Business

New Delhi, March 30 Union Chemicals and Fertilizers Minister J P Nadda said on Monday that India has enough fertilizer stocks to meet domestic demand and urged farmers not to panic amid the ongoing crisis in West Asia."Not only this crisis, India has faced several challenges. We have sufficient fertilizer supply. There is no need to worry," Nadda said at the signing of a supply agreement on green ammonia between fertilizer companies and green ammonia developers.Describing the agreement as a "historic and forward step," the minister invoked a Hindi adage "aapda mein avsar dhoondna hai" (finding opportunity in adversity), and said the process had begun with green ammonia.The government, he added, is working to reduce import...

New Delhi, March 30 Real estate major DLF has finalized a deal to sell its IT-ITeS SEZ (special economic zone) project and nearly 18 acres of vacant land in Kolkata for Rs 710 crore to Srijan Group as part of its strategy to monetize commercial assets.The deal was announced in April last year.In a regulatory filing on Monday, the company informed that it has completed the transfer of its IT/ITeS SEZ undertaking, comprising the SEZ property, including the constructed building, namely 'DLF TechPark II', to Makalu Builders LLP, an entity forming part of the Srijan Group and Srijan Realty Pvt Ltd.DLF has also completed the sale of 17.75 acres of vacant land parcel situated in Kolkata to Gangapurna Projects LLP, another entity forming...

Indian Rupee Logs Sharpest Annual Fall in 14 Years, Slides 9.88% Against US Dollar in FY26 External Pressures and Capital Outflows Drive Currency Weakness Mumbai, March 30: The Indian rupee depreciated by 9.88 per cent against the US dollar in FY26, marking its steepest annual decline in 14 years.The last comparable fall was recorded in FY12, when the domestic currency dropped 12.4 per cent amid a widening current account deficit of 4.2 per cent.The decline in FY26 was largely attributed to persistent foreign fund outflows, elevated crude oil prices, and a strengthening US dollar. Volatility in global financial markets and tightening liquidity conditions further added pressure on the currency.Asian Currencies Also Under Pressure...

GRSE Delivers Three Advanced Naval Platforms to Indian Navy, Strengthening Indigenous Defence Capabilities Dunagiri, Sanshodhak, and Agray Commissioned in Major Milestone for Shipbuilding PSU Kolkata, March 30: Garden Reach Shipbuilders and Engineers Ltd (GRSE) on Monday delivered three key frontline platforms to the Indian Navy, marking a notable advancement in India’s indigenous defence manufacturing efforts, according to an official statement.The Kolkata-based public sector warship builder handed over the advanced guided missile frigate Dunagiri, the survey vessel Sanshodhak, and the anti-submarine warfare shallow watercraft Agray.Dunagiri Enhances Multi-Domain Combat Capabilities Dunagiri, the second advanced guided missile...

ED Probes 1,105 Bank Fraud Cases, Attaches ₹64,920 Crore Under PMLA: Sitharaman Government Details Enforcement Action and Fugitive Economic Offenders Framework in Lok Sabha New Delhi, March 30: The Enforcement Directorate has investigated 1,105 bank fraud cases under the Prevention of Money Laundering Act and attached proceeds of crime worth ₹64,920 crore, Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday.Speaking during a discussion on the bill to amend the Insolvency and Bankruptcy Code, Sitharaman outlined the government’s enforcement actions against economic offenders, particularly those attempting to evade legal proceedings by remaining overseas.Fugitive Economic Offenders Act Targets High-Value Cases The...

NHAI Raises ₹28,307 Crore Through InvIT and TOT Models in FY26, Nears ₹30,000 Crore Target Asset Monetization Gains Momentum with InvIT and TOT Bundles New Delhi, March 30: The National Highways Authority of India (NHAI) has mobilized ₹28,307 crore during the 2025–26 fiscal year through a mix of Public InvIT, Private InvIT, and Toll-Operate-Transfer (TOT) models, the government said on Monday.This includes proceeds from TOT Bundles 17 and 18. With bids already received for TOT Bundle-19 and currently under technical evaluation, NHAI is positioned to meet the government’s budgeted monetization target of ₹30,000 crore for the ongoing fiscal.InvIT Round-5 Unlocks Value from 310 km Highway Assets As part of its Infrastructure Investment...

India Achieves Near-Universal Banking Access with 99.92% Village Coverage Banking Outlets Reach Almost All Inhabited Villages New Delhi, March 30: Nearly 99.92 percent of inhabited villages across India now have access to a banking outlet within a five kilometre radius, the Parliament was informed on Monday.Providing further details, Minister of State for Finance Pankaj Chaudhary stated in a written reply to the Lok Sabha that full coverage has been achieved in the Union Territory of Dadra and Nagar Haveli, where 100 percent of villages are now connected to banking outlets within the same distance.Jan Dhan Darshak App Maps Nationwide Banking Presence According to a Finance Ministry statement, the Jan Dhan Darshak App serves as a...

RBI Imposes Rs 31.80 Lakh Penalty on Airtel Payments Bank for Disclosure Lapses Action Taken After Supervisory Findings in FY25 Review Mumbai, March 30: The Reserve Bank of India on Monday imposed a monetary penalty of Rs 31.80 lakh on Airtel Payments Bank Limited for non-compliance with provisions related to disclosure in financial statements.The penalty has been levied under section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.Inspection Highlights Non-Disclosure of Complaints The action follows the Statutory Inspection for Supervisory Evaluation conducted by the RBI with reference to the bank’s financial position as on March 31, 2025.According to the central bank, the penalty was based on supervisory...

Government Keeps Small Savings Interest Rates Unchanged for Eighth Straight Quarter PPF, NSC, and Other Schemes Retain Existing Rates for April–June FY27 New Delhi, March 30: The government on Monday decided to keep interest rates unchanged for various small savings schemes, including the Public Provident Fund (PPF) and National Savings Certificate (NSC), for the eighth consecutive quarter starting April 1, 2026.In a notification, the finance ministry confirmed that the rates applicable for the first quarter of FY 2026-27, from April 1 to June 30, 2026, will remain the same as those notified for the January to March quarter of FY 2025-26.Key Small Savings Scheme Interest Rates According to the notification, the Sukanya Samriddhi...

Stock Market Crash Wipes Out Rs 18.60 Lakh Crore in Two Days as Sensex Slides Over 4% Investor Wealth Erodes Amid Global Uncertainty and Oil Price Surge New Delhi, March 30 Equity investors saw a sharp erosion of wealth, losing Rs 18.60 lakh crore in just two trading sessions as domestic markets declined steeply amid escalating tensions in West Asia and a surge in crude oil prices.The BSE benchmark Sensex dropped 3,325.9 points, or 4.41 per cent, over the last two sessions, reflecting heightened volatility and weakening investor sentiment. On Monday, the 30-share index fell 1,635.67 points, or 2.22 per cent, to settle at 71,947.55.Market Capitalisation Drops Sharply As investors moved away from riskier assets, the total market...

Gold and Silver Prices Rebound in Delhi Amid Wedding Season Demand Precious Metals Surge Up to 3 Percent on Fresh Buying New Delhi, March 30 Precious metal prices witnessed a strong rebound in the national capital on Monday, rising by around 3 percent as jewellers stepped up purchases ahead of the wedding season.Silver recorded a sharp jump of Rs 7,000, reaching Rs 2.37 lakh per kilogram, while gold prices also moved higher, climbing to Rs 1.51 lakh per 10 grams.Silver Jumps Over 3 Percent, Gold Gains 2.5 Percent According to the All India Sarafa Association, silver surged Rs 7,000, or 3.04 percent, to Rs 2,37,000 per kg inclusive of all taxes, compared to Rs 2,30,000 per kg in the previous session.Gold of 99.9 percent purity rose...

India GDP Growth Seen Slowing to 6.5% in FY27 Amid Energy Price Pressures: ICRA Growth Outlook Weakens on Rising Energy Costs and Global Uncertainty New Delhi, March 30: ICRA on Monday projected that India’s GDP growth will moderate to 6.5 percent in the financial year 2026 to 2027, down from 7.6 percent in the current fiscal year, citing elevated energy prices and concerns over energy availability linked to the ongoing West Asia conflict.The rating agency’s forecast is based on an assumed average crude oil price of USD 85 per barrel during FY27, a level that is expected to exert pressure on the broader macroeconomic environment.Current Account Deficit Expected to Widen ICRA indicated that India’s current account deficit is likely...

IndiQube Leases 48,000 Sq Ft Bengaluru Workspace for Healthcare GCC, Deal Valued at ₹75 Crore IndiQube Expands Presence with Major GCC Leasing Agreement New Delhi, March 30: IndiQube Spaces Ltd has leased over 48,000 square feet of office space at its co-working centre in Bengaluru to a healthcare firm for establishing a global capability centre (GCC), with the deal valued at approximately ₹75 crore over a five-year period.The company disclosed the development in a regulatory filing on Monday, stating that it has signed a workspace leasing agreement with a leading GCC operating in the healthcare technology segment.Premium Workspace Deal Strengthens Bengaluru Portfolio According to the filing, the client has taken up premium...

India’s Net External Liabilities Narrow to $260.5 Billion in Q3 FY26: RBI Data Overseas Asset Growth Outpaces Foreign Investment Inflows Mumbai, March 30: India’s net claims of non-residents declined to USD 260.5 billion as of end-December 2025, marking a reduction of USD 10.9 billion from the previous quarter, according to data released by the Reserve Bank of India on Monday.The decline was primarily driven by a stronger increase in overseas financial assets held by Indian residents compared to the rise in foreign-owned assets within the country.International Investment Position Shows Continued Improvement The ratio of India’s international assets to liabilities improved further to 82.1 percent at the end of December 2025. This...

India’s Fiscal Deficit at 80.4% of FY26 Target by February, Finances Stay on TrackThe Centre’s fiscal position remained stable in FY26, with the fiscal deficit reaching 80.4% of the full-year target by the end of February, according to data released by the Comptroller General of Accounts.In absolute terms, the fiscal deficit stood at ₹12.53 lakh crore for April–February, compared to the full-year estimate of ₹15.58 lakh crore. This marks an improvement over the same period last year, when the deficit had touched 85.8% of the annual target.Stronger Revenue Performance Supports Fiscal HealthThe government’s revenue collections showed steady momentum during the period:Net tax revenue reached ₹21.45 lakh crore, or 80.2% of the...

Alembic Pharmaceuticals Secures USFDA Approval for Generic Paroxetine Extended-Release Tablets Approval Strengthens Alembic’s US Generics Portfolio New Delhi, March 30: Alembic Pharmaceuticals Ltd on Monday announced that it has received final approval from the United States Food and Drug Administration for its generic version of Paroxetine extended-release tablets, used in the treatment of multiple mental health conditions.Details of the USFDA Approval The approval pertains to the company’s supplemental Abbreviated New Drug Application for Paroxetine extended-release tablets in the 12.5 mg strength, according to a statement issued by Alembic Pharmaceuticals.The approved product has been deemed therapeutically equivalent to the...

GIFT City Banking Assets Cross $106.7 Billion, Mark Sevenfold Growth Since 2020 Strong Expansion in India’s Offshore Banking Ecosystem New Delhi, March 30: Banking assets at GIFT City’s International Financial Services Centre crossed $106.7 billion as of February 2026, marking a more than sevenfold increase from $14 billion recorded in September 2020, the financial hub said on Monday.The sharp rise reflects the rapid expansion of India’s offshore banking ecosystem, supported by increasing participation from both global and domestic institutions.Growing Presence of Global and Domestic Banks The growth has been driven by a widening banking base, with 37 banks currently operating in GIFT IFSC. This includes 20 foreign banks and 17...

India Reports 17 Non-Scheduled Aircraft Accidents in Five Years, Govt Tells Rajya Sabha Majority of Incidents Involved Helicopters New Delhi, March 30: A total of 17 accidents involving aircraft and helicopters operated by non-scheduled operators have been reported in the past five years, the Ministry of Civil Aviation informed the Rajya Sabha on Monday.Out of these, 12 accidents involved helicopters, while five incidents were related to fixed-wing aircraft. The data also indicated that five such accidents occurred in 2025 alone.Safety Violations and Incidents Highlight Oversight Concerns In a written reply, Minister of State for Civil Aviation Murlidhar Mohol stated that 46 safety violations involving charter operators were...

Punjab Detects ₹200 Crore Tax Evasion in Hospitality Sector, Probe May Uncover ₹500 Crore Statewide Crackdown Targets 882 Establishments Chandigarh, March 30: Punjab Finance Minister Harpal Singh Cheema on Monday said the state government has uncovered tax evasion worth around ₹200 crore in the hospitality sector, with the total figure expected to rise to nearly ₹500 crore as investigations expand.Addressing a press conference, the minister said that 882 establishments have been brought under scrutiny as part of a statewide crackdown. These include dhabas, restaurants, eateries, bakeries, sweet shops, and catering services.Data Analytics Drive Expands Across Financial Years Cheema said the ongoing exercise is based on data analytics...

India Has 60 Days of ATF Reserves, No Immediate Supply Risk Amid West Asia Conflict Aviation Fuel Supply Remains Stable Despite Global Concerns New Delhi, March 30: India currently has sufficient aviation turbine fuel (ATF) reserves to meet demand for the next 60 days, with no immediate risk of disruption, Civil Aviation Minister Kinjarapu Rammohan Naidu informed the Rajya Sabha on Monday.The assurance comes at a time when concerns have risen due to the ongoing conflict in West Asia and its impact on global oil supplies.Responding to queries in the Upper House, Naidu stated that the country’s aviation fuel supply remains stable despite the broader oil crisis linked to the geopolitical situation.“India currently has adequate ATF...