was held in November 2025, with the interim deal now seen as a bridge to a comprehensive pact.

India and US Trade Talks Begin from June 1 (Financial Express)

India and the United States will hold a four‑day round of trade negotiations in New Delhi from June 1-4, 2026, led by Darpan Jain, Additional Secretary, Department of Commerce (India), and Brendan Lynch, Chief Trade Negotiator, USTR, to finalise the legal and operational framework of a proposed interim trade agreement. Talks will focus on market access, customs and trade facilitation, non tariff barriers, investment promotion, and economic security cooperation, with the interim arrangement intended as a stepping stone toward a broader Bilateral Trade Agreement. The negotiations come amid US tariff shifts, including a temporary 10% import tariff and a recent Supreme Court ruling affecting reciprocal tariff policy, prompting both sides to revisit parts of the earlier framework. India has signalled willingness to reduce or eliminate tariffs on selected US industrial and agricultural goods such as animal feed, fruits, tree nuts, soybean oil, wine and spirits, and has proposed expanding imports of energy, aircraft, semiconductors, and coking coal. New Delhi reiterated its pledge to purchase USD $500 billion (INR ₹41.5 trillion) of US goods and services over five years, even as US Section 301 investigations into supply‑chain and labour practices remain a contentious issue. Despite these tensions, the United States remained India’s second‑largest trading partner in FY26, with exports to the US at USD $87.3 billion (INR ₹7.25 trillion) and imports from the US at USD $52.9 billion (INR ₹4.39 trillion), underscoring the strategic importance of the June talks.

12% CAGR Makes India Fastest‑Growing Emerging Market for Wealth (Business Today)

India is projected to add USD $2.37 trillion (INR ₹197 trillion) in financial wealth between 2025 and 2030, making it the single largest driver of wealth creation among emerging economies, according to the Boston Consulting Group (BCG). This growth, at a 12% CAGR, will outpace Brazil’s USD $1.08 trillion (INR ₹90 trillion) and Mexico’s USD $550 billion (INR ₹46 trillion), reflecting India’s expanding middle class, rising household savings, and deeper capital markets. The Ministry of Finance and regulators note that while mutual funds, equities, and digital platforms are growing, a large share of household wealth remains locked in deposits, gold, and real estate, leaving scope for diversification. BCG estimates India will generate over one million new dollar millionaires by 2030, with Tier 2 and Tier 3 cities increasingly contributing to wealth creation. The most attractive segment is the affluent and emerging high networth group (USD $250,000-USD $5 million in assets), which remains underserved by banks despite accounting for 40-50% of deposits. Capturing this segment could boost bank fee income by 50% over five years, positioning India’s financial institutions to seize a USD $2 trillion opportunity in wealth management.