Business

noida-airport-boost-economy-ncr

Sat Mar 28 16:49:23 IST 2026

“Noida’s new airport will start a new chapter of Viksit UP,” Prime Minister Narendra Modi declared as he inaugurated Noida International Airport situated in Jewar, between Greater Noida and Aligarh.

There are great expectations riding on it, with a massive transformation expected in the hitherto agrarian hinterland that this region was, with anything from multi-modal connectivity, cargo hubs and even an MRO (aircraft repair set-up) coming up.

However, the gains will not be that of Uttar Pradesh (UP) and its economy alone. When commercial flights start plying from Noida, expected only in two months’ time or so, it will also announce a transformation of a new model for India’s urban planning to follow, not to forget the fillip it will give to aviation.

“(This) marks a structural shift in India's aviation and urban planning strategy. This project is the centrepiece of a broader plan to transform the National Capital Region (NCR),” said Monjima Sen, research consultant with Knight Frank, in the report ‘The Jewar Turning Point’.

Fruits of Noida airport’s labour will be seen in anything from the national capital region’s (NCR) connectivity boost to real estate, opening up a corridor between south of Delhi (Gurgaon, South Delhi, through Faridabad into Noida airport area) to the East as a new route map for development. That means, newer link roads and rail heads being planned for the new airport will help connect the already prosperous South Delhi—Gurgaon belt to the fast-coming-up Greater Noida (and beyond) area more quickly, thereby catalysing growth in an easterly direction to the benefit of Western UP.

“A dual connectivity framework comprising road and rail is being implemented to integrate the airport with the wider NCR. This addresses the 40–50 km distance from core sectors in the immediate catchment, such as Noida Sectors 44 and 149,” says the Knight Frank report.

While most attention has been focused on the real estate boom that everyone expects to engulf western UP, this is already seen in the launch of new residential properties — while Greater Noida accounted for just 19 per cent of Delhi NCR’s residential launches just five years ago, today, it is accounting for nearly 30 per cent.

For the capital’s land sharks, the airport is indeed a welcome sign, considering how prime areas like South Delhi and Gurgaon are already saturated or have prices that have skyrocketed post-COVID to hit record levels. The Greater Noida belt, particularly, has a lot of unsold or unused inventory (properties bought as investments and lying idle) and the airport is expected to unlock them, as well as new developments which will now stretch eastwards in the Agra-Lucknow direction.

But the biggest gainer could just be aviation. Once the airport starts functioning later this summer, Delhi NCR will become the first urban congregation in the country to have three airports — besides Noida, it already has Indira Gandhi as the primary hub, with Hindon in Ghaziabad as a domestic relief airport.

That means it will join global cities like London (6 airports — Heathrow, Gatwick and others), New York (3 airports — JFK, La Guardia & Newark), Tokyo (Haneda and Narita), Paris (Charles de Gaulle & Orly), and Istanbul (Istanbul & Sabiha Gokcen), which are served by multiple airports.

“This decentralisation is essential for the world’s second-largest urban agglomeration, breaking the long-standing mono-centric dependency on a single aviation hub. Global benchmarks like Tokyo demonstrate that twin-airport systems effectively manage high-density traffic while stimulating regional growth,” said the report.

The report also points out how it is already playing out within India as well. Goa’s second airport in Mopa, opened three years ago, has already captured about 40 per cent of the traffic to the Sunshine State. Mumbai’s second airport, which just started operating at the end of this year from Navi Mumbai, could also show solid performance in the coming years.

Cities like Chennai and Bengaluru are already looking at building their second airports. Parandur, in Chennai’s adjoining Kanchipuram district, has already been identified, and land acquisition has started, with a target of nearly 6,000 acres and a project cost of ₹30,000 crore as of now.

rbi-payments-vision-2028-india

Sat Mar 28 14:54:02 IST 2026

India might be looking at sweeping reforms in payments and settlements, according to a new vision document from the Centre.

The Reserve Bank of India unveiled its Payments Vision 2028 on March 27, a strategic roadmap with 15 concrete initiatives to be rolled out through December 2028. With the theme, "Shaping India's Payment Frontier", India’s apex bank seems to be doubling down on making the system safer, fairer, and globally formidable

The RBI outlined a "Shared Responsibility Framework", something to safeguard anyone who has ever had money vanish from their bank account via UPI after a dodgy call or a suspect SMS. Under the current rules, if you are a victim of unauthorised digital fraud, it is almost entirely your bank, the one that issued your account, that takes the hit.

RBI now proposes to change that, making both the sender’s bank and the receiver’s bank jointly liable. The rationale is that the alleged scammer’s bank will actually bother to check who is opening accounts on its platform.

"To ensure balanced accountability, introducing a shared responsibility framework would be explored under which both the customer’s bank (issuer) and the beneficiary’s bank jointly bear the liability arising from unauthorised digital payment transactions. This approach would incentivise both parties to implement robust fraud detection and prevention measures, and strengthen coordination for timely intervention, thereby enhancing overall consumer protection and trust in digital payments," the document read.

RBI also mused on the introduction of the Payments Switching Service (PaSS). If you have ever changed your bank account or moved your salary account, you might have had to go through days of notifying employers, insurance companies, and even moving over subscriptions and EMIs. Here, PaSS would let you transfer all your incoming and outgoing payment instructions, be it EMIs, salaries, auto-debits, everything, from your old account to a new one with minimal friction.

Another proposal is giving users the power to switch all digital payment modes on or off, not just cards, through their own bank’s app.

Apart from this, the document also outlined a complete overhaul of the cross-border payments framework to reduce friction, lower remittance costs, and make it simpler for MSMEs to trade internationally.

Other proposals include electronic cheques and the introduction of a new cyber risk framework for fintech firms. Read the full report HERE.

"A comprehensive review of the design and security features of cheques shall be undertaken to enhance uniformity, strengthen fraud prevention, and ensure alignment with emerging processes. The review shall identify and adopt best practices, making them applicable across all cheque instruments," read the report.

rbi-debt-auction-strategy-g-sec-treasury-bills

Sat Mar 28 12:21:29 IST 2026

The Centre has decided to aggressively plug revenue holes in the onset of the Middle East crisis, rising crude prices, LPG supply fluctuations, and a plummeting rupee. To do that, the country’s apex financial body, the Reserve Bank of India, put into motion the government’s plan to raise ₹8.20 lakh crore.

How? By selling dated government securities (or G-Secs) to banks, institutions, and investors between April 1 and September 30, 2026. The auctions are set to kick off immediately, as per the latest RBI circular.

The Centre is looking at raising ₹29,000 crore through 15-year and 50-year bonds in the first week of April alone.

Apart from the G-Secs, the RBI also looks to raise a whopping ₹2.88 lakh crore through shorter-term Treasury Bills. These 91-day, 182-day, and 364-day bills are expected to rake in ₹24,000 crore every single week in the April-June quarter.

If RBI successfully pulls this off, they look to raise over ₹11 lakh crore from the market in just the first six months of the new fiscal year.

While this helps the Centre catch a breath while belaying inflation fears amid the Middle East crisis and currency depreciation, there is a negative side to it.

When the RBI borrows this aggressively, it could end up keeping interest rates stubbornly high for other borrowers. Moreover, with markets tumbling, there should be enough takers for the treasury bills and government securities to keep the RBI’s plans intact.

rupee-dollar-crash

Sat Mar 28 11:37:34 IST 2026

The Indian currency plummeted to a new record low on Friday, March 27. It now stands at 94.85 to the dollar, just 15 paise away from the psychologically catastrophic 95-mark that forex traders have been dreading for weeks.

This week’s crash, which shaved off 89 paise on Friday alone, is thanks to a brutal cocktail of higher Brent crude, thanks to the Middle East conflict that refuses to wind down, and dollar appreciation.

Weaker rupee and dearer crude oil spell double trouble for India, which many analysts say would lead to significant energy-led inflation. Petrol from private operators like Nayara is already expensive, and the only reason the state-run oil firms have not propped up the fuel prices is due to Friday’s excise duty cut on petrol and diesel by ₹10 a litre. Airline tickets are already expensive, but inflation could lift them up further.

Foreign Institutional Investors (FIIs) pulling out a little over Rs 4,300 crore from the market on Friday alone makes things worse.

The Reserve Bank of India has been using the nation’s forex reserves as a firewall for defending the currency. But the latest RBI data as of March 20 shows that it shrank by $11.41 billion to $698.35 billion for that week.

If crude oil prices do not show a meaningful correction, ₹94 to the dollar would become the new normal. All eyes would be on RBI and the global crude prices next week, as the Indian currency nears the dreaded 95 mark.

dgca-vip-flight-regulations

Sat Mar 28 10:53:18 IST 2026

India’s aviation regulator issued one of its most comprehensive safety directives in decades, laying down strict new rules for flights carrying the country’s top political and constitutional figures.

In an order dated March 27, 2026, Director General of Civil Aviation Faiz instructed all operators, pilots and state governments that safety is non-negotiable, giving more power to the crew. This order came two months after a chartered jet carrying Maharashtra Deputy Chief Minister Ajit Pawar crashed near Baramati, killing him and four others.

The order supersedes two older circulars, both of which had guided VIP aviation operations for decades. It covers a wide list of dignitaries, including the Speaker of the Lok Sabha, Deputy Chairperson of the Rajya Sabha, Central and State Cabinet Ministers, Chief Ministers, Governors, the Chief Justice of India and SPG protectees in the Z+ category.

The most notable provision was that no one can pressurise the pilot. "Any last-minute changes to the planned flight due to VIP requirements should be coordinated through the organisation’s management only, and not directly with the crew," the order stated.

Operators must also brief VIPs before every flight via a standard pamphlet, reminding them that flight decisions rest entirely with the crew.

The order also lifted the qualification bar for the crew. Commanders of fixed-wing aircraft must have at least 3,000 total hours, including 2,000 as pilot-in-command and 75 hours on the specific aircraft type. Co-pilots need 500 total hours and 100 on type. For helicopters, the PIC must hold 2,000 total hours, 500 as PIC and 75 on type, while co-pilots need 300 total hours and 50 on type, the order stated.

Aircraft standards have also been made stricter. This includes a valid Certificate of Airworthiness, a serviceable weather radar, and zero tolerance for unresolved defects before the next flight. The order also mandates written clearance from district authorities, down to the level of DM, SDM, SSP, SP or SHO, at least 24 hours before any helipad or temporary airstrip is used.

On election flying, which the order described as "highly demanding" given long hours, hurriedly prepared helipads and congested airspace, each operator must nominate a responsible compliance officer and file weekly flight duty and time limitation returns to the DGCA. Penalty for non-compliance ranges from a formal caution all the way to cancellation of the Air Operator Permit, the order noted.

new-noida-international-airport-to-serve-as-major-gateway-for-ncr

Sat Mar 28 09:44:11 IST 2026

Prime Minister Narendra Modi will inaugurate Phase 1 of the Noida International Airport at Jewar on Saturday. He is also scheduled to address a public gathering.

Phase 1 of the project has been developed at an estimated cost of around ₹11,200 crore under the Public-Private Partnership (PPP) model. The airport will initially have a passenger handling capacity of 12 million passengers per annum (MPPA), with scalability up to 70 MPPA upon full completion.

Envisioned as a major international gateway for the National Capital Region (NCR), the airport marks a significant step toward strengthening India’s aviation infrastructure and enhancing both regional and global connectivity.

It will be the second international airport serving the NCR after Delhi’s Indira Gandhi International Airport.

“Together, the two airports will function as an integrated aviation system, easing congestion, expanding passenger capacity, and positioning Delhi NCR among leading global aviation hubs,” an official statement said.

The airport features a 3,900-metre runway capable of handling wide-body aircraft, along with modern navigation systems, including an Instrument Landing System (ILS) and advanced airfield lighting to support efficient, all-weather, round-the-clock operations.

It also includes a robust cargo ecosystem, featuring a multi-modal cargo hub with an integrated cargo terminal and dedicated logistics zones.

The cargo facility is designed to handle over 2.5 lakh metric tonnes annually, with the capacity to expand to around 18 lakh metric tonnes. It also includes a dedicated 40-acre Maintenance, Repair, and Overhaul (MRO) facility, the statement added.

Designed as a sustainable and future-ready project, Noida International Airport aims to operate as a net-zero emissions facility by integrating energy-efficient systems and environmentally responsible practices.

According to the Uttar Pradesh government, the airport is set to become a "game changer" for the state's economy with a wide-ranging impact across agriculture, industry, logistics and employment generation.

It said the project will significantly boost employment, attract investments and enhance global connectivity, while also strengthening the state's presence on the international economic map.

the-great-kitchen-pivot-resilience-and-rivalry-in-the-age-of-gas-crunch

Fri Mar 27 19:47:46 IST 2026

The roar of the blue flame is fading in Delhi’s commercial kitchens, replaced by the rhythmic hum of electric induction and the ancient scent of wood-smoke. A sudden disruption in Middle Eastern supply chains has choked India’s commercial LPG lanes, forcing the hospitality sector into an involuntary but fascinating transformation, after the government invoked the Essential Commodities Act to suspend LPG cylinder deliveries.

While headlines scream of a crisis, the view from the kitchen floor reveals a more nuanced story of two divergent paths: the traditionalist’s pivot and the technocrat’s grit.

The crisis has its roots in a perfect storm of global and local factors. Geopolitical tensions in the Middle East disrupted key LPG supply routes, coinciding with a surge in domestic demand and logistical bottlenecks. In response, the government took decisive action, invoking the Essential Commodities Act to prioritise household LPG supplies, inadvertently squeezing commercial kitchens.

In the heart of the city's bustling food hubs, some eateries are discovering that a lack of LPG doesn't necessarily mean a loss of flavour. Sangmitra, a chef at Hum Hindustani, says, "There is nothing much of concern even after not having LPG supplies." Rather than panicking over black-market rates—which have reportedly soared to over ₹5,000 per cylinder—this establishment chose to lean into its roots. By shifting to traditional charcoal and wood-fired tandoors, they've begun baking naan, enhancing the authenticity of their menu. This hasn't just kept the kitchen open; it has added a rustic quality that LPG burners often lack. Remarkably, this eatery has refused to increase its prices, maintaining its customer base without any "LPG surcharges" or menu compromises.

On the other side of the spectrum are establishments that view the open flame as a non-negotiable necessity for their specialised menus. At the Multi-cuisine Fastfood Cafe, waiter Ashok describes a more pressured environment. "We have the compulsion of using expensive LPG without compromising with the menu and the customer." To balance the skyrocketing fuel expenses, the kitchen has increased its reliance on heavy machinery and electric frying equipment. While they strive not to compromise the menu or the customer experience, back-of-house operations have become a high-load electrical marathon. This shift is mirrored across the city, where sales of induction cooktops have surged 30 times as restaurants try to stretch their limited LPG buffers.

This divergence illustrates a broader industry split. The government has doubled Delhi’s LPG quota to 4,500 cylinders a day to stabilise the market, but the hospitality sector remains on edge. The Central Consumer Protection Authority has warned eateries against passing "fuel recovery costs" directly to consumers, leaving owners to choose between absorbing the hit or innovating their way out. Whether it's the traditionalist finding authenticity in a tandoor or the technocrat doubling down on machinery, the 2026 gas crunch is proving that the soul of Delhi’s food scene is defined by its resourcefulness, not just its fuel source. For diners, the menu remains the same, but the story behind the plate has never been more complex.

indian-banks-to-experience-credit-growth-in-fiscal-2026-27-but-deposits-set-to-lag-behind

Fri Mar 27 17:41:02 IST 2026

Banking credit offtake is likely to improve in FY27 whereas deposits are set to lag behind, according to a recent report by CareEdge Ratings. It expects credit growth to stay within 13-14.5 per cent in FY27. Credit growth remains healthy, expanding by 14.5 per cent YoY as of December 31, 2025, compared to 11.8 per cent a year earlier, it adds. This growth has been supported by continued retail demand (notably auto loans), MSME lending, renewed credit to NBFCs, and a pickup in industrial and opportunistic corporate borrowing. As per the report, India’s bank credit outlook remains resilient but increasingly depends on the course of geopolitical risks and crude oil prices.

The report points out that India’s banking sector has undergone a structural improvement in recent years, with lower stressed assets and stronger bank balance sheets supporting credit expansion. Credit growth slowed to about 5 to 6 per cent during FY20–FY21 despite policy rate cuts, mainly due to pandemic-related disruption in demand. As economic activity recovered, credit growth accelerated in FY23–FY24 even though the policy rate increased to 6.5 per cent. Meanwhile, credit growth moderated to 11.4 per cent in FY25, largely driven by retail and MSME lending.

Overall, credit growth in India is influenced by economic activity, liquidity conditions, and regulatory factors. The report points out that strong bank balance sheets, low NPAs, and steady domestic demand continue to support credit growth. Retail lending, government-linked infrastructure financing, and public capex are likely to remain the main growth drivers, with banks adjusting their portfolios rather than cutting lending entirely. RBI’s liquidity and currency interventions have further helped stabilise financial conditions and maintain near-term credit momentum.

The report points out that there are downside risks if the west Asia conflict becomes prolonged and crude prices remain above $100 per barrel. At the same time higher imported inflation could constrain monetary policy, raise borrowing costs, and weaken demand, prompting tighter lending standards, particularly for MSMEs, energy intensive industries, transport, aviation, and unsecured retail credit. The report says that while systemic stress remains unlikely, credit growth could slow as risk premiums and credit costs increase. Overall, the conflict is more likely to reshape credit composition and pricing than derail India’s credit cycle.

The report highlights that personal loan growth remained broadly stable across key retail categories, with vehicle loans—such as three-wheeler sales, which jumped 18.8 per cent YoY to 1.27 lakh units in January 2026, compared to 1.07 lakh last year emerging as a key driver of growth. This was supported by improved affordability following the GST rate cut and strong buyer sentiment, while credit card lending moderated. Going forward, personal loan growth would be supported by steady consumer demand. However, elevated fuel costs due to the Middle East war could weigh on household spending and moderate demand across select retail segments. If geopolitical tensions ease and price pressures stabilise, the impact on retail credit is likely to remain contained.

At the same time MSME credit has maintained a strong and sustained upward trend, rising from Rs 17.8 lakh crore in FY21 to Rs 31.1 lakh crore in FY25, nearly doubling over the five years. Growth peaked at 20.6 per cent in FY24, driven by improved demand conditions and continued policy support, before easing to 14.1 per cent in FY25, indicating normalisation after a high-growth phase.

MSME segment remains relatively more vulnerable to external shocks, particularly logistics disruptions and supply chain constraints.

The CareEdge Ratings report also indicates that AI and digitalisation is expected to support sustained credit growth. India is emerging as a rapidly growing AI-driven banking market, with lenders increasingly incorporating AI into processes such as underwriting, onboarding, document verification, and monitoring. Alongside the swift increase in digital transactions and regulatory comfort with digital lending, this boosts operational efficiency and enables banks to expand lending without proportionally raising costs.

The report says that while the banking system's liquidity remains in surplus, it has tightened compared to earlier periods and shown increased volatility. Nonetheless, signs of improvement are evident, and liquidity is expected to remain broadly in surplus. Deposit growth for SCBs is expected to moderate to around 11-12 per cent in FY27, compared with the stronger expansion seen in FY24. This trend is primarily driven by a shift in household savings toward higher-yielding alternatives, along with increased competition from term deposits and digital investment avenues, which are drawing funds away from low-yield CASA balances.

The decline has been further accentuated by banks reducing savings deposit rates to protect margins. The moderation in deposit growth is being shaped by multiple factors. Competition from alternative investment options such as mutual funds, equities and small savings schemes has diverted a portion of household savings away from traditional bank deposits, particularly impacting. As a result, banks are increasingly relying on term deposits and other market borrowings to support credit growth.

“India’s macroeconomic outlook remains supportive for the banking sector, with real GDP growth expected to expand by 7.2 per cent in FY27, alongside inflation anchored around 4 per cent, thereby underpinning credit demand across retail, MSME, and corporate segments. The central bank’s proactive liquidity management is expected to ease funding pressures, particularly during seasonal tightness. However, the intense war situation in the Middle East, elevated crude prices, and supply chain disruptions may create short-term pressures on input costs and credit growth,” remarked Sanjay Agarwal, Senior Director, CareEdge Ratings.

jica-loan-urban-transport-metro-bengaluru-mumbai-japan

Fri Mar 27 16:16:24 IST 2026

Bengaluru’s Namma Metro, which began as a novelty line from Baiyappanahalli to MG Road back in 2011 in its initial phase, will now be the biggest recipient of a loan from the Land of the Rising Sun. Another beneficiary of a part of the loan is the Mumbai Metro project.

According to the Centre, the Government of Japan committed an Official Development Assistance (ODA) loan of JPY 275.858 billion, amounting to around ₹16,420 crore, to India for four projects spread across Maharashtra, Karnataka and Punjab.

The single largest slice of the package, JPY 102.480 billion, goes to the Bengaluru Metro Rail Project (Phase 3), which aims to expand the IT hub’s mass rapid transit network to ease chronic traffic congestion and cut vehicular pollution. Close behind is the Mumbai Metro Line 11 Project, receiving JPY 92.400 billion to bring similar relief to Mumbai’s gridlocked commuters.

Together, these two metro projects account for nearly 71 per cent of the total ODA commitment. The loan agreements were signed earlier this week between the Government of India and the Japan International Cooperation Agency (JICA), and the notes were formally exchanged between Alok Tiwari, Joint Secretary, Department of Economic Affairs, and Keiichi Ono, Japan’s Ambassador to India.

With Japan writing one of its biggest recent cheques to India, the loan is expected to plug the infrastructure gaps not just in urban transport but also in healthcare and agriculture.

According to the Centre, JPY 62.294 billion has been earmarked for a proposed project to fund the construction of tertiary care facilities, medical colleges and nursing schools in Maharashtra.

Another JPY 18.684 billion is set out for promoting sustainable horticulture in Punjab, aimed at helping farmers diversify into crops that provide higher value and better returns.

amrit-bharat-station-scheme-delhi

Fri Mar 27 12:46:02 IST 2026

Last month, I took a train from Delhi Sarai Rohilla to Jaipur. When I reached the railway station, I remember thinking: "Why is this place always under construction?"

Apparently, the scaffolding and construction activity I noticed was not just routine maintenance. It is part of a sweeping national programme to turn India’s railway stations into modern urban hubs, and Delhi is getting thirteen of them.

The Amrit Bharat Station Scheme, launched by the Ministry of Railways, has so far identified 1,338 stations across India for phased redevelopment.

Of these, 13 are in Delhi, spanning some of the city's busiest stations, including Adarshnagar Delhi, Anand Vihar, Bijwasan, Delhi, Delhi Cantt, Delhi Sarai Rohilla, Delhi Shahadra, Hazrat Nizamuddin, Narela, New Delhi, Sabzi Mandi, Safdarjung, and Tilak Bridge.

Union Railway Minister Ashwini Vaishnaw recently revealed the status of the Amrit Bharat Station Scheme in Delhi.

What is the progress in Delhi?

At Bijwasan and Safdarjung, structural works on the station building and air concourse are done, with finishing touches now underway.

At Delhi Cantt, the east-side station building's structural framework is up, and work on an elevated road, arrival and departure concourses, and railway quarters is actively progressing.

The iconic New Delhi station is seeing some of its most complex interventions: a holding area at the Ajmeri Gate side is ready, while a double basement is being excavated at the Paharganj side, alongside foundations for an elevated road, works that are being executed without halting train operations.

Stations like Narela, Subzi Mandi and Tilak Bridge, typically overlooked in infrastructure overhauls, are receiving modern toilets, lifts, platform shelters, parking facilities and Divyangjan-friendly infrastructure.

At Tughlakabad, tactile paths, standard signage, and ramps for persons with disabilities have been recently sanctioned.

Apart from Delhi, renovations under the Amrit Bharat Station Scheme seem to be in progress across the nation. The railway ministry is yet to update on their progress.

oil-shock-mitigation-india

Fri Mar 27 11:27:47 IST 2026

In a late-night move on March 26, the Finance Ministry sharply cut the central excise burden on petrol and diesel, aiming to absorb part of the oil shock from the raging Middle East conflict. This was also meant to dispel fears that fuel bunkers would hike petrol and diesel prices.

However, it only applies to domestically sold fuel. Another ministry notification reworked the export side. For fuel shipped out of the country, the special additional excise duty on petrol was set to zero, but high-speed diesel exported from India would attract ₹18.5 per litre. This order excludes exports by public sector oil companies to Nepal, Bhutan, Bangladesh and Sri Lanka. This meant that the Centre is looking to ensure domestic availability while keeping the price hikes at bay.

In the background, global crude prices have surged by almost 50 per cent since the United States and Israel began strikes on Iran on February 28, briefly pushing oil to about $119 a barrel before easing to just below $100.

India has somehow managed to keep the retail prices of fuel frozen, with petrol not crossing ₹95 per litre and diesel ₹88 per litre in Delhi.

But this also meant that state-run retailers IOC, BPCL and HPCL were staring at steep under-recoveries on every litre sold.

This new excise duty cut effectively shifts part of that burden back onto the Centre, giving the oil companies more room to absorb high input costs while keeping pump prices unchanged.

But that did not stop some private players. Nayara Energy, which runs more than 6,900 of India’s 1-lakh+ petrol pumps, already raised petrol prices by ₹5 and diesel by ₹3 a litre. Jio-bp has so far held rates despite losses.

For consumers looking for an instant discount on petrol and diesel, this might come as a disappointment. But the excise duty cut is to cushion for global headwinds, and it is more of a policy decision by the Centre.

Despite the morning slump in the stock market, BPCL and HPCL shares were up. Only IOCL shares were trading 1 per cent lower.

fuel-excise-tax-cut-indian-bonds-impact

Fri Mar 27 12:10:20 IST 2026

The Finance Ministry’s decision to slash fuel excise taxes might have given India’s oil companies some breathing room, but it has negatively affected another corner of the economy: the government bond market.

Indian government bonds fell sharply on Friday morning, with the benchmark 6.48 per cent bond maturing in 2035 seeing its yield spike to 6.9523 per cent, its highest level since July 2024, before settling at 6.9256 per cent. Bond yields and prices move in opposite directions, so a rising yield means investors are demanding more returns to hold government debt. This also means that they are less confident about the country’s fiscal health.

The Centre’s decision to cut special additional excise duty on petrol from ₹13 to ₹3 per litre and to scrap the ₹10 levy on diesel entirely. It helps state-run oil firms. It delays any immediate price hikes for the consumer. It sounds good.

But the excise cuts, as per some industry estimates, are likely to cost the exchequer somewhere between ₹1.5 lakh crore and ₹1.6 lakh crore in fiscal year 2027 alone. If that happens, it burns a significant hole in the government’s budget, especially at a time when the Centre is already trying to rein in the fiscal deficit.

How this works

Excise cut announced → Centre collects less tax revenue (estimated ₹1.5–1.6 lakh crore less in FY2027)

Less revenue → Centre needs to borrow more to meet its spending commitments

More borrowing → More bonds flooding the market

More supply of bonds → Prices fall, yields rise

Higher yields → Every new rupee the Centre borrows becomes more expensive

India, the world’s third-largest crude importer, is already exposed to the Middle East crisis. Rising oil prices could worsen the nation’s current account deficit further and stoke domestic inflation.

This fiscal, Indian states have already used bond sales to raise more than ₹12 lakh crore as of March 26, 2026. And traders seem to have read into it all: heavy debt supply, fiscal uncertainty, high global rates, leading to bond market anxiety.

mumbai-ahmedabad-bullet-train-progress

Thu Mar 26 12:49:52 IST 2026

If you have been to the Bandra Kurla Complex (BKC) in the past few months, you would have felt the hustle and bustle of construction work in connection with the Mumbai–Ahmedabad Bullet Train project. And now, railway minister Ashwini Vaishnaw has confirmed that the foundation work at BKC underground station in Mumbai is almost done, and the base slab has been taken up.

At the other end of the line, the Ahmedabad and Bharuch stations have already had their structural works completed, with finishing touches now underway. Sabarmati station is going up fast too, with its platform slab and roof structure taking shape.

The National High Speed Rail Corporation has already crossed significant construction milestones on the 508-km corridor. Across its length, piers have been erected along 430 km of the route, girders placed along 341 km, and track bed laid over 174 km. Over 153 km worth of overhead electric mast structures have also been installed. So, the skeleton of the bullet train’s elevated railway is largely in place across Gujarat.

Progress of stations

Here is the current progress of the twelve stations that are part of the Mumbai–Ahmedabad Bullet Train project, according to the Ministry of Railways:

1. Sabarmati: Foundation works completed, Platform slab & roof structural works and finishing works are in progress.

2. Ahmedabad: Structural works completed and finishing works have been taken up.

3. Anand/Nadiad: Structural works completed and finishing works have been taken up.

4. Vadodara: Foundation work completed, structural works and finishing works have been taken up.

5. Bharuch: Structural works completed and finishing works have been taken up.

6. Surat: Structural works completed and finishing works have been taken up.

7. Bilimora: Structural works completed and finishing works have been taken up.

8. Vapi: Structural works completed and finishing works have been taken up.

9. Boisar: Foundation works have been taken up and in advanced stage. Structural works have been taken up.

10. Virar: Foundation works have been taken up and in advanced stage. Structural works have been taken up.

11. Thane: Foundation works have been taken up and in advanced stage. Structural works have been taken up.

12. BKC (Mumbai): This is an underground station. Foundation works almost completed and Base Slab has been taken up.

The undersea tunnel, which is approximately 21 km long, is one of the most technically challenging stretches of the entire project. It is under construction, and 4.8 km of it, between Ghansoli and Shilphata in Maharashtra, has already been bored through, according to Vaishnaw’s latest update to the Parliament.

The bullet train corridor also features river crossings, which are usually logistical headaches. But five bridges, including those over the Meshwa, Vishwamitri, Kim and Mindhola rivers, have been fully completed. Work on the mammoth Narmada River bridge (1,366 m) and the Vaitarna River bridge (2,320 m) is underway.

All 1,389.5 hectares of land required for the project has been acquired, all statutory clearances obtained, and all 1,651 utilities shifted, confirmed the railway minister, as of March 25, 2026.

repos-energy-dpiit-fuel-tech-mou

Fri Mar 27 13:18:29 IST 2026

While India’s fuel supply chain is under pressure from a global oil shock, a Pune-based company is looking to build the digital infrastructure to make fuel delivery "smarter, faster and more resilient" by partnering with the Centre.

Repos Energy, a "deep fuel-tech" platform, announced that it signed a Memorandum of Understanding with the Department for Promotion of Industry and Internal Trade (DPIIT) to "develop, foster, and promote a robust technology ecosystem in the country by encouraging and supporting product startups, innovators, and entrepreneurs." They plan to do this by identifying and supporting high-potential startups working on deep-tech, energy distribution, and logistics solutions, as per Startup India under the DPIIT.

Repos Energy stated that its platform "builds a digital layer over fuel logistics, enabling on-demand, intelligent and trackable last-mile fuel delivery, a model that has historically remained unaddressed at scale anywhere in the world."

The MoU with DPIIT is set to make Repos Energ a collaborator to work closely with the government on innovation-led growth in sectors critical to national infrastructure and resilience.

This comes amid the Finance Ministry cutting the central excise duty on petrol and diesel to absorb part of the oil shock from the raging Middle East conflict, and keep start-run oil giants from hiking petrol and diesel prices.

The official ministry notification reduces the special additional excise duty on petrol to ₹3 per litre from the earlier ₹13 per litre, and slashes the levy on diesel to nil, replacing the earlier ₹10 per litre. The change takes effect immediately, as per the order. The partnership will also see Repos actively supporting other startups and innovators, effectively becoming a node in India's wider deeptech ecosystem, according to the company.

Aditi Bhosale Walunj, Founder of Repos Energy, said, "For any startup, government backing like this gives you credibility, visibility, and access to an ecosystem you simply can't build alone."

"I truly believe this is India's time to build breakthrough solutions and lead the world in doing so," she added.

Earlier this week, DPIIT inked MoUs with Razorpay, KRAFTON, and Blue Star, as the industry body is looking to involve key private players in various sectors to contribute to the Centre’s technology startup ecosystem.

a-new-gold-rush-miners-diversify-into-critical-minerals-in-india-and-abroad

Thu Mar 26 18:24:50 IST 2026

The gold rush is turning into a rush for critical minerals as miners across India and the world eye the opportunities of the changing world order and the new energy transformation demand. These critical minerals include copper, lithium, cobalt and rare earths.

“We are diversifying into critical minerals alongside our gold business — we see this as a natural and strategic extension, given that critical minerals represent the future of the mining industry and are essential for the country’s long-term growth and next-generation technologies,” said Hanuma Prasad Modali, managing director of Deccan Gold Mines.

Deccan Gold Mines, earlier this week, announced that it had started drilling programmes to expand beyond gold into critical minerals such as nickel, copper, platinum group elements (PGE), and tungsten. Originally an India-focused gold mining company, Deccan has in recent years gone international, with explorations ranging from Spain to Kyrgyzstan.

It couldn’t have done this at a better time. On Wednesday, the Centre asked states to fast-track mineral exploration to boost critical minerals security. India has a ₹32,000 crore outlay for its National Critical Minerals Mission.

“Over 4,000 critical mineral exploration activities have already been initiated across the country,” Minister of Coal & Mines G. Kishan Reddy had said recently. “We are strengthening the entire value chain, from exploration to advanced processing, to ensure India converts its resource potential into strategic advantage,” he said.

The urgency stems from the fact that presently, 95 per cent of India’s critical minerals requirement is imported, with startups engaged in a desperate pursuit of what is also referred to as ‘urban mining’, which is essentially recycling of usable lithium and such critical minerals from end-of-life electric vehicles and mobile phones.

The present rush of miners is equally due to the huge unmet demand for such minerals and rare earths all around the world, as much as to governments accelerating the shift by encouraging critical minerals exploration to maintain supply chain logistics. US President Donald Trump, for example, has gotten aggressive in the country’s search for critical mineral supply changes with its 30-billion dollar ‘Project Vault’ forming a critical minerals trade bloc with allies like Japan and the EU.

“There is significant business potential in this space,” explained Modali. "In India and several other regions, exploration for these minerals remains relatively underdeveloped, creating strong opportunities for new discoveries.”

Competition will be tough, with China already controlling a substantial chunk of the global critical minerals supply chain, as well as having the technology and wherewithal to process them.

Deccan Gold Mines has built a diversified portfolio of critical mineral assets, including a Nickel–Copper–PGE project in Chhattisgarh. In addition, as part of its international projects, it is also working on a Lithium–Tantalum–Copper–Gold project in Mozambique as well as a Tungsten project in Spain.

indian-stock-market-holidays-ram-navami

Thu Mar 26 11:53:21 IST 2026

The Indian stock markets are closed for trading on March 26, Thursday, on account of Ram Navami. It is widely celebrated across the nation by people of the Hindu faith.

In Hindu mythology, it commemorates the birth of Ram, born in Ayodhya to King Dasharatha and Queen Kausalya. As the epic of Ramayana goes, Ram destroys the demon king Ravan, marking the triumph of dharma.

Indian bourses are closed on special days that are notified earlier my the exchanges.

List of market holidays in 2026

Here is the list of upcoming holidays as notifiied by the NSE and the BSE:

Mar 31, 2026 Tuesday: Mahavir Jayanti

Apr 03, 2026 Friday: Good Friday

Apr 14, 2026 Tuesday: Dr. Baba Saheb Ambedkar Jayanti

May 01, 2026 Friday: Maharashtra Day

May 28, 2026 Thursday: Bakrid

Jun 26, 2026 Friday: Muharram

Sep 14, 2026 Monday: Ganesh Chaturthi

Oct 02, 2026 Friday: Mahatma Gandhi Jayanti

Oct 20, 2026 Tuesday: Dussehra

Nov 10, 2026 Tuesday: Diwali-Balipratipada

Nov 24, 2026 Tuesday: Prakash Gurpurb Sri Guru Nanak Dev

Dec 25, 2026 Friday: Christmas

The following special days fall on Sundays this year, when the markets are anyway closed.

Aug 15, 2026: Independence Day

Nov 08, 2026: Diwali Laxmi Pujan

why-fuel-prices-wont-come-down-despite-centre-slashing-special-excise-duties-on-petrol-diesel

Fri Mar 27 10:34:47 IST 2026

The Centre has cut excise duty to Rs three per litre from Rs 13 on petrol and to zero from Rs 10 for diesel. The announcement came in an order issued on Thursday by the Finance Ministry. This comes as fuel prices stay volatile amid the Iran war and the near closure of the Strait of Hormuz.

The changes were notified through amendments to the central excise rules and duty structures and will “come into force with immediate effect,” as per the Gazette notification. The ministry did not say how much the duty cuts would cost the government.

However, there is little to cheer for citizens as most of the cuts will be absorbed by oil marketing companies to who are under severe strain as the international oil prices have shot up by nearly 50 per cent. The oil marketing companies, including Indian Oil, Bharat Petroleum, and Hindustan Petroleum, are currently losing ₹48.8 per litre on every litre of petrol and diesel sold in India as Brent crude oil crosses $100 per barrel following the US-Israel war.

The fuel prices in India have remained frozen so far, as India, the world's third-biggest oil importer and consumer, imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These mostly come via the Strait of Hormuz.

Madhavi Arora, an economist at Emkay Global, estimated the annualised fiscal hit to be nearly 1.55 trillion rupees. “The duty cuts would absorb about 30%-40% of annual losses of oil marketing companies on auto fuel at current prices,” she told Reuters.

This comes as Nayara Energy, which operates 6,967 of India's 102,075 petrol pumps, decided to hike fuel prices to alleviate its burden. Petrol at Nayara pumps now costs Rs 100.71 a litre and diesel costs Rs 91.31 per litre. Jio-bp, the fuel retailing joint venture of Reliance Industries and BP Plc that owns 2,185 outlets, has so far not raised prices.

uk-high-court-rejects-plea-against-extradition-what-legal-options-does-nirav-modi-have-now

Thu Mar 26 13:35:00 IST 2026

Fugitive diamantaire Nirav Modi’s long legal battle to avoid extradition to India has suffered another major setback, with the High Court of Justice in London refusing to reopen his challenge against the extradition order. The ruling significantly narrows Modi’s remaining legal options and moves the case closer to its final stage, though the process of bringing him back to India may still take time due to the remedies still available under UK and European human rights law.

The latest order came from the King’s Bench Division of the UK High Court, which rejected Modi’s plea to reopen earlier proceedings that had already cleared his extradition. The court held that the circumstances presented by Modi were not exceptional enough to justify reopening the case.

“We have considered these assurances very carefully indeed. On the one hand, the mutual confidence and trust that exists between two friendly powers who have entered into binding treaty arrangements must be accorded considerable weight, as well concomitantly as solemn assurances proffered within the same framework,” Lord Jeremy Stuart-Smith and Justice Robert Jay observed in the judgment.

“On the other hand, we must recognise that there is some force in Mr Fitzgerald’s (Modi’s counsel) submission that some of the affidavit evidence placed before us comes from persons who, on the basis of Bhandari, have condoned or turned a blind-eye to unacceptable treatment of detainees. Nonetheless, that submission travels only a certain distance in circumstances where, as we find, these assurances have been given by the GoI in good faith and with the intention that they should be binding. They have not been given with an eye to wriggling out of them should the need or opportunity to do so arise,” they further observed.

Under UK law, once appeals are exhausted, a case can be reopened only in rare and exceptional situations, usually involving new evidence or serious legal error. The court’s refusal effectively means that previous rulings approving extradition remain in force.

A long legal battle since 2019

Nirav Modi, who is wanted in India in connection with the Rs 13,000-crore Punjab National Bank fraud case, has been lodged in London’s Wandsworth Prison since his arrest in March 2019. His extradition was first approved by the Westminster Magistrates’ Court in 2021. This decision was upheld by the UK High Court in 2022, which rejected his appeal and held that there was a prima facie case against him in India and that the Indian government had provided sufficient assurances regarding prison conditions and his safety.

Modi then attempted to approach the UK Supreme Court, but permission to appeal was refused, effectively exhausting his standard appeal options. The latest attempt to reopen the case was seen as a last effort to restart the legal challenge from an earlier stage, but the High Court’s refusal has closed that route as well.

What happens in the Westminster Court now

The case is now listed before the Westminster Magistrates’ Court again, where procedural and administrative aspects of extradition are expected to be addressed. At this stage, the court typically deals with the execution of the extradition order and ensures that all legal formalities have been completed before a person is surrendered to the requesting country.

Once the court clears the final procedural stage, the extradition order requires administrative clearance, including formal approval by the UK government. Only after these steps are completed can the physical extradition take place.

The European Court may be the last legal option

Despite the setback in the UK High Court, Nirav Modi still has the option of approaching the European Court of Human Rights (ECHR). This is now considered his most significant remaining legal remedy. If he files an application before the ECHR, he can seek an interim stay on extradition by arguing that being sent to India would violate his human rights.

In earlier hearings, Modi’s legal team had argued that he suffers from severe depression and that extradition could pose a risk to his mental health and even lead to suicide. However, UK courts had previously accepted India’s assurances regarding prison conditions, including arrangements at Mumbai’s Arthur Road Jail, and ruled that extradition would not be unjust or oppressive.

If the European Court grants an interim stay, extradition could be delayed again. If it refuses to intervene, the UK authorities can proceed with the extradition process.

The cases waiting in India

If extradited, Nirav Modi will face multiple criminal proceedings in India. These include a Central Bureau of Investigation case related to the PNB fraud, an Enforcement Directorate case under the Prevention of Money Laundering Act, and a separate case alleging that he attempted to interfere with witnesses and evidence in the fraud investigation. Indian agencies allege that Modi, along with his uncle Mehul Choksi, orchestrated one of the largest banking frauds in India by fraudulently obtaining Letters of Undertaking from Punjab National Bank and siphoning off thousands of crores.

Extradition closer than ever, but not immediate

Legally, the refusal of the UK High Court to reopen the case is a significant moment because it indicates that most of Nirav Modi’s appeal routes in the UK have now been exhausted. However, extradition in such high-profile economic offences often involves prolonged legal and administrative procedures. Even at this stage, the process could take several more months, especially if a petition is filed before the European Court of Human Rights.

The case also has broader significance for India, which has been attempting to extradite several high-profile economic offenders who fled the country. UK courts have repeatedly upheld India’s case in the Modi matter, particularly accepting the evidence presented and the assurances on prison conditions, making this one of the strongest extradition cases pursued by Indian authorities in recent years.

For Modi, the legal window is rapidly narrowing. What remains are largely last-ditch remedies rather than full appeals. The upcoming proceedings in the Westminster Magistrates’ Court and any move before the European human rights court will now determine how soon India can finally bring him back to face trial.

nayara-energy-petrol-diesel-increase

Thu Mar 26 13:10:27 IST 2026

The Middle East conflict has finally reached at least one petrol pump brand. Nayara Energy, India's largest private fuel retailer, reportedly hiked petrol prices by ₹5.30 per litre and diesel by ₹3 per litre across the country. This seems to be the most visible sign yet that the Middle East conflict is starting to burn a hole in the pockets of ordinary Indians.

The price revision comes as global fuel supplies reel from a near-shutdown of the Strait of Hormuz, with the US and Iran having launched attacks on each other's energy infrastructure.

The resulting disruption to crude oil flows has earlier pushed prices sharply upward in international markets, and Nayara, which prices fuel at market rates unlike state-run companies, seems to have passed on the impact to the consumer.

This came a day after major oil retailers Indian Oil, BPCL, and HPCL told consumers not to panic and avoid rushing to petrol bunks.

Among the worst-hit major cities is Hyderabad, as per ground reports, where Nayara outlet petrol now costs ₹107.46 per litre. Mumbai and Kolkata have also crossed the ₹100-per-litre mark. In Delhi, prices have also moved up, though they remain slightly lower than in other metros due to lower local taxes.

Adding to the supply jitters, Nayara had separately announced a 35-day maintenance shutdown of its Vadinar refinery in Gujarat, set to begin in early April, which would temporarily take nearly 8 per cent of India’s refining capacity offline. The company has assured that its product reserves are sufficient to keep its nearly 7,000 retail outlets supplied during the downtime, and the Central government has categorically stated that there is "no shortage of fuel" and has urged citizens to avoid panic buying.

State-run oil companies such as Indian Oil, BPCL, and HPCL have not yet matched Nayara’s hike on regular petrol and diesel, though they had earlier raised premium-grade petrol prices by up to ₹2.35 per litre.

india-middle-east-economy-2026

Thu Mar 26 11:32:39 IST 2026

India and the Middle East economies are, in 2026, extremely interlinked. The fact that 13 per cent of the country’s exports go to the region is reason enough for any tremors in the Persian gulf hurting India. Moreover, the Trump-led action led to the closure of the Strait of Hormuz, through which 70–80 per cent of our LPG supplies flow.

It is to this delicate balance that the Israel-US–Iran war threw a wrench.

When Iran’s foreign minister, Abbas Araghchi, declared on Thursday that the country would permit passage through the Strait of Hormuz "for friendly nations including China, Russia, India, Iraq, and Pakistan", it was a win for the nation.

When global headwinds blow in India’s direction, we use the trade and remittances from the Middle East to balance things off. This time, however, the epicentre of the tornado is the same region. While India has come out on top with Iran on the Hormuz issue, as long as the conflict continues, the country needs to take more steps to secure its position.

Union Minister of External Affairs S Jaishankar is already in France for the G7 meeting of the foreign ministers. The Middle East crisis is the top talking point. It is expected that the body would take a coordinating call to figure out ways in which the Strait of Hormuz can remain open for international shipping.

What is more interesting is that India is not a member of the G7, which includes Canada, Germany, Italy, France, Japan, the US, and the UK. It was invited as a partner country by the current chair of the G7, France. Saudi Arabia, South Korea, and Brazil have also been extended the invite by France.

sensex-nifty-gains

Wed Mar 25 16:46:27 IST 2026

Wednesday was a good day to be in Indian equities. After two months of being knocked around by the Middle East conflict and the energy crisis it triggered, Dalal Street delivered two consecutive days of meaningful recovery.

The BSE Sensex closed at 75,273.45, up about 1,205 points from Tuesday's close of 74,068.45, marking a gain of about 1.6 per cent. The NSE Nifty 50 closed at 23,306.45, rising from 22,912.40 the previous day with a gain of over 394 points, or roughly 1.7 per cent.

At its intraday high, the Nifty had touched 23,465.35, and the Sensex had brushed past 75,849, both indices comfortably in the green throughout the session.

Who led the charge?

Among the 30 constituents of the Sensex, UltraTech Cement became the biggest gainer, up by 4.4 per cent. Close behind were Bajaj Finance and L&T. The biggest laggard in the pack was Tech Mahindra.

The broader market was similarly buoyant, with the rally broad-based across sectors.

The trigger for two days of recovery was Brent crude falling below $100 a barrel after Trump’s pause on Iran strikes.

Many brokers, such as Kotak Securities, reported HDFC Bank as their highest go-to stock to buy for investors in today’s trade.

It was not just Indian markets that saw green. Asian peers such as South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng indices all ended with gains.

explained-all-about-proxgy-the-tech-company-riyan-parag-rahane-have-invested-in

Wed Mar 25 15:23:14 IST 2026

Rajasthan Royals captain Riyan Parag has invested Rs 2 crore in Proxgy, an innovation-led 'Make in India' product and technology company.

Parag will join other cricketers such as Kolkata Knight Riders captain Ajinkya Rahane who have invested in the company, which is one of the highest-funded startups.

"What drew me to Proxgy was the balance they've achieved between innovation and execution," Parag said in a release. "They're building products that stand out immediately, but what truly impressed me was the thinking behind them, especially the focus on safety and accessibility for blue-collar workers who operate in challenging environments every day. It's rare to see innovation so closely aligned with real, on-ground impact."

What is Proxgy and what do they do?

Proxgy is a deep-tech and Industrial Internet of Things (IoT) startup, and designs smart devices and wearables. Their innovations are targeted at improving workplace safety, enhancing connectivity, and improving productivity, with a particular focus on blue-collar and industrial workers.

Proxgy has won the Graham Bell Award, CES Innovation Awards, European Product Design Awards, and NASSCOM's League of 10, among others.

Established in 2020 by Pulkit Ahuja, the company first grabbed attention on Shark Tank India (Season 1).

Some of their popular products are: SmartHat (an advanced industrial safety helmet with two-way communication, built-in cameras, health-monitoring sensors, and a wearable gas-detection sensor), Sleefe (smart wearable device that easily attaches to any standard cap, transforming it into a powerful communication and safety monitoring tool) and AirHat & Lockator (specialised smart hardware solutions designed for logistics, warehousing, and mining operations).

During its appearance on Shark Tank India Season 1, the company was valued at approximately Rs 10 crore. The founders have since reported a 40x increase in a few years.

Proxgy's investor list reportedly includes Nikhil Kamath (co-founder of Zerodha), Peyush Bansal (Lenskart) and Bollywood actor Suniel Shetty.

sensex-nifty-rally-morning

Wed Mar 25 11:40:44 IST 2026

Wednesday morning saw the Indian stock markets double down on the recovery rally after the past two months of battering, thanks to the Middle East conflict and its spillover energy crisis.

By 11.30 am on March 25, 2026, the BSE benchmark index Sensex gained as much as 1667 points to record a 75,735.59 intraday high. Around the same time, NSE Nifty 50 index gained north of 500 points to record a 23,434.75 high.

Among the 30-pack Sensex constituents, Titan and Trent led the rally with 4 per cent gains, followed by Ultratech Cement, Mahindra & Mahindra, Bajaj Finance, IndiGo, L&T, HDFC Bank, Bajaj Finserv, and Adani Ports, all appreciating in the 3-to-4 per cent range. In the morning, only Tech Mahindra was trading flat, sometimes in the red.

Overall, the Sensex kept 2 per cent gains on average. Another winner was the new entry to the market, Raajmarg Infra Investment Trust, which was listed on the BSE on Tuesday.

Raajmarg Infra Investment Trust stock goes up

Raajmarg Infra Investment Trust or RIIT, was established by the National Highways Authority of India (NHAI) under the second phase of the Government of India’s National Monetisation Pipeline (NMP-2),

The public infrastructure investment trust, according to Highways minister Nitin Gadkari, will enable users of national highways to become stakeholders in upcoming infrastructure projects.

Here is the passage rewritten in the article style used across this conversation — clear, engaging, and built for a general Indian audience:

RIIT is sponsored by NHAI and managed by Raajmarg Investment Managers Private Limited (RIIMPL), an investment manager set up as a public-private partnership that brings together NHAI, NaBFID, public sector banks, private sector banks, and financial institutions under one roof.

The fund has already secured its first portfolio. RIIT has successfully bid for the rights to five operational national highway assets spread across Jharkhand, Tamil Nadu, Andhra Pradesh, and Karnataka, with a total concession value of approximately ₹9,500 crore.

To finance the acquisition, RIIT raised a combination of equity and debt. The equity component was approximately ₹6,000 crore, with the balance coming from bank financing.

EPFO and SBI Life Insurance participated as strategic investors, collectively subscribing approximately ₹1,260 crore, with anchor investors subscribing a further ₹1,728 crore. The remaining ₹2,100 crore was offered to public investors via IPO, which saw the stock oversubscribed nearly 14 times.

On day 2 of trade, RIIT is trading more than 2.7 per cent up, hitting an intraday high of ₹109.90 apiece.

global-trade-resilience-india

Wed Mar 25 10:56:15 IST 2026

The ten months between April 2025 and January 2026 were not easy ones for Indian exporters. The United States imposed steep tariffs on Indian goods, global demand softened, and supply chains remained fragile in the aftermath of years of disruption. However, India has now posted growth in exports during this time.

India’s total exports of merchandise and services during April–January FY 2025-26 rose to $714.73 billion, up by 5.26 per cent or $36 billion, over the same period last year, Minister of State for Commerce and Industry Jitin Prasada told the Parliament this week.

According to Prasada, India’s exports have grown at a compound annual growth rate (CAGR) of 6.9 per cent over the four years from FY 2021-22 to FY 2024-25, rising from $497.90 billion in FY 2020-21 to $828.25 billion in FY 2024-25. This hints at a broad-based growth that has continued even when global conditions have pushed back.

The Minister attributed the resilience, in part, to a deliberate and layered policy framework. The Foreign Trade Policy 2023 served as a flexible backbone, adapting to shifting global conditions rather than remaining static.

The recently launched Export Promotion Mission (EPM 2), backed by a ₹25,060 crore outlay for FY 2025-26 to FY 2030-31, runs two targeted programmes. One is Niryat Protsahan, which addresses trade finance and credit access for exporters, and the other is Niryat Disha, which focuses on logistics, warehousing, branding, and market access. The Centre expects both programmes to help Indian MSMEs compete internationally.

However, instead of easing, global headwinds have also become stronger, especially with the escalating Middle East tensions, to close the current fiscal year.

To mitigate perils from such events, the commerce ministry stated that it had notified a new "RELIEF" Scheme through the Export Credit Guarantee Corporation (ECGC), providing insurance cover to exporters facing elevated risk from geopolitical disruptions in global shipping corridors.

Moreover, since 2021, India has either concluded or advanced eight major trade agreements, including a landmark pact with the EU and the first FTA with a dedicated FDI commitment, the India-EFTA TEPA.

The final figures of the fiscal year will be released in the months to come, and the Centre hopes for an overall jump in exports, year on year. For now, the Centre is betting that the measures they introduced will keep the global headwinds at bay.

no-petrol-diesel-lpg-shortage-india

Wed Mar 25 13:44:46 IST 2026

"There is no shortage of petrol, diesel, or LPG across the country. Fuel supplies remain stable, and adequate stocks are available," Hindustan Petroleum (HPCL) announced on Wednesday, March 25, 2026, rubbishing the rumours that led to widespread panic at many fuel filling stations across the country since Tuesday.

"Customers are advised not to be misled by rumours or resort to panic buying. Please continue with normal consumption patterns," the company said, assuring uninterrupted fuel supply across the HPCL network.

Another oil and gas giant, Bharat Petroleum (BPCL) also doubled down. "Rumours of petrol and diesel shortages are completely unfounded. India has ample fuel reserves, and supply chains are running normally," stated BPCL.

"Please don't rely on rumours or crowd fuel stations and only rely on official sources for further information," it added in a post on social media platforms.

The country's largest oil and gas operator, Indian Oil Corporation (IOC), also announced that "there is no shortage of petrol or diesel".

Over the past week, disruptions in the Strait of Hormuz have led to isolated incidents of panic buying in LPG, since the initial reports of the developing Middle East conflict hinted at disruptions in crude oil, LNG and LPG supply chains. The recent Qatar LNG supply disruptions led to the Centre and states prioritising domestic supply.

This led to many commercial kitchens running out of LPG cylinders, and many cities saw at least 20 per cent of the restaurants temporarily shuttering and others trimming their menu.

The panic soon overflowed into automotive fuel, with many fuel stations reporting massive queues across the length and breadth of the country.

savings-investing-fitness-parallel-personal-finance-guest

Wed Mar 25 12:23:48 IST 2026

Savings and Investing ideas are all around us. This time, the inspiration has come from the fitness enthusiasts at my gym. Today, let us analyse how the diet and workout plans fit well with savings and investing habits.

To start with, I really love to hit the gym, but it's like a vicious cycle. Only if I go to the gym do I get the motivation to go the next day. If I take a break, I will most likely continue taking breaks. I guess it's the same for all of us. The bottom line is: Personal fitness is a habit, so is personal finance.

The parallels between investing and exercising are easy to relate to. Let us discuss five such instances today.

Going to the gym will help you cut down on junk food. Yes, that’s right. When you are on a fitness program, you will automatically feel aversion to sugary and junk foods. This method works much more effectively than a resolution to just cut junk foods, because the cause is much more powerful.

Similarly, investing some amount early in the month will drastically cut your expenses. The best way to reduce your expenses is to start an investment plan. When you save/invest first, you quickly realise that you have less money to spend. So, the next time you see a spending opportunity, you will automatically develop the feeling of avoiding it.

Gym goers have a definite goal in mind. It could be either to lose weight or gain strength, but they decide the numbers they want and the timeline to reach them. Gymming without a goal in mind won’t give you the motivation to keep going. This is why most people buy an annual package at the start of the year and drop out in the 2nd or 3rd month.

Similarly, investing will work wonders only if you set a financial goal. Deciding on a goal and working towards it makes the process interesting and intuitive. It is in this pursuit that you gain financial literacy. This also means the initial investment decisions may go wrong, but you gain the acumen to progressively improve them.

People who work out know that reps give them gains, not just intensity. When you work out, the trainer/spotter says, "12 reps x 3 sets." What they mean is you need to repeat the same exercise 12 times, then 3 more instances. This process teaches you the importance of sticking to a plan. Instead of putting all the weight on and doing a single round, use a manageable weight with multiple repetitions for better results.

Similarly, investing follows a structured plan. The advisor would ask you to follow a particular pathway. These are specifically designed plans to meet your goals. A sample plan would be to invest ₹45,000 every month via Systematic Investment Plan (SIP) for 10 years to build a corpus of ₹1 crore (assuming a 12 per cent ROI). When you have actionable items, you know it is easy to stay focused and stick to the schedule.

Discipline overpowers motivation. Once you hit a fitness goal, such as losing 5 kg, your motivation ends. This is where the discipline takes over, and you continue to hit the gym.

Similarly, investing works when you are disciplined and continue the process, even if your goal has been met. A product like an SIP is proof that discipline will help you stay focused, even when you have lost motivation. This is why many corporate employees continue to build a large corpus through mutual funds, as most of them do not religiously track SIP debits.

To push your limits, you need a spotter. The gym is extremely rewarding if you have a good friend, spotter, or personal trainer. These are the go-to guys who make sure you push your limit for those extra gains. Your physique develops faster with a spotter. The motivation to go to the gym is better, too.

Similarly, investing works best when you have company. It could be a mentor, a colleague, or a financial adviser. If you decided to invest only 20 per cent of your income, these people will ask you to go with 25 per cent or 30 per cent. Most often, these people will ask you to invest your annual bonus completely, too. As long as you trust them and know that what they do is in your personal interest, seek their support.

Going to the gym is immensely rewarding. It improves your mental state as well as your physique. The fact that you are investing in your health gives you immense joy and satisfaction.

Investing is no different. The fact that you are sacrificing a bit now for a better future would always improve your desire to work harder and excel in whatever job you do today.

The writer is a SEBI Registered Investment Adviser (RIA), INA000021757, and author of ‘How to join the top 1% options traders club’.

The opinions expressed in this article are those of the author and do not purport to reflect the opinions or views of THE WEEK

india-us-trade-deal-challenges-interview-mukesh-aghi

Tue Mar 24 16:49:02 IST 2026

India thought it was past the rough patch. A trade deal was in sight, the bonhomie with Washington was warming up, and the worst of the tariff tantrums seemed to be behind us.

Then came the US Supreme Court judgment, a fresh round of Section 301 investigations, and a Middle East conflict throwing global energy markets into a tailspin, and suddenly, New Delhi finds itself back at the starting line, squinting at a finish tape that keeps moving.

Mukesh Aghi, President of the US-India Strategic Partnership Forum, spoke to THE WEEK about the latest on the bilateral relationship between the two big economies. Here are some excerpts:

Q: How does the Supreme Court judgment change things between India and the US when it comes to the trade deal? Talks have been postponed. How will it evolve?

The knee-jerk approach on tariff — if I don't like somebody, I'll put 10 per cent more or 25 per cent more, that leverage is gone. And I think that provides a sense of a little more stability in trade negotiations.

Now, India is in a precarious position because the Trump administration has put in 15% tariff all across and India is at 18 per cent. And at the same time, the administration has also invoked 301 (a US trade law which allows it to retaliate against foreign trade practices it finds unfair and discriminatory), which will have an impact.

So I think what India is saying to the US is, we need to understand what direction you want to go. And then we can move forward from that perspective.

Q: I thought we were past the misunderstandings of last year and were moving forward. But again, these kinds of investigations. What does it mean that the US would still want to kind of continue with this whole game?

I think the Indian side is looking for is a sense of predictability. Because if your understanding is that it's going to be 18 per cent, then why are you invoking 301, which can take it to a much higher number later on? Or is this 301 invocation on your side to put pressure on India to settle on 18 per cent? Those questions are still very open.

You also have to understand that you have opposition in India (for a deal at 18 per cent), and if it shifts again, it leaves the government in a very embarrassing position.

So I think the position India is taking is, ‘tell us what's the final word?’ Is it going to be 15 per cent where you have the power only for 150 days, then you have to go to the Congress? Or is it 18 per cent, which we have agreed upon? Or will that move into 301k later on and put pressure on India? So I think those issues have to be sorted out before India can move forward and sign a trade deal with the US.

Q: If Trump has been so temperamental and changing the tariff rates so many times over the last one year, well, shouldn't India also, now that we've got a window of opportunity (with) the Supreme Court judgment and the fact that some of these rates can only be applied for 150 days max, play the waiting game or try to get something better out of it?

Well, India does not have the leverage. And we saw that on the Russian tariff. And I think India’s (only) leverage was that they didn't react. They didn't provoke.

My advice to India is, don't react. Don't provoke. Get a clear understanding from this administration in the US: ‘What is the final word so we can move forward?’

Q: Trade is one thing, but now this war muddies the waters in a major way because India, either way you look at it, is caught in a bind. How much of an impact do you think India will suffer? Is it going to be a prolonged period of angst for India?

Well, you know, you have to understand that this is not just about geopolitics. It goes beyond that. (Tomorrow) The US can withdraw and say, ‘Okay, I've accomplished my objectives, destroyed the missiles, destroyed all the air coverage.’

But it's the regional countries which will feel the impact.

We saw the Iranians bombing the financial centres, airports in Dubai and other areas. Yes, India got two oil tankers come out unscathed, and I think more will come out. But the impact on India is going to be quite a bit because our dependence on energy, especially LNG from Qatar, has had an impact.

India may find other sources, but it'll be much more expensive. And so overall, I would say that India is walking a very fine balance — not upsetting the Persians, not upsetting the Trump administration, managing its relationship with the Arab countries.

We have 9 million Indians who are working in the region itself. So India is in a tough position at the moment, but I think I have to compliment the government, especially the foreign minister, who has basically walked a very tight line and managed this so far with less impact on India.

bse-nse-market-update

Tue Mar 24 16:20:26 IST 2026

On Tuesday, March 24, Indian benchmark indices BSE Sensex and NSE Nifty 50 closed around 1.8 per cent higher. The 30-pack Sensex jumped 1,372.06 points to settle at 74,068.45, while the Nifty rallied 399.75 points to 22,912.40.

All of this came after US President Donald Trump decided to pause action in the Middle East. The question, however, remains: Will this rally last?

So far, the Sensex has plunged 13 per cent year-to-date. But on close inspection, the graph looks like the mood swings of the American president.

The Israel-US action on Iran led to the closure of the Strait of Hormuz, which in turn led to many restaurants shuttering temporarily and others halving their menu back in India after the LPG shortage snowballed. But the biggest tremor was felt on the stock market.

After Trump announced a temporary halt on strikes targeting Iranian energy infrastructure, Indian markets climbed on Tuesday. Among the biggest gainers on the Sensex were L&T, IndiGo, Eternal, Bajaj Finance, and Asian Paints. In fact, the only two losers were SBI and Powergrid.

Many market watchers have said that Asian markets have a solid base, and the crude oil price pullback has led to the rally.

While easing oil prices might have dispelled immediate inflation concerns, it would be assuming too much if we say investors in Indian markets have a bigger risk appetite now.

If the past month has been any indicator, the massive slide and the volatility of Indian markets have revealed our exposure to global headwinds. Factor in the foreign investor movements, and it feels like the Sensex-Nifty graphs are at the mercy of other world leaders.

voltas-blue-star-startup-collaboration

Tue Mar 24 14:52:42 IST 2026

Summer is not the only thing India’s air conditioning industry is looking forward to... they will now bet on startups. Blue Star has followed Voltas in joining the government to support the next generation of entrepreneurs.

The Department for Promotion of Industry and Internal Trade (DPIIT) on Tuesday announced that it signed a Memorandum of Understanding with Blue Star Limited to support startups, innovators, and entrepreneurs working in areas such as HVAC technologies, digital solutions, advanced manufacturing, and supply chain innovation.

This came a couple of weeks after DPIIT announced another MoU signing with Voltas, Tata’s consumer energy and AC arm, to "facilitate industry–start-up collaboration in the cooling and smart appliance ecosystem".

Under the latest partnership, selected startups will get access to Blue Star's R&D laboratories and testing facilities, opportunities to develop and validate Proof-of-Concept (PoC) solutions, structured mentorship from industry experts, and potential integration into Blue Star's supply chain and value networks, according to DPIIT.

Innovation challenges under the Bharat Startup Grand Challenge and hackathons focused on HVAC and digital manufacturing will be organised jointly.

The MoU was signed by Deputy Secretary DPIIT T. L. K. Singh and Blue Star Managing Director B. Thiagarajan. Speaking on the occasion, Joint Secretary DPIIT Shri Sanjiv said the collaboration "represents an important step towards fostering industry-driven innovation in the manufacturing sector," adding that such partnerships enable startups to "engage with real-world problem statements and scale solutions with tangible outcomes."

Blue Star currently holds about 14 per cent market share in room air conditioners and has publicly set a target of becoming a ₹20,000 crore company by 2030. To get there, it has earmarked ₹70 crore each for R&D, marketing, and manufacturing investments in FY 2026-27. Tapping the startup ecosystem for innovation, without bearing full internal R&D costs, seems to be a logical extension of that strategy.

aws-bahrain-drone-strike

Tue Mar 24 11:38:04 IST 2026

When drones strike a data centre, physical damage to the building is usually followed by invisible damage. Modern economy, from banking systems, payment gateways, government databases, hospital records, and the software many offices run on, all flow through such data centres.

That is why the Amazon Web Services disruption in Bahrain reported by Reuters carries consequences that extend far beyond the Middle East.

Earlier on Tuesday, an exclusive report by the agency stated that Amazon confirmed its Amazon Web Services (AWS) Bahrain cloud region has been "disrupted" due to drone activity.

This would make it the second such strike on a Middle East Amazon facility since the US-Israeli war with Iran began.

An Amazon spokesperson confirmed, as per the report, that the disruption was caused by drone activity in the area. Amazon said it is helping customers migrate workloads to alternate AWS regions while it works to recover, without disclosing the extent of damage or the expected recovery timeline.

"As this situation evolves and, as we have advised before, we request those with workloads in the affected regions continue to migrate to other locations," Amazon said in a statement Monday night, as per Reuters.

The Bahrain attack is the second strike on AWS infrastructure in the region. Earlier this month, around March 1–2, drones struck two AWS data centres in the UAE directly and caused damage through a nearby explosion at the Bahrain facility, resulting in structural damage, power outages, fires, and water damage from fire suppression systems.

Abu Dhabi Commercial Bank reported its mobile platforms went offline during that outage. Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for that first Bahrain strike, stating it specifically targeted the facility because AWS hosts US military workloads there, a claim AWS declined to comment on.

Back home, India is among the largest users of AWS infrastructure in Asia. Many Indian banks, fintech platforms, government services, and enterprise software stacks run partially on AWS, including in the very Middle East regions now under attack.

AWS operates its nearest primary region to India in Mumbai, but many Indian enterprises use the Bahrain and UAE regions as low-latency alternatives for Gulf-facing operations or as disaster recovery backups.

The disruption could present itself as a challenge, a stress test of sorts, of how good India’s cloud policy is, especially when it comes to physical infrastructure that powers many services online.

So far, no Indian services have officially provided a statement on whether their services in the Middle East region are affected due to the AWS Bahrain outage.

ethanol-cooking-middle-east-india

Tue Mar 24 10:43:03 IST 2026

Forget alcohol distillation. India’s distillers are licking their lips in anticipation as the Middle East conflict leaves many ifs and buts all around. On their menu: raising the ethanol percentage in petrol from 20 per cent to 30 per cent, introducing hybrid vehicles which can run on 100 per cent ethanol, and even replacing LPG-based gas cooking with ethanol burner cooking.

As they meet in New Delhi on Tuesday for their national conclave, the distillers are set to demand further action on the government’s part to push the ethanol-as-a-fuel story forward, especially considering the impact the Iran war is having on India.

Already, even before the clouds in that region, India had sped up its ethanol blending targets, mandating that all petrol sold in the country from April 1st will have 20 per cent ethanol in it (called E20).

“This decision is a win for industry, farmers, consumers and the nation,” said Vijendra Singh, president, All India Distillers Association (AIDA), “It reduces dependence on imported crude oil, enhances price stability in the long term, creates employment across the value chain, and accelerates India’s transition towards cleaner and more sustainable mobility.”

However, now the industry is pushing for more. This Sunday, the sector asked Union Minister of Road Transport and Highways Nitin Gadkari for more, including raising the ethanol blending percentage from the presently mandated (from next week onward) 20 per cent to 30 per cent. But there’s more.

AIDA’s demands in their letter to Gadkari also included the introduction of flex vehicles, which can run 100 per cent ethanol, usage of ethanol for domestic and industrial cooking by introducing the ethanol burners and exploring ethanol blending in diesel (also).

Hybrid vehicles which can run fully on ethanol are in use in Brazil, while in India, hybrids generally alternate between petrol and electric batteries or alternates like CNG or LPG.

But more path-breaking, especially considering the LPG cylinder shortage, which freaked out Indian households last fortnight, would be AIDA’s suggestion that India also explore alternative domestic usage for surplus ethanol. It suggests the introduction and promotion of ethanol-based cook stoves as an additional ‘clean cooking option’ for households in small towns and villages, as well as commercial establishments (like restaurants, which were rudely jolted when the government invoked essential commodities rules to restrict the sale of LPG cylinders to commercial entities due to the shortage).

“Such an initiative would align with national priorities of clean energy

access, reduced indoor air pollution, and diversification of fuel sources,” wrote Bharati Balaji, deputy director general of AIDA, in their note to Minister Gadkari.

However, it is not so simple. There are already concerns about how increasing the percentage of ethanol in petrol may harm the vehicle’s engine performance in the long run. The government, on its part, has mandated that the 20 per cent ethanol blending in petrol have a minimum RON or ‘research octane number’ of 95, which is supposed to help prevent engines ‘knocking’ and improve the stability under higher compression ratios in new vehicles. The previous standard was the 91 octane standard.

Added Singh of AIDA: “A higher octane rating improves combustion efficiency and ensures better engine performance in compatible vehicles. It reduces engine knocking in vehicles designed for E20 fuel, thereby supporting smoother operation and improved driving experience. Ethanol-blended fuel also burns cleaner, contributing to lower carbon monoxide and greenhouse gas emissions, and ultimately better air quality.”

Ethanol is generally produced from fermentation of sugar-based feedstocks (sugarcane, molasses, juice, etc.) and also from maize and broken rice. They are fermented with yeast to create alcohol, and then dehydrated and distilled to produce pure ethanol, which is then blended with petrol. India has always been forward-looking when it comes to ethanol, especially considering how sugarcane farmers are a big and influential lobby in certain parts of the country, especially Maharashtra. In fact, in 2018, India even tested a biofuel-powered flight way back in 2018, with SpiceJet operating a flight from Dehradun to Delhi using 75 per cent regular ATF fuel and 25 per cent biojet fuel derived from Jatropha plant seeds.

However, worries also abound about sugarcane prices and whether the sudden surge in demand for sugarcane for ethanol production will affect the present market. Tarun Sawhney, vice chairman and managing director, Triveni Engineering & Industries Ltd, in a statement before this year’s budget, had called on the government to look into it, arguing, “MSP for sugar has remained unchanged since 2019. Sugar diversion for ethanol production has been restricted to 34 lakh tonnes in the first tender cycle, with ethanol allocation reaching only 290 crore litres this year—significantly below the expected 450 crore litres. This shortfall has created a supply imbalance. Ethanol production costs have increased — despite these rising input costs, ethanol prices remain unchanged, undermining distillery viability.”

suspicious-market-trades-iran-announcement

Tue Mar 24 13:23:08 IST 2026

Last evening, by around 4.20 pm in India, something peculiar happened on the other side of the world. It was a quiet pre-market hour in New York, when global markets were already falling on fresh Iran tensions. Suddenly, someone made two very large, supposedly very well-timed bets. And this has now raised major suspicions.

According to the reports from outlets such as NDTV, someone bought S&P 500 futures worth $1.5 billion (that is about ₹12,600 crore), betting on a market rally. At the same time, they supposedly sold oil futures of $192 million, or ₹1,615 crore, placing another wager on a fall in crude prices.

Reports state that in a single one-minute window, Brent and WTI contracts worth roughly $580 million, four to six times normal volume for that hour, changed hands.

Roughly fifteen minutes later, at 7.05 am New York time, US President Donald Trump posted on Truth Social that the United States had held talks with Iran and would halt planned strikes on Iranian power plants and energy infrastructure for five days.

Markets moved exactly as the trades had predicted. S&P 500 futures jumped more than 2.5 per cent. Oil prices plunged sharply. By some estimates, the oil position alone could have generated over $100 million (around ₹840 crore) in profits within twenty minutes, with equity gains pushing the total significantly higher.

The only problem is that there was no public signal or scheduled announcement when the bets were placed. The massive, precisely timed market calls will soon be under scrutiny.

As of now, market-specific agencies Reuters and Bloomberg have yet to report anything in this line. The US Securities and Exchange Commission (SEC) has not yet commented. The White House denied any insider trading.

Many hedge fund managers are calling the trade "highly unusual", and even Iran's parliament speaker, Mohammad Bagher Ghalibaf, denied that any negotiations with Washington had even taken place. He alleged that the latest Trump announcement was a "fake news used to manipulate financial and oil markets".

The jury is yet to be out on whether these suspiciously timed trades had any insider trading angle attached to them. But the sheer volume of it might qualify it for mass market manipulation, if there is any truth to the matter. Similar timed trades have preceded other major US policy announcements in recent months, including a Polymarket bet placed just before Venezuela's President Nicolás Maduro was arrested.

filling-energy-gaps-two-uae-lpg-carriers-and-saudi-oil-tanker-en-route-to-indian-ports

Tue Mar 24 11:42:19 IST 2026

In a respite from India's energy crisis amid the US-Iran war, two LPG carriers from the UAE and a crude oil tanker from Saudi Arabia are en route to Indian ports via the Strait of Hormuz. The escalating shipping blockade in the Persian Gulf has also severely crippled regional energy supplies.

Two Indian-flagged vessels—the MV Jag Vasant and the MV Pine Gas—departed their UAE ports at 6:00 AM IST on Monday, bound for India. Sailing just five nautical miles apart, the ships were allowed to proceed after securing transit clearance from Iran.

The vehicles carrying 92,612.59 MT of LPG transited the Strait of Hormuz on Monday evening, the shipping ministry said.

The vessels have 33 and 27 Indian seafarers on board, respectively.

According to the ministry, the Jag Vasant is likely to reach Kandla port on March 26, and Pine Gas is scheduled to reach New Mangalore on March 28.

Indian Navy warships will escort the LPG vessels for 24 hours through the Gulf of Oman before the merchant ships begin their journey toward India’s west coast ports.

The MT Kallista, a Panama-flagged crude oil carrier currently loading at the Saudi Arabian port of Yanbu, is scheduled to depart on Tuesday for Paradip Port in India via Jeddah. To ensure safe passage, Indian Navy warships will provide an escort through the high-risk Gulf of Aden, in coordination with the Ministry of Petroleum and Natural Gas.

Amid ongoing missile and drone strikes across the Persian Gulf, Indian crews stationed aboard tankers in the conflict zone are facing severe psychological stress. In response, the Indian Navy—alongside vessel owners—is actively providing operational and mental health support.

Navy Chief Admiral Dinesh Tripathi cancelled his visit to Australia and New Zealand scheduled from March 19-23 in the wake of the ongoing crisis.

Did India pay $2 million to pass through the Strait of Hormuz?

Currently, no reports indicate that India has paid $2 million to pass through the Strait of Hormuz. But reports said that Iran is charging $2 million per vessel for the transit through the passage.

A statement from the Iranian embassy in India stated that these claims are false.

“In response to certain claims regarding the alleged receipt of a sum of 2 million dollars by the Islamic Republic of Iran from vessels transiting the Strait of Hormuz, it is emphasised that such claims are unfounded. The statements made in this regard merely reflect the personal views of individuals and do not, in any way, represent the official position of the Islamic Republic of Iran,” read the official statement on X.

Meanwhile, the Iranian Revolutionary Guards Council (IRGC) is not allowing an Indian warship to escort Indian-flagged vessels through the passage.

The Indian Navy has been tasked with deploying its Kolkata-class destroyers around the Gulf of Oman and Aden to ensure the safe passage of these vessels.

hcl-tech-sensex-outperformer-indian-stock-market-march-23

Mon Mar 23 17:05:15 IST 2026

On March 23, HCL Tech emerged as the bench performer of the BSE Sensex benchmark index by gaining just 1.83 per cent. Powergrid, Infosys, and Tech Mahindra were the other gainers. The rest plunged, driving the index down 2.46 per cent at close.

The worst performers were Titan and Tent, both down by around 6 per cent, followed by UltraTech Cement, BEL, IndiGo, Tata Steel, HDFC Bank, and Adani Ports.

All 16 major sectors declined on the NSE too, with Nifty Metal slumping 4.8 per cent and the Auto index bearing down by 3.16 per cent.

Bank Nifty also ended the day 3.72 per cent lower.

HDFC Bank continued its value slump for the third straight session, sliding 4.65 per cent on Monday to close at ₹744.15 apiece, as it continued to catch shrapnel from the abrupt resignation of part-time chairman Atanu Chakraborty over ethical concerns last week.

Check out our market coverage as we decode the Monday bloodbath on Dalal Street.

decoding-monday-bloodbath-on-dalal-street-what-caused-sensex-nifty-to-plunge-more-than-2-per-cent

Mon Mar 23 16:53:12 IST 2026

Indian stock market saw a blood red day, with equity benchmark indices Sensex and Nifty plummeting over 2 per cent, in response to the global markets as the Middle East war showed no signs of abating.

The 30-share BSE Sensex dived 1,836.57 points, or 2.46 per cent, to settle at 72,696.39. The 50-share NSE Nifty tanked 601.85 points, or 2.60 per cent, to end at 22,512.65.

As per the exchange data, on Friday, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,518.39 crore. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 5,706.23 crore. Foreign investors have pulled out Rs 88,180 crore (about USD 9.6 billion) from Indian equities so far this month.

As peer PTI, rupee breached the 94/dollar barrier for the first time, slumping 50 paise to a new record closing low of 94.03 (provisional) against the greenback. Brent crude, the global oil benchmark, was trading 1.11 per cent lower at USD 113.4 per barrel in futures trade.

What caused the major plunge in stocks?

The Middle East war, which has entered its fourth week and shows no signs of respite, has caused a rise in crude oil prices. This has resulted in a huge foreign fund outflow and made the rupee tumble to new lows, making investors risk-averse.

"Domestic markets witnessed a sharp decline, mirroring weakness across Asian markets amid escalating tensions in the Middle East and concerns over potential disruptions to global energy supplies. Investor sentiment turned cautious following Trump's 48-hour ultimatum to Iran on the Strait of Hormuz," said Vinod Nair, Head of Research, Geojit Investments Ltd, to PTI.

mumbai-restaurant-lpg-shortage

Mon Mar 23 11:45:01 IST 2026

The closure of the Middle East airspace eventually trickled down to a lack of timely domestic flights in India. With my outgoing flight delayed further, I found myself in Mumbai on a long layover this Sunday. It was lunchtime, and I reached a famed eatery near the Bombay Gymkhana, a short walk away from the Hutatma Chowk Metro station. That is when the second trickle-down effect of the Iran–Israel-US war hit.

The waitstaff promptly gave me a trimmed-down menu and said, "LPG shortage, this is all we have". I was staring at around 10-15 items based on the same two to three base dishes, as opposed to the 70-plus eight-pager regular menu they usually had.

Fast forward to Monday, and Mumbai’s LPG woes—much like the rest of the country—continue. The government, however, is trying its best to salvage the situation. Maharashtra Food and Civil Supplies Minister Chhagan Bhujbal said that the supply of Piped Natural Gas (PNG) to commercial establishments in the state is being increased by 20 per cent from Monday.

Eateries like the one I was at, and major restaurants, were among the first casualties of the LPG crunch triggered by the tensions at the Strait of Hormuz off the coast of Iran.

The hotel industry, hit by the blockade, demanded that the Centre and the state take action to ensure supply to commercial kitchens.

The hope is that more LPG tankers would reach India. But what will happen till then?

Union Minister for Coal and Mines, G Kishan Reddy, on Sunday said that India needs to explore gasification to reduce the nation’s reliance on imported energy security. At the Bharat Electricity Summit 2026, Reddy spoke about converting coal into Syngas—a component used to produce fuels, chemicals, fertilisers, and so on.

Using coal to make energy security seems to be a strategic priority move. However, what would be the sustainability implications of this?

Studies say that when coal is used to make Syngas, it is done so by steam methane reforming, which emits large quantities of greenhouse gases. This, according to them, makes the entire process no better than, and often worse than, conventional fossil gas pollution.

At least 20 per cent of eateries in Mumbai are closed, and many are working with limited capacity. Industry bodies such as AHAR (Indian Hotel and Restaurant Association) have already warned that if the current situation continues, more restaurants might close down.

As the Centre looks to explore more options and weigh their pros and cons in light of the Strait of Hormuz blockade, hotels and eateries in Mumbai will now have to stick with these trimmed-down menus for a while.

stock-market-crash-sensex-nifty-plunge

Mon Mar 23 10:57:36 IST 2026

There are mornings when the opening bell on Dalal Street sounds less like the start of a trading day and more like a warning siren. Monday, March 23, 2026, was one of those mornings.

The BSE Sensex plunged over 1,842 points, or roughly 2.3 per cent, in early trade, while the NSE Nifty dropped nearly 585 points to trade around 22,530 levels.

The fall is broad-based as all 16 major sectors declined on the NSE, and the broader small-cap and mid-cap indices each fell more than 3 per cent.

By 10.30 am, the Sensex had hit a low of 72,690.52 while the Nifty hit a bottom of 22,529.05 points.

The US-Iran conflict, now in its fourth week, kept global oil markets on edge. Brent crude climbed to around $113 per barrel, which added pressure on India, one of the world's largest oil importers.

The Strait of Hormuz, through which a significant share of India's energy imports travels, remains under threat of disruption, a scenario that rattled Indian markets as recently as last week when two Indian LPG tankers navigated the strait under fire.

As per reports, Foreign Portfolio Investors (FPIs) have sold close to ₹90,000 crore worth of Indian equities so far in March, putting the month on track for the heaviest monthly foreign outflows since October 2024. On Friday alone, FIIs offloaded ₹5,518.39 crore worth of equities. Domestic Institutional Investors (DIIs) partially absorbed the blow, buying ₹5,706.23 crore on the same day, but it has not been enough to hold the market.

The Indian rupee slid to a record low on Monday, eclipsing its previous record hit just last Friday, compounding the anxiety for import-dependent sectors.

Two giants slump

Adding to the Middle East storm, two Indian bluechips are nursing their own injuries. HDFC Bank continued its value slump, sliding as much as 4 per cent on Monday, extending a two-session drop triggered by the abrupt resignation of part-time chairman Atanu Chakraborty over ethical concerns last week.

State Bank of India also fell more than 4 per cent, after receiving a ₹6,337 crore income tax demand from the IT Department for the assessment year 2024.

supply-chain-innovation-india

Mon Mar 23 13:04:57 IST 2026

Every day, millions of commercial trucks, railway wagons, maritime vessels, and delivery motorcycles move staggering quantities of goods between India’s cities, towns, and villages.

From produce arriving at an urban farmer’s market before dawn to an online order landing at your doorstep within three hours, the economy runs on this ceaseless motion.

Yet behind every seamless delivery lies an infrastructure layer that, until recently, was held together by spreadsheets, phone calls, and sheer human grit. That is changing fast, and a new generation of logistics startups is leading the charge, not by copying global playbooks but by building solutions engineered for the unique complexity of moving goods across India.

The $150 billion inefficiency

India’s ambition to become a $5 trillion economy by 2030 is well-documented. What is less discussed is that this target is structurally impossible without a radical overhaul of how goods move across the country. India’s logistics costs amount to approximately 7.8–8 per cent of GDP according to recent government estimates, a figure that still translates to over $150 billion in annual friction embedded across fragmented supply chains.

That gap is not merely a cost problem. It is a competitiveness problem. An Indian MSME manufacturing textiles in Tirupur is, by default, at a disadvantage against a competitor in Vietnam or Bangladesh, not because of product quality but because of the cost and unreliability of moving that product to its end customer.

A convergence of tailwinds

Several forces are making this the most opportune moment for logistics innovation in India’s history. The National Logistics Policy, the PM Gati Shakti masterplan, and GST-driven formalisation have created an enabling environment that did not exist five years ago. The construction of dedicated freight corridors, new multi-modal logistics parks, highway modernisation, and port upgrades is alleviating infrastructure bottlenecks that have plagued the industry for decades.

Crucially, the increased policy attention has also resulted in logistics being recognised as a strategic industry, unlocking institutional capital and long-term investment. Meanwhile, e-commerce has rapidly expanded beyond metros into Tier 2 and Tier 3 cities, small manufacturers are selling nationally for the first time, and MSMEs are utilising direct-to-market distribution. India’s e-commerce market is projected to cross $200 billion by 2030, and the fulfilment infrastructure to support that scale does not yet exist.

The Missing Middle

The most compelling growth story lies with India’s 63 million MSMEs, the backbone of the economy, contributing nearly 30 per cent of GDP, who have historically been locked out of efficient supply chain infrastructure. A brand doing ₹20–500 crore in annual revenue is too large to rely on ad hoc logistics, yet too small to command the customisation a Flipkart or Reliance receives from third-party providers. This “missing middle” is not a niche problem; it is a systemic bottleneck constraining the growth trajectory of the very businesses India’s economic planners are counting on to drive employment and exports.

What makes the current generation of startups fundamentally different is the application of intelligence at every node. Digital freight platforms are matching shippers and carriers in real time, slashing empty truck trips. Route optimisation software saves fuel and hours. Warehouse management systems track inventory across multiple locations with precision, once exclusive to large corporations. AI-native platforms dynamically allocate inventory based on real-time demand signals, predict returns before they happen, and orchestrate multi-modal transportation across wildly uneven infrastructure. The warehousing landscape illustrates this vividly. India has roughly 300 million square feet of Grade A warehousing, but will need three to four times that within the decade. Static storage is giving way to intelligent fulfilment centres that function as dynamic nodes in a responsive network. What makes all of this truly powerful is accessibility: tools once reserved for the largest enterprises are now within reach of online sellers and regional distributors. This is a category shift, from logistics as a service to supply chain as an operating system.

Democratising market access

India’s next hundred million online shoppers will come from Tier 2, 3, and 4 towns where logistics infrastructure is thinnest. When a startup enables a brand in Jaipur to serve customers in Siliguri with the same speed as in Delhi, it is democratising market access.

Equally significant is job creation. While many digital businesses concentrated employment in metro tech hubs, logistics creates work across the country, including drivers, warehouse staff, operational managers, and delivery partners.

Startups are formalising historically informal work through digital payments, route transparency, and performance tracking, giving workers more consistent income and clearer advancement paths. The logistics industry is both an economic growth engine and a social change agent.

Logistics and supply chain technology attracted over $2 billion in venture funding in India between 2021 and 2024. The government’s recognition of logistics as a strategic industry has unlocked institutional capital and signalled long-term policy commitment.

But the real opportunity is not in building another aggregator or asset-heavy fleet. The defensible, venture-scale prize lies in intelligent orchestration layers, platforms that coordinate across fragmented infrastructure and deliver enterprise-grade capability to businesses that could never build it themselves. Just as UPI and fintech unlocked banking for millions of underserved Indians, supply chain startups are unlocking operational capability for millions of constrained businesses.

Movement as mission

India does not lack entrepreneurs building great products or consumers eager to buy them. What India has is a movement problem, a gap between where goods are made and where they need to be. The next wave of growth will be driven not by producing more, but by moving what we produce more intelligently.

The logistics startups closing this gap may not command centre stage, but they are building the invisible infrastructure upon which India’s economic future will rest. As the country grows in connectivity, ambition, and global scale, the business of movement may well be the most consequential business of all.

The author is the Co-founder and CEO of Edgistify.

The opinions expressed in this article are those of the author and do not purport to reflect the opinions or views of THE WEEK.

opinion-guest-balanced-crypto-governance-india

Mon Mar 23 12:31:52 IST 2026

India has a habit of arriving early to the future and late to its paperwork. Crypto is a case in point. Across cities, small towns, and trading communities, Indians have embraced digital assets with a speed that policymakers can no longer dismiss as fringe enthusiasm.

Chainalysis ranked India first in its 2025 Global Crypto Adoption Index. This underscores the breadth of activity across retail and institutional channels. Yet the legal architecture around the sector remains incomplete. Crypto is taxed, monitored, and partially supervised. However, it is still not governed by a clear, comprehensive framework.

India’s paradox

This is India’s crypto paradox. The market exists in plain sight. The state recognises it enough to levy a 30 per cent tax on gains from virtual digital assets and a 1 per cent tax deducted at source on transfers. It recognises it enough to bring virtual digital asset service providers within anti-money-laundering reporting obligations.

It recognises it enough to watch trading patterns closely for tax compliance. But recognition has stopped short of rule-making. India has created a regime of surveillance before establishing one of classification, consumer protection, and market design.

Not a niche hobby

That halfway house was perhaps defensible when crypto could still be treated as a speculative sideshow. It is less defensible now. India is not dealing with a niche hobby of technologists. It is dealing with a large, persistent, and increasingly sophisticated market. Its users span spot traders, long-term holders, developers, huge institutions, and cross-border participants.

The question, therefore, is no longer whether crypto should be wished away. It is whether India can afford to let a major financial technology category operate indefinitely in policy twilight.

A legitimate worry

To be fair, the caution has a logic. The Reserve Bank of India has long worried about financial stability, capital controls, monetary sovereignty, and the risk of speculative manias hurting households. Those concerns should not be caricatured.

Anyone who has seen the boom-bust cycles of digital assets knows that unguarded enthusiasm is no substitute for regulation. Fraud, market abuse, reckless leverage, and offshore opacity are real risks. A serious framework must begin with the basic admission that not every token deserves legitimacy and not every business model deserves indulgence.

But the absence of a full framework does not eliminate those risks. It can worsen them. High-friction ambiguity tends to drive users towards less visible venues. In such places, Indian authorities have less oversight, and consumers have less recourse.

Reuters reported in 2022 that the 1 per cent transaction tax sharply reduced domestic trading volumes after it came into effect. So, when policy makes compliant participation expensive, the market participants tend to migrate to more conducive jurisdictions.

India has, in fact, moved towards formal oversight. Since 2023, crypto intermediaries have had to register with the Financial Intelligence Unit (FIU) as reporting entities under anti-money-laundering (AML) rules.

The FIU has continued to tighten compliance expectations through revised registration circulars and enforcement action against offshore operators. This is an important shift. It shows that India does not view the sector as wholly beyond governance. Yet AML registration is not the same as a market framework.

One addresses illicit-finance risk. The other must address asset classification, disclosures, custody, segregation of customer funds, and standards of conduct.

A balanced framework

What would a balanced framework look like? First, India should separate categories that are currently discussed as though they were one. Bitcoin is not the same as an algorithmic token issued on a whim; a fiat-backed stablecoin is not the same as a meme asset; and a compliant exchange is not the same as an anonymous offshore venue.

Regulation becomes more intelligent when it distinguishes among risks instead of treating the entire ecosystem as a single moral hazard. Second, India needs a licensing and disclosure architecture for intermediaries. There should be clear rules on custody, reserves, governance, conflict management, and customer disclosures. Third, taxation should support formalisation rather than merely punish participation.

None of this requires India to become credulous. A mature policy does not ask whether crypto is good or bad in the abstract. It asks which activities deserve permission, which demand restraint, and which must be prohibited. That is how serious jurisdictions govern complicated technologies.

India’s advantage is that it still has time to write those rules while sitting atop one of the world’s deepest retail markets. Its danger is that it may confuse delay for prudence. In crypto, as in finance, ambiguity is rarely neutral. Eventually, somebody pays for it. And usually, the least protected participant pays first.

The author is the CEO of Giottus.com, a cryptocurrency exchange registered with the Financial Intelligence Unit of the Finance Ministry.

The opinions expressed in this article are those of the author and do not purport to reflect the opinions or views of THE WEEK.

another-lpg-tanker-arrives-pyxis-pioneer-from-texas-docks-at-new-mangalore-port

Sun Mar 22 11:14:13 IST 2026

In a much-needed boost amidst the ongoing oil crisis caused by the West Asia conflict, a cargo ship carrying Liquefied Petroleum Gas (LPG) from Texas, the United States, arrived at New Mangalore Port on Sunday morning.

The Singapore-flagged Pyxis Pioneer, which departed from Nederland, Texas, on February 14, docked at Berth No. 13 at around 6 am. The vessel’s arrival comes a day after the Shipping Ministry announced a temporary waiver of all cargo-related charges for crude oil and LPG from March 14 to March 31 at New Mangalore Port.

Rajesh Kumar Sinha, Special Secretary of the Shipping Ministry, confirmed that all 22 Indian ships and 611 sailors in the Persian Gulf are safe amid the ongoing conflict in West Asia.

On Wednesday, the Indian-flagged crude oil tanker Jag Laadki successfully arrived at Adani Ports Mundra in Gujarat. Prior to that, two Indian-flagged LPG carriers—MT Shivalik and MT Nanda Devi—safely passed through the Strait of Hormuz and arrived in India on March 16 and 17, respectively. Together, the two vessels carried approximately 92,712 metric tonnes of LPG.

Meanwhile, the Ministry of Petroleum and Natural Gas has reported a significant decline in panic booking of LPG cylinders.

"There is no panic booking now. Only 5.5 million LPG bookings were reported yesterday," said Sujata Sharma, Joint Secretary of the Ministry, on Friday.

On Saturday, the government approved an additional 20 per cent allocation of commercial LPG to states and Union Territories, taking the total allocation to 50 per cent, increased domestic output is helping the situation crawl back to normalcy.

The additional allocation will be subject to commercial establishments registering with oil companies and applying for a piped natural gas connection, according to a letter written by the oil secretary to states.

India imports around 88 per cent of its crude oil, 50 per cent of its natural gas, and 60 per cent of its LPG. However, the West Asia conflict has led to a blockade of the Strait of Hormuz, a crucial transit route for Gulf energy supplies.

Before the war began on February 28, more than half of India’s crude oil imports, about 30 per cent of its natural gas, and 85-90 per cent of its LPG came from Middle Eastern countries, including Saudi Arabia and the UAE.

centre-raises-commercial-lpg-allocation-to-20percent-as-panic-buying-eases-black-market-crackdown-continues

Sat Mar 21 20:08:37 IST 2026

The Ministry of Petroleum and Natural Gas (MoPNG) on Saturday announced that an additional 20 per cent of commercial liquefied petroleum gas (LPG) has been allocated across the country.

This move takes the total commercial LPG allocated for commercial purposes to 50 per cent.

This LPG will be given on priority to restaurants, dhabas, hotels, industrial canteens, food processing/dairies, subsidised canteens/outlets run by state governments or local bodies for food, community kitchens, and as 5kg Free Trade LPG (FTL) cylinders for migrant labourers.

"20 States/UTs have issued orders to allocate the non-domestic LPG in line with the guidelines issued by the Government of India. For rest of the States/UTs, PSU Oil Marketing companies are releasing commercial LPG cylinders. A total of around 13,479 metric tonnes have been uplifted during the last one week by commercial entities in the States/UTs," an MoPNG statement said.

This comes as authorities have noted a decline in people panic buying gas cylinders, even as the war between Iran and US-Israel forces rages on.

The MoPNG also noted that more than 3,500 raids have been conducted so far to curb the black market trade of LPG cylinders, as a result of which 1,400 cylinders have been have been seized in various parts of the country, including Uttar Pradesh, Telangana, and Maharashtra.

The petroleum ministry added that the highest importance was being given to LPG and PNG to be used for domestic purposes, as well as in hospitals and educational institutions.

The arrival of two Indian-flagged LPG tankers from the Gulf, after crossing the tumultous Hormuz Strait, is said to have provided a major boost to India's LPG reserves amid the chaos in the Gulf.

The two tankers—Shivalik and Nanda Devi—were allowed to cross the strait as a part of India's ongoing diplomatic discussions with Iranian officials as a friendly nation.

They will likely be followed by two more such tankers—Pine Gas and Jag Vasant—which are expected to begin their journey to India over the weekend.

these-mutual-fund-schemes-amcs-worst-hit-by-high-exposure-to-hdfc-bank-as-stock-crashes-5-pc

Thu Mar 19 19:01:45 IST 2026

HDFC Bank saw its worst sell-off since Covid-19 on Thursday, causing a sharp drop in the Net Asset Values (NAVs) of several mutual funds. The decline followed the resignation of HDFC Bank Chairman Atanu Chakraborty over ethical concerns, which triggered a fall of more than 5 per cent in the stock.

As of the third quarter ending December, mutual funds collectively held 26.66 per cent of HDFC Bank, according to BSE data. On February 27, the last trading day of the month, they owned 359 crore shares, representing a market capitalisation of Rs 3.19 lakh crore.

HDFC Bank shares are part of 49 mutual fund portfolios, with Large Cap and Flexi Cap funds holding up to 8 per cent of the stock in their total assets, per ACE Equity data.

Mutual funds most exposed

According to INDmoney, Parag Parikh Flexicap Fund has the highest exposure to HDFC Bank, with Rs 10,739 crore invested, accounting for 7.73 per cent of its AUM. It is followed by HDFC Flexicap (Rs 7,279 crore, 7.25 per cent) and ICICI Prudential Largecap (Rs 7,091 crore, 9.16 per cent).

ICICI Prudential Value holds Rs 4,873 crore (8.05 per cent), while HDFC Balance Advantage has Rs 4,837 crore (4.5 per cent) in HDFC Bank shares.

AMCs most impacted

Ten AMCs hold more than 10 crore shares each of HDFC Bank. SBI Mutual Fund is the largest holder with 79.47 crore shares. ICICI Prudential Mutual Fund had 51.91 crore shares in February, followed by HDFC Mutual Fund with 38.82 crore shares.

PPFAS Mutual Fund held 12.4 crore shares, Edelweiss Mutual Fund 2.97 crore, and Quant Mutual Fund 2.62 crore. WhiteOak Capital Mutual Fund had 1.64 crore shares, Helios Mutual Fund 41.29 lakh, and JioBlackRock Mutual Fund 31.72 lakh. Abakkus Mutual Fund held 18 lakh shares, while Quantum Mutual Fund had 15.29 lakh shares.

barabanki-bahraich-nh-927-highway-upgrade-approval

Thu Mar 19 12:45:55 IST 2026

If you have ever travelled on the road that threads through Barabanki, turns north through towns like Jarwal and Kaisarganj, and eventually drops you at Bahraich, a district that sits in the shadow of the Sharda river and the Nepal border, you know what the road asks of you. Sharp curves, congested market towns, villages spilling onto the path, and stretches that feel like they were designed for slip-differential SUVs rather than buses.

That road is about to change. The Cabinet Committee on Economic Affairs (CCEA) on March 18, 2026, approved the construction of a 4-lane access-controlled National Highway-927 from Barabanki to Bahraich, a stretch of 101km in Uttar Pradesh, at a total cost of ₹6,969 crore, to be built on Hybrid Annuity Mode (HAM).

And it is not just lane-widening... the entire stretch is getting reworked. It incorporates 48km of bypasses around majorly inhabited regions, so long-haul traffic does not have to get stuck when going through the towns of Ramnagar, Jarwal, Kaisarganj and Fakharpur.

Continuous service roads will run along the entire stretch to separate local movement from highway traffic. The upgraded corridor is expected to bring travel time down to approximately one hour.

The Nepal connection

The upgraded NH-927 already feeds directly into the Rupaidiha Land Port in Bahraich, the first land port in Uttar Pradesh, located across the border from Nepal's Nepalgunj. The port currently facilitates approximately ₹8,500 crore in annual bilateral trade, with exports making up nearly 95 per cent of that value. A faster, safer highway to the border upgrades this infrastructure to a full-fledged trade corridor.

The project will connect 3 economic nodes, 2 social nodes and 12 logistics nodes, linking up with Lucknow and Shravasti airports, 10 railway stations, and one SEZ and two Mega Food Parks across the region, according to the Centre. Both Bahraich and Shravasti are "Aspirational Districts" under the government's development programme, regions that have historically struggled to attract investment due to poor connectivity.

List of transport nodes connected

Airports: Lucknow, Sharavasti

Railway stations: Barabanki, Rasauli, Jangirabad, Rafinagar, Bindaura, Burhwal, Chowkaghat, Ghaghraghat, Jarwal, Bahraich

Land port: Rupaidiha

The government estimates the project will generate 36.54 lakh direct person-days and 43.04 lakh indirect person-days of employment during construction. By FY 2028, daily traffic on the corridor is projected at 28,557 PCU (Package 1) and 21,270 PCU (Package 2) Passenger Car Units (PCU) as per the official documentation.

atanu-chakraborty-resignation-hdfc-bank-market-performance

Thu Mar 19 11:43:37 IST 2026

There is a sentence in Atanu Chakraborty’s resignation letter that every investor, regulator, and board member in Indian banking/BFSI sector will be reading very carefully today: "Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics."

That is it. No specifics. No names. No operational breakdown. Eight words — "not in congruence with my personal values and ethics" — from the former Economics Affairs Secretary (and IAS officer) of India, who had served as Part-time Chairman and Independent Director of HDFC Bank since May 2021, have already begun to do the damage.

By the time markets opened on Thursday, more than ₹65,000 crore disappeared from HDFC Bank’s market capitalisation in a matter of hours. The stock touched a 52-week low on both BSE and NSE, falling as much as 8.7 per cent in early trade, as investors scrambled to make sense of Chakraborty’s resignation letter.

What we know from the official filing

Chakraborty’s resignation letter, dated March 17, 2026, was addressed to the Chairman of the Governance, Nomination and Remuneration Committee of the Bank's Board. The Bank received the letter on March 18, 2026, and filed an intimation with BSE and NSE.

The Bank confirmed in its regulatory filing that "there are no reasons other than those mentioned in the said letter" for his resignation, and separately confirmed that Chakraborty does not hold directorship in any other company.

In its place, the Reserve Bank of India, responding to an application by the bank on the same day, approved Keki Mistry as interim Part-time Chairman with effect from March 19, 2026, for a period of three months.

Interim chairman Keki Mistry, speaking after the filing, offered no specifics.

In his letter, Chakraborty also offered one unusually candid observation about one of India’s biggest private banks: "I observed great amount of energy and verve in the middle and junior levels of the organisation, that should form the core of a reimagined organisation."

FULL TEXT OF THE RESIGNATION LETTER

"To

The Chairman Governance, Nomination, Remuneration Committee HDFC Bank

Subject: Resignation from the position of Part-Time Chairman & Independent Director of the Bank

Dear Dr. Bhanwala Ji,

I hereby tender my resignation from as Part-time Chairman and Independent Director on the Board of HDFC Bank, with effect from its date of its consideration by Board of HDFC Bank.

I joined the Board of HDFC Bank in May 2021. My tenure on the Board saw momentous events like merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of merger are yet to fully fructify.

Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics. This is the basis of my aforementioned decision.

I confirm that there are no other material reasons for my resignation other than those stated above.

I would like to express my sincere appreciation to the Board and senior management for their co-operation and support during my tenure. I express my gratitude to all the Independent Directors and Non-Executive Directors, who spared their valuable time and shouldered onerous responsibilities on the Board and its Committees. It has been a privilege to contribute to the growth and governance of the Bank. I observed great amount of energy and verve in the middle & junior levels of the organization, that should form the core of a reimaged organization. I also place on record my sincere appreciation for Secretarial, Compliance, Audit and Group oversight functions.

Kindly instruct Company Secretary to take this letter on record and arrange to file the necessary intimations with the Registrar of Companies and other regulatory authorities as required under applicable law.

I wish the Bank continued success in all its future endeavors.

I remain,

Yours sincerely,

Atanu Chakraborty

Part-time Chairman & Independent Director, HDFC Bank

Date: 17/03/2026"

As of now, HDFC Bank or the apex lending body is yet to come out with a detailed statement on the events that transpired.

opinion-guest-debt-vs-investing-personal-finance-math

Thu Mar 19 15:52:31 IST 2026

Countless articles have been written on investing, debt, expenses, and liabilities. Most of them have explained the concepts superbly, but failed to awaken the reader's curiosity.

Let me try today to explain an investment's outperformance over a liability using easy-to-understand math.

Let us start with some basic definitions...

Investing is the process by which you are parking a portion of your active income in vehicles that could build you an asset over a defined period.

Debt is the process of borrowing money from a person or a bank to fund an immediate expense. This borrowed money must be repaid with interest over a defined period.

Expenses are the costs incurred for buying the items you choose. If you want to enjoy a fine ride, you would have to spend money on it.

Income is the amount of money you get in exchange for your services. If you have a job, the salary you get is the income for the time, effort, and intelligence you have put into it over the course of a month. Income can also be generated from assets.

Assets are things that generate income for you. The income from assets could be active — like a job, or passive — like from investing.

Liabilities are things that create expenses for you. An example is a car loan, as it mandates monthly instalments until it's cleared.

The Asset cycle can originate from any specific point and keep running continuously. For example, investments can create assets, which then create an income. Similarly, Income creates investment opportunities, which in turn create assets.

The Liability circle also works the same way. An expense can create a debt, which creates a liability. Similarly, a liability creates an expense, which pushes you into debt.

The only link between these two cycles is the “Income” part. You have the choice whether to use it for investments or expenses. The choice you make fuels either of these circles. So, it all boils down to your choice.

Let’s add some math to make it make sense.

Assuming you have a monthly income of ₹1.5 lakh and wish to keep aside a sum of ₹30,000 every month. You could either invest this amount or pay it as an EMI on a debt.

Case 1: You are investing ₹30,000 for 20 years in a mutual fund that grows at an assumed rate of 12 per cent. The returns are an astounding ₹3 crore.

Case 2: You are paying an EMI for 20 years at an interest rate of 7 per cent. As per the figure, the exact amount you could borrow is ₹38.7 lakh.

The divergence is huge. If you had channelled ₹30,000 per month into the asset cycle, it would have grown to ₹3 crore, versus ₹38.7 lakh if you had chosen the debt cycle. The asset cycle's outperformance is a massive 7.75x that of the debt cycle.

The difference is mainly due to the time factor, which is an ally of assets and an enemy of liabilities. But for each cycle to kick-start, it required an initiation from your end, i.e., an investment or a debt of ₹30000 per month.

The writer is a SEBI Registered Investment Adviser (RIA), INA000021757, and author of ‘How to join the top 1% options traders club’.

DISCLAIMER: Mutual Fund investments are subject to market risks; read all scheme-related documents carefully.

The opinions expressed in this article are those of the author and do not purport to reflect the opinions or views of THE WEEK.

did-hdfc-bank-trigger-investor-panic-behind-senex-nifty-50s-over-3-per-cent-fall

Thu Mar 19 17:48:25 IST 2026

Indian stock market witnessed the steepest fall since June 2024, by over 3 per cent, resulting in a bloodbath on Dalal Street.

The Nifty 50 fell 3.26 per cent to 23,002.15 points, while the BSE Sensex also slumped to settle at 74,207.24. As per Reuters, about 13 trillion rupees ($139.47 billion) in market value was wiped out on the National Stock Exchange of India, the country's largest exchange operator.

Eternal, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Larsen & Toubro and Bajaj Finserv were among the major laggards in the Sensex category.

What caused the stock market decline?

Among the various reason that caused the wipeout of investor money, the HDFC Bank Chairman Atanu Chakraborty’s exit took a major hit on the Indian stock market indices.

"Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics," mentioned Chakraborty’s resignation letter, dated March 17, 2026, was addressed to the Chairman of the Governance, Nomination and Remuneration Committee of the Bank's Board.

Shares of HDFC Bank fell by more than 5 per cent by the end of the market session for the day. More than Rs 65,000 crore disappeared from HDFC Bank’s market capitalisation in a matter of hours when the markets opened on Thursday.

As per Moneycontrol, differences between Chakraborty and a few executive board members became almost irreconcilable, which may have led to his unexpected exit.

The sharp selloff was also followed by a fresh escalation in the war, stoking fears of supply disruptions and sending Brent crude to its highest level in over a week.

"We are likely to see downward revisions in earnings forecasts for Indian companies, driven both by the direct impact of higher crude prices and their cascading effect across input costs and consumption," analysts said to Reuters.

sensex-nifty-three-day-climb-market-performance-18-march

Wed Mar 18 17:04:06 IST 2026

Despite the ongoing turmoil in the Middle East, Indian market benchmarks pulled through on Wednesday, logging their third consecutive day of closing higher.

This was due to a rally in tech stocks, supported by a slip in crude prices.

The 30-pack BSE Sensex closed 633.29 points (0.83 per cent) higher at 76,704.13. At its highest during the day, the index had gained 929 points.

The Nifty also traded higher by around the same percentage, gaining 196.65 points to reach 23,777.80 at the closing bell.

Eternal, Tech Mahindra, Infosys, Mahindra & Mahindra, and HCL Tech were the major gainers in the Sensex, while NTPC, Hindustan Unilever, Sun Pharma, and HDFC Bank saw the widest slumps.

Market watchers attributed the third day of gains to recovery value buying after the recent bout of sell-offs.

The market is also on the lookout for the US Federal Reserve’s potential rate revisions, while other analysts say that the rebound is a market correction after last week’s major dips.

india-data-centre-boom-has-a-power-problem-gcc-guest-opinion

Wed Mar 18 14:37:33 IST 2026

Somewhere in Mumbai, Chennai, or Hyderabad, a new data centre is being announced. Reliance. Adani. Microsoft. Google. Amazon. The names change, but the story is the same: billions of dollars flooding into India's digital infrastructure, all racing to capture a slice of the country that produces 20 per cent of the world's data but hosts barely 1 per cent of global data centre capacity.

Since 2023, local and global technology firms have announced more than $32 billion in data centre investments in India. The excitement is justified. The ambition is real. But underneath the ribbon-cuttings and press releases lies a question that nobody in power seems eager to answer: where, precisely, is all the electricity going to come from? And, who is going to pay for it?

The scale of what is coming

India's data centre capacity stood at roughly 1,500MW at the close of 2025. Power consumption is expected to grow nearly fivefold, rising from 0.8 per cent to 2.6 per cent of national electricity generation. Some estimates, accounting for AI workloads, put that share as high as 6 per cent.

To put that in perspective: India is being asked to conjure up, from somewhere, the equivalent of several large states' worth of additional electricity demand, for an industry that employs relatively few people, pays for land at commercial rates, and whose primary beneficiaries are global technology corporations headquartered thousands of miles away. And this must happen on a grid that today struggles to keep the lights on in Bengaluru's tech corridors during peak summer, let alone in the towns and villages that still endure hours of daily load-shedding.

The American warning me must heed

The United States offers a vivid cautionary tale. In areas near major data centre clusters, wholesale electricity costs are as much as 267 per cent higher than five years ago. Residential bills in Georgia rose six times in two years to an average of $175 a month, driven by data centre demand alongside nuclear plant cost overruns. Over 25 data centre projects were cancelled in 2025 due to citizen protests, including $98 billion worth of projects blocked in a single quarter. Some 80 million Americans now struggle to pay their power bills.

India's political economy differs from that of America. The arithmetic does not.

The double threat: Power and water

Power is only half the problem. Data centres require vast quantities of water to cool continuously running servers. India’s data centre water consumption is projected to more than double: from 150 billion litres in 2025 to 358 billion litres by 2030. An S&P Global study estimates 60–80 per cent of India’s data centres will face high water stress this decade. India, as NITI Aayog has repeatedly warned, is among the most water-stressed major economies on earth. Chennai has already experienced near-total reservoir depletion within living memory. Cities like Bengaluru and Hyderabad face chronic groundwater crises. Jamnagar hosting a gigawatt-scale AI campus sounds impressive. Gujarat's water table is unimpressed.

What India urgently needs is a simple, non-negotiable rule: every data centre above a defined capacity threshold must be energy self-sufficient. It must generate or directly procure 100 per cent of its power from clean sources: through on-site solar, wind, captive green hydrogen, or Small Modular Reactors (SMRs). Not carbon credits. Not offsets. Actual, physical, dedicated power generation. The grid is not a commons for private profit. The burden of powering Big Tech should not fall on the family in Patna that already endures eight hours of load-shedding a day. Even in large cities such as Chennai, there is no continuous power. When summer sets in, the power situation gets much worse, with gensets roaring across all residences and industries.

The SMR opportunity India must seize

India already has the foundations for this. The 2025-26 Budget allocated ₹20,000 crore to develop at least five indigenous SMRs by 2033. The Bhabha Atomic Research Centre is developing three reactor variants, including a 200MWe unit and a compact 55MWe model, precisely the output range a large data centre requires.

Reliance Industries and Adani Power are among the industrial groups already exploring captive SMR deployment. Global tech firms (Microsoft, Amazon, Google) are pairing SMR contracts with US data centres right now. India has the policy architecture, the indigenous technology pipeline, and the industrial appetite. What it needs is a mandate that connects them.

The government should move on three fronts simultaneously: binding energy self-sufficiency rules for new large-scale data centres; fast-tracked regulatory clearances for captive SMRs and renewables co-located with these facilities; and a firm sunset date beyond which new hyperscale facilities may not draw from the public grid.

The bill will come due

India’s digital ambitions are worth pursuing. The only question is whether it arrives on India’s terms or on those of Big Tech. The government has shown it can move fast when the political will exists: GST was a bureaucratic miracle; UPI rewired commerce; Aadhaar enrolled a billion people in years. A clear, enforceable policy mandating energy self-sufficiency for large-scale data centres, combined with fast-tracked incentives for SMR deployment and captive renewables, is entirely within the state's capacity to design and implement.

Hence, set the rules now (before the industry is too large to regulate) or watch electricity bills rise, state finances buckle, and voters eventually do what those of Georgia did. The lights cannot afford to dim for a billion people so that the tech cloud stays bright for the few.

About the authors: Krishna V Giri is distinguished fellow and special advisor to the chairperson, and Payal Seth is fellow at Pahle India Foundation.

The opinions expressed in this article are those of the author/s and do not purport to reflect the opinions or views of THE WEEK.

renault-duster-relaunch-india

Tue Mar 17 14:45:14 IST 2026

French carmaker Renault has had many ups and downs — mostly downs— in India since entering the market. It had the typical European attitude of immensely underestimating the market. And if that did not turn out to be a near-disaster, their global tie-up with Nissan, when it unravelled, almost did it for them.

Through the process, the company did one thing right, though — it took all those hard knocks and bitter lessons quite seriously. And now, come 2026, it wants to put into practice what it learned, to come up trumps in the Indian out.

Step one of that was last year, when Renault took back full ownership of the Chennai manufacturing plant, which was originally a part of the Nissan tie-up. The second is the launch of the new line-up of cars.

The Duster, whose new line-up was launched on Tuesday, is pivotal to this. Back in 2012, perhaps even without realising it, Renault had kicked off the Compact SUV revolution in India with the launch of the original Duster. It’s another matter that the credit for India’s SUV boom is often credited to two other models — the Ford Ecosport, which was the first ‘viral’ model to come in this bracket, as well as the Hyundai Creta, which is today the market leader and poster boy of the segment.

Duster did sell a lot — more than two lakh units were sold, with Renault officials billing it a ‘benchmark’. “(Duster is) synonymous with robustness, versatility and a certain spirit of adventure,” says an official blog from Renault.

An interesting aspect of the unexpected success of Duster in India, till then, Renault had not thought much of the Indian market, was the fact that it was in a lot of ways quite different from Renault’s typical aesthetics of comfort and features. Duster was more basic, but sturdy, which made it popular amidst India’s combination of congestion and bad roads.

However, Renault still continued its bloopers, withdrawing the Duster from the market in the late 2010s without an alternative or a refurbished variant in place, and its other models not living up to the success of the Duster. The result? Its market share, which was at 2016 during the first boom in SUV craze at 4 per cent plummeted to below 1 per cent by 2023-24 or so.

However, with the Indian auto market still on rosy growth even as global trends indicate a churn, Renault is finally in on India — the Chennai plant is now fully mobilised, under direct control, and churning out new models not just for domestic use, but for export to scores of Renault’s markets across the world. India also boasts of development, and is today at par with its hubs in Latin America, Morocco, Turkey and South Korea. The aim, according to company documents, is to double production at Chennai.

For that, it will need robust sales of not just the new variant of Duster, but also the other products. Renault seems to have hit upon the formula of trying out Hybrid vehicles rather than an outright switch to electric, and it augurs well that the Indian market has shown a penchant, both in sales figures as well as policy relief, for hybrid cars.

The learning process surely seems to be helping. Back when Duster was discontinued, Renault had tried to make up with Captur — lots of frills and priced high. It didn’t help. But in recent months, the company’s sales have shot up, thanks to more locally friendly models like Kwid, Triber and Kiger — sales went up more than 30 per cent last month.

It has probably realised by now that the sweet spot for it would be to look at the value-conscious segment and offer Indians the features they prefer and locally suitable, not what designers in Paris think is right for the world. No wonder India marketing head Francisco Hidalgo said, “The new Renault Duster reflects exactly what the Indian customers expect today: strong performance, real-world durability and everyday usability…the SUV is engineered for how India actually drives.”

This line of re-strategising is also pretty evident in the price range of Duster unveiled on Tuesday — turbo petrol prices starting at 10.49 lakh rupees. There are also subscription offers, in tune with the trend in the market.

capacity-building-workshop-rural-hospitality-itdc

Tue Mar 17 12:23:46 IST 2026

Last year, I had the opportunity to stay at a homestay in a remote part of Kerala, on the outskirts of Kalpetta, somewhere in the forested hills of the Western Ghats, far from the nearest town. What struck me most was not the lip-smacking food, or even the tranquillity, but the way the family hosted me.

They had opened their home with warmth but with no formal training. They had very little idea of what a traveller wanted, but they nailed it. That is when I wondered if every host in these remote regions was as naturally trained. In reality, there exists a gap between intention and experience. And that seems to be what the Centre is now trying to close.

On Tuesday, the India Tourism Development Corporation (ITDC), under the Ministry of Tourism, held the inaugural opening ceremony of its Capacity Building Workshop for Tribal Homestay Owners in collaboration with the Ministry of Tribal Affairs at Kautilya Hall, Hotel Samrat, New Delhi.

The training is being delivered by IHM Ashok, ITDC’s flagship hospitality institute, widely regarded as one of the best hotel management schools in the country.

The first batch brought together 40 participants from Arunachal Pradesh, Sikkim and Gujarat, three states that represent the remarkable geographic and cultural diversity of India's tribal tourism potential.

According to ITDC, the programme is designed to equip homestay operators with structured, professional hospitality skills, raising service standards, improving visitor experiences, and building the kind of confidence that turns a one-time traveller into someone who recommends the place to everyone they know.

The event also saw the release of the Tribal Homestay Operation Development Manual 2026, developed by IHM Ashok. The manual has been translated into Hindi and Gujarati, too, in the first phase.

ITDC Managing Director Mugdha Sinha explained the larger vision, “Our immediate effort to train 1,500 participants is only the beginning. The larger goal is to empower them to become trainers of trainers in their respective states, enabling the model to expand rapidly and ensuring that communities can access training closer to home.”

The broader policy is already in place. Under Swadesh Darshan and the Pradhan Mantri Janjatiya Unnat Gram Abhiyan (PM-JUGA), the Ministry of Tourism has already committed to developing 1,000 tribal homestays nationally, with financial support of up to ₹5 lakh per household for new construction and ₹3 lakh for renovation.

The ongoing training programme is expected to translate the policy into actual hospitality experiences. “By equipping homestay owners with the basic principles of hospitality, this initiative has the potential to transform local economies,” said Ranjana Chopra, IAS, Secretary, Ministry of Tribal Affairs.

The initiative is expected to come to other states, such as Kerala, in future phases that have a higher concentration of homestays in remote regions. However, the Centre is yet to provide any confirmation on this.