Feb 3 News Live: 8 MPs suspended for ruckus in Lok Sabha

The Indian Rice Exporters Federation (IREF) on Tuesday (February 3) expressed optimism over a proposed reduction in United States import tariffs on Indian goods to 18 per cent, down from the earlier 25 per cent. The federation expects this move to restore price parity with competing nations and significantly boost shipment volumes.

According to IREF National President Prem Garg, the revised tariff structure would place India on a par with competitors like Thailand and Pakistan, which currently face duties of approximately 19 per cent.

"The move to lower tariffs from the earlier 25 per cent to 18 per cent is a significant victory for price parity. This effectively neutralised the duty disadvantage we faced against competitors like Thailand and Pakistan.

"Indian rice can now compete on a level-playing field in one of our most high-value markets," exporter RiceVilla Group's CEO Suraj Agarwal said.

The industry is also hopeful that a potential penalty related to India's purchase of Russian oil be waived by US authorities.

"The federation welcomes this move, as tariff parity is expected to translate into improved competitiveness and stronger demand in key markets," Garg said.

He said the development comes as India enters the season with a record rice production of approximately 149 million metric tonnes. The IREF noted that Indian agri-products have shown remarkable resilience; for instance, rice exports to the US rose even when duties were previously hiked from 10 per cent to 50 per cent.

From April to November 2025, Basmati exports reached 1,99,558 tonnes valued at Rs 1,749.17 crore, while non-basmati shipments stood at 40,960 tonnes, worth Rs 284.12 crore.

The IREF further clarified that it does not anticipate disruptions in trade with Iran, despite questions regarding additional tariffs linked to that corridor. "Based on current visibility, IREF expects continuity in export flows," a statement said.

India to host 2027 Asian Rifle/Pistol Championship where 8 quota places for 2028 Olympics will be allotted: Asian Shooting Confederation.

The Championship will be organised by the National Rifle Association of India (NRAI) from 01 to 10 December 2027 at the Dr. Karni Singh Shooting Ranges in New-Delhi, India.

Textile and leather stocks surged as much as 20 per cent on Tuesday (February 3) morning after India and the US agreed to a trade deal under which Washington will cut the reciprocal tariff on Indian goods to 18 per cent from current 25 per cent.

Shares of K P R Mill surged 20 per cent, Garware Technical Fibres zoomed 20 per cent, Welspun Living jumped 19.85 per cent, Vardhman Textiles 19.60 per cent, Trident jumped 19.52 per cent, Raymond Lifestyle climbed 9.56 per cent and Page Industries climbed 5.31 per cent on the BSE.

Among leather and footwear stocks, Bhartiya International jumped 10.70 per cent, Mayur Uniquoters surged 7.39 per cent, Bata India climbed 5 per cent and Metro Brands went up by 3.96 per cent.

"The agreement reduces reciprocal US tariffs on Indian goods from 25 per cent to 18 per cent, removing a major overhang that had weighed on export-oriented sectors, manufacturing, and overall market sentiment in recent months," Ponmudi R, CEO of Enrich Money, said.

Following is the chronology of the developments that have led to the announcement of the India-US trade agreement.

February 13, 2025: A joint statement stated that Prime Minister Narendra Modi and US President Donald Trump agreed to deepen the US-India trade relationship. To this end, the leaders set a bold new goal to more than double bilateral trade to USD 500 billion by 2030 from the current over USD 191 billion. They announced plans to negotiate the first tranche of a mutually-beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025.

March 4-6: Commerce and Industry Minister Piyush Goyal visits Washington DC. Holds bilateral meetings with US Trade Representative Jamieson Greer and US Commerce Secretary Howard Lutnick.

April 2, 2025: US President Donald Trump announced an additional import duty of 26 per cent (10 per cent baseline tariff and 16 per cent reciprocal tariff) on Indian goods.

April 9, 2025: The US suspends the 26 per cent reciprocal tariff on Indian goods for 90 days (until July 9, 2025).

April 23-29, 2025: Then Indian chief negotiator Rajesh Agrawal (now Commerce Secretary) visits Washington for the first in-person meeting with US counterparts for a proposed trade pact. They discussed terms of references covering 19 chapters, including tariffs, non-tariff barriers, and customs facilitation.

May 17-20, 2025: Commerce and Industry Minister Piyush Goyal visited Washington and met USTR Greer and US Commerce Secretary Howard Lutnick.

June 4-10, 2025: A US delegation, led by the Additional US Trade Representative Brendan Lynch, visits India for week-long discussions. Talks cover market access, digital trade, customs facilitation, sanitary and phytosanitary measures, technical barriers to trade, and the legal framework.

June 26, 2025: An Indian delegation, led by Agrawal, again visited Washington for the next round of talks to bridge differences before the July 9 deadline.

June 27, 2025: US President Donald Trump said America is going to have a "very big" trade deal with India.

July 31, 2025: The US announced a 25 per cent duty to be effective from August 7, 2025 (9.30 am IST).

Aug 6, 2025: Trump slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi's continued purchase of Russian oil. After this order, the total tariff on Indian goods, barring a small exemption list, rose to 50 per cent. To be effective from August 27, 2025.

Sep 16, 2025: Officials from the office of United States Trade Representative held discussions in India on various aspects of the trade deal, and it was decided to intensify efforts in this regard.

Sep 22, 2025: Goyal visited New York for trade talks. He was accompanied by Agrawal.

Oct 15-17, 2025: Indian team in Washington for talks. Till now six formal rounds of talks have been held.

Dec 10, 2025: A delegation led by Deputy US Trade Representative (USTR) Rick Switzer in the national capital for two-day trade talks with his Indian counterpart Rajesh Agrawal.

Jan 12, 2026: US Ambassador to India Sergio Gor asserted that both sides are actively engaged to firm up a trade deal.

Jan 31, 2026: When asked about the progress of the “father of all deals”, Goyal said India is working towards closing it with the US "quickly", as good negotiations are happening.

Feb 2, 2026: India and the US agreed on a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent, US President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi.

BRIEF HISTORY OF INDIA US TRADE PACT:

During Trump's first term as the US president (2017-2021) also, India and the US were discussing a mini-trade deal, but it did not materialise. The proposed deal was discussed during multiple-round of talks during July 2018 and September 2019, but no agreement was finalised due to differences on issues like agriculture, digital taxes, and tariffs.

After that, the Biden administration (Jan 2021 till Jan 2025) did not show interest in negotiating a free trade agreement.

Australia skipper Mitchell Marsh fielded queries on Pakistan's boycott of its T20 World Cup match against India and Bangladesh's removal from the tournament but refused to comment on both the controversies, insisting that his sole focus is on winning the showpiece.

Marsh was facing the Pakistani media after his team was handed a 0-3 T20 series whitewash by the home side in Lahore last night.

In addition to addressing the performance, he was also asked about his views on the off-field drama that has overshadowed the build-up to the big event which will be co-hosted by India and Sri Lanka starting February 7.

"I don't have any comment on that at this point. We are going to the World Cup to just focus on what we are doing, we will let that stuff take care of itself," he responded when asked about his thoughts on Pakistan's boycott of the India game on February 15 in Colombo.

The journalists then pressed him on Bangladesh being ousted from the event for refusing to travel to India on account of "security concerns." He offered a dead bat to that query as well. "The same goes for my previous answer. We are going to the World Cup to try and win it and we are solely focussed on that. As the Australian team, we trust the people there to keep us safe and that's all I would say," he said.

The Enforcement Directorate on Tuesday (February 3) conducted searches at multiple locations in West Bengal as part of a money laundering investigation into a case of alleged illegal mining and transportation of coal, officials said.

About ten premises, including those belonging to a state police official Manoranjan Mondal, are being covered under the Prevention of Money Laundering Act (PMLA), they said.

This investigation is different from another alleged coal scam case being probed by the federal probe agency in which it had raided the premises of political consultancy firm I-PAC in Kolkata last month.

Some persons identified as Kiran Khan, Sekh Akhtar, Prabir Datta, Mirza H Baig among others are being raided as part of the latest action, the officials said.

Stock market benchmark indices Sensex and Nifty surged in early trading session on Tuesday (February 3) after India and the US agreed to a trade deal under which Washington will cut the reciprocal tariff on Indian goods to 18 per cent from current 25 per cent.

The 30-share BSE Sensex jumped 3,656.74 points to 85,323.20 in opening trade. The 50-share NSE Nifty surged 1,219.65 points to 26,308.05.

Later, both the benchmark indices further extended their winning momentum. The BSE benchmark zoomed 4,205.27 points or 5.14 per cent to 85,871.73. The Nifty jumped 1,252.8 points or 4.99 per cent to 26,341.20.

From the Sensex firms, Adani Ports, Bajaj Finance, Eternal, Bajaj Finserv, InterGlobe Aviation and Reliance Industries were trading sharply higher in the range of 7.2-3.7 per cent.

ITC emerged as the only laggard from the blue-chip pack.

"The combination of the US-India trade deal, the EU-India trade deal and the growth-oriented Budget will boost the market sentiments and the animal spirits in the economy. The stock market, anticipating and discounting these developments will boom," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Cochin International Airport Ltd (CIAL) is set introduce country’s first hydrogen-powered buses for passenger transportation, marking a major step towards clean and green mobility in the aviation sector.

The move follows the exchange of a Memorandum of Agreement (MoA) between the Kerala Hydrogen Valley Innovation Cluster Foundation and CIAL on February 1. The agreement paves the way for the procurement and operation of three hydrogen fuel cell electric buses at Kochi airport, a CIAL release said on Monday (February 2).

The project forms part of the Kerala Hydrogen Valley initiative under the National Green Hydrogen Mission of the Government of India. Procurement of the hydrogen buses is expected to be completed within 12 months. Once delivered, ownership of the buses will rest with CIAL.

Under the agreement, the Kerala HVIC Foundation will provide financial support for procuring the buses, with funding capped at Rs 2.90 crore per bus.

The India-US trade deal can be a major catalyst for India's electronics, semiconductor, and technology ecosystem, Ashok Chandak, president of SEMI India and IESA said on Tuesday (February 3), adding it will accelerate semiconductor design and manufacturing, bolster value addition, and expand cooperation across AI and data centres space.

US will cut the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent, US President Trump said in a social media post on Monday (February 2) after a phone conversation with Prime Minister Narendra Modi.

By improving market access, enabling smoother flow of capital equipment and advanced technologies, and, when complemented by the iCET and TRUST initiatives, strengthening trusted supply chains and deepening technology collaboration, the agreement significantly enhances India's attractiveness as a global manufacturing and innovation hub, Chandak said.

"It will accelerate semiconductor design and manufacturing, boost electronics value addition, and expand cooperation across AI, data centres, and advanced manufacturing - creating high-skill jobs and positioning India as a strategic and reliable partner in the global technology value chain," he added.

The vision of USD 500 billion bilateral trade can have over USD 100 billion trade for electronics and semiconductor sector, according to him.

The Congress-led UDF opposition on Tuesday (February 3) said it will not cooperate with the Kerala assembly proceedings and protested in the House against the alleged interference by the CM's office in the Special Investigation Team (SIT) probe into the Sabarimala gold loss cases.

Leader of Opposition in the Assembly, V D Satheesan, informed Speaker A N Shamseer about the UDF's decision as the House proceedings commenced.

Satheesan alleged that the SIT probe was not going anywhere and conditions were being created for more of the arrested accused in the two Sabarimala gold loss cases to come out on statutory bail.

He said that soon prime accused Unnikrishnan Potty and three CPI(M) leaders, also arrested in the case, would be out on statutory bail. "All this is happening due to the pressure and interference from the Chief Minister's Office. So, we would like to inform you (Speaker) that we are intensifying our protest by bringing it into the House and we are not going to cooperate with the assembly proceedings," the opposition leader said.