This Week in Explainers: Ghaziabad sisters’ suicide and the K-wave overwhelming India

The beginning of February has given India some reasons to cheer and some to worry. After months of back and forth, the India-US trade deal was announced. This came as a big relief to Indian exporters and perked up the markets. They are calling it the “father of all deals”, rivalling the pact with the European Union, which is dubbed “the mother”.

That’s not all. There is yet another mega Free Trade Agreement in the making. India is also eyeing the Gulf market, as it revived negotiations with the Gulf Cooperation Council (GCC) – a union of six Arab nations – India’s largest trading bloc.

Last Sunday (February 1), Finance Minister Nirmala Sitharaman announced the Union Budget 2026-2027. The government continues its focus on capex to keep growth on track, and there is a push to create jobs. There is also an emphasis on
rare earths, bio-pharma, care services, and textiles. The Budget did not offer any income tax relief for the middle class, but it has benefits for the common man: more affordable overseas travel and education, cheaper drugs and electrical products, among others.

It’s been a see-saw of a week for the Indian stock markets. After FM’s announcements, Sensex and Nifty fell, seeing the
biggest Budget Day fall in six years. While the markets were upbeat after the US-India trade deal announcement, IT stocks took a hit after the launch of Anthropic’s AI tool, which raised fears that it would wipe out traditional software jobs.

In a shocking story from Ghaziabad, three minor sisters jumped to their deaths from their ninth-floor flat. Investigations revealed the extent of their obsession with Korean culture, and what appears to be a spiral after their mobile phone was allegedly taken away by their father.

We talk about all this and more in our weekly wrap.

1. The big bright spot of this week was the India-US free trade agreement. The surprise announcement was made by US President Donald Trump on Truth Social on Monday. Dubbed the “father of all deals”, this pact comes as a big relief for India, as it lowers reciprocal tariffs on exports to the US from 50 per cent to 18 per cent. The FTA will provide a boost to industries that depend on exports, like textiles, gems and jewellery. This story
goes into the details.

2. The India-US agreement is not the only deal worth talking about. There’s another one in the works. The attention has now turned to the Gulf. India and the Gulf Cooperation Council (GCC) have resumed negotiations for an FTA. This trade bloc comprises six Gulf nations: Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. We tell you why this is a
big development for New Delhi.

3. Amid geopolitical tensions, rare earths have taken centre stage. India announced a rare-earth corridor in the Budget, and Trump has proposed a critical minerals bloc to counter China’s dominance in these resources. The initiative, announced during a high-level ministerial meeting in Washington, was attended by India’s S Jaishankar, among 50 representatives from around the world.
What’s this grouping, and will India benefit from it?

4. Nirmala Sitharaman’s ninth Budget did not cheer the markets. It did not offer income tax relief to the middle class. However, there was a lot in store for
NRIs and
Gen-Z. This story looks at
who gained and who lost after last Sunday’s big announcements.

5. Is AI going to take our jobs? It’s a question that has been asked too often. Now, Anthropic, an American company, has launched an AI tool that has spooked the IT industry. There is growing fear that this tool will make software and tech jobs irrelevant. This led to shares of IT giants like Infosys, Wipro, and TCS falling steeply. What could this mean for the
Indian industry?

6. The K-wave (Hallyu) started hitting during the pandemic, and it has not really receded. From drama to music and games, from food to beauty, hundreds of thousands of Indians are obsessed with all things Korean. Among them were three young girls, aged 12, 14, and 16, from Ghaziabad – all sisters. They jumped to their deaths early Wednesday (February 4), and police suspect they were addicted to an
online Korean task-based game. This explainer dives into the
dark side of K-fandom.

7. Our last story is about Bharat Taxi, a government-backed cab app. Launched by Home Minister Amit Shah, it is said to put drivers in the front seat with its zero-commission model. What about customers? It is not only reasonably priced, but also promises surge-free pricing. We tell you
how it compares to Ola and Uber.

Bharat Taxi — India’s first cooperative-led digital mobility platform

This initiative focuses on providing passengers with safe, transparent & affordable transportation, while also empowering drivers through ownership & active participation.

🔗https://t.co/OJ0fVYVJ0y (Android)… pic.twitter.com/Lh8VwPmf5w

— Ministry of Information and Broadcasting (@MIB_India) January 15, 2026

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