Business

Housing Sales Decline 13% Across Nine Major Indian Cities New Delhi, March 30 – Housing sales across nine major Indian cities – Delhi-NCR, Mumbai, Navi Mumbai, Thane, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata – experienced a significant downturn in the first quarter of 2026, falling 13 per cent annually to 98,761 units, according to PropEquity. This marks the first time in 18 quarters that sales have fallen below the 1 lakh units mark. Sales Decline and Market Trends The total sales in these nine cities decreased by 6 per cent from 1,05,527 units recorded in the previous quarter (October-December 2025). New supply also saw a notable decrease, declining 19 per cent to 92,411 units compared to 1,14,718 units in the same period last...

India to Offer 21 Blocks for Oil and Gas Prospecting in New Bidding Round New Delhi, March 30 – India is set to offer 21 blocks for oil and natural gas prospecting in the next bidding round under the Open Acreage Licensing Policy (OALP), according to the Directorate General of Hydrocarbons (DGH). The initiative, part of the ongoing Hydrocarbon Exploration and Licensing Policy (HELP), aims to boost domestic crude oil and natural gas production.OALP-XI Details and Bidding Parameters The DGH has listed 21 blocks encompassing approximately 80,235 square kilometers, comprising 12 onshore areas, four shallow-water blocks, one deepsea block, and four ultra-deep sea blocks. The upcoming OALP-XI round, slated to begin shortly, follows the...

Bank Locker Insurance Coverage Set at 100 Times Annual Rent New Delhi, March 30 – The standard insurance coverage for bank locker holders is set at 100 times the annual locker rent in case of any loss, according to Finance Minister Nirmala Sitharaman.Standard Insurance Policy Details The Minister clarified that banks are not permitted to check or record the valuables kept by customers in lockers, citing banking regulations. This restriction prevents banks from offering insurance coverage based on the actual value of items stored. Any attempt to monitor locker contents would constitute a breach of privacy and existing rules.As a result of this regulatory framework, a uniform policy has been established. Customers are entitled to...

Rupee Performance Amid Global Uncertainty New Delhi, March 30 – Finance Minister Nirmala Sitharaman stated on Monday that India’s economic fundamentals remain robust, and the Indian rupee is performing well against the US dollar when compared to other emerging market economies. Rupee Depreciation and Global Trends Since the outbreak of the West Asia conflict on February 28, 2026, the Indian rupee has depreciated by 4.1 per cent, closing at Rs 94.82 per USD on March 27, 2026. Minister of State for Finance Pankaj Chaudhary explained that the value of the rupee is determined by market forces and influenced by various factors. Comparative Currency Performance In a written reply, Finance Minister Sitharaman indicated that the rupee...

Union Minister Launches Forum to Boost EV Charging Ecosystem Light Electric-Vehicle Acceleration Forum Established New Delhi – Union Minister for Heavy Industries and Steel, HD Kumaraswamy, launched the Light Electric-Vehicle Acceleration Forum (LEAF) on Monday. The forum is an industry-led consortium designed to strengthen the EV charging ecosystem.Stakeholder Collaboration for EV Growth The LEAF will serve as a neutral platform for stakeholders across the light electric vehicle (LEV) ecosystem. These include original equipment manufacturers (OEMs), charging infrastructure operators, component makers, and technology providers. The forum will collaborate with government and regulatory bodies, as well as industry associations, to...

Indian Energy Sector Sees Growth in Supply and Renewable Potential New Delhi – India’s energy sector has demonstrated sustained expansion, according to data released by the National Statistics Office (NSO). Total primary energy supply (TPES) grew by 2.95 per cent in fiscal year 2024-25, reaching 9,32,816 KToE (kilo tonnes of oil equivalent), compared to the previous year.Renewable Energy Potential Soars The country possesses significant renewable energy potential, currently estimated at 47,04,043 megawatt as of March 31, 2025. Solar energy has seen substantial growth, increasing from 748,990 megawatt in fiscal year 2023-24 to 33,43,378 megawatt in fiscal year 2024-25, representing approximately 71 per cent of the total potential. Wind...

Vedanta Moves Supreme Court, Challenges Adani’s ₹14,543 Crore Takeover of Jaiprakash Associates Legal Battle Escalates After NCLT and NCLAT Setbacks NEW DELHI: Vedanta Ltd, led by billionaire Anil Agarwal, has taken its legal dispute with the Adani Group over the takeover of Jaiprakash Associates Ltd (JAL) to the Supreme Court. The company is challenging the approval of Adani Enterprises Ltd’s ₹14,543 crore resolution plan after failing to secure relief from the National Company Law Appellate Tribunal (NCLAT).Vedanta filed its plea on 25 March, naming JAL’s resolution professional, Bhuvan Madan, as a respondent. The move follows unsuccessful challenges at the National Company Law Tribunal (NCLT) and the NCLAT, where interim relief was...

JSW MG Motor India Announces Price Increase Price Hike to Offset Rising Input Costs New Delhi, March 30 – JSW MG Motor India announced on Monday that it will increase the prices of select models by up to 2% from April 1, 2026. The price adjustment is intended to partially mitigate the impact of continuously rising input costs. The price increase will apply to the company’s main product range, including internal combustion engine (ICE) and electric vehicles under its MG portfolio. It will not encompass premium electric vehicles – the MG M9 and Cyberster – which are sold through the MG Select channel. Currently, JSW MG Motor India offers a range of vehicles. The Comet EV is priced at Rs 4.99 lakh, with an additional Rs 3.2/km for battery...

Electronics Component Manufacturing Scheme Sees ₹7,104 Crore Investment, 14,246 Jobs Created New Delhi, March 30 – The government has approved 29 new applications under its electronics component manufacturing scheme, aiming to bolster domestic production and investment within the sector.Investment and Employment Boost According to S Krishnan, Secretary at the Ministry of Electronics and IT (MeitY), these fresh proposals represent a cumulative investment of ₹7,104 crore. The approved projects are projected to generate approximately 14,246 jobs, providing a significant boost to employment within the electronics manufacturing segment. Furthermore, the new investments are expected to lead to the production of electronic components...

Construction Industry Poised for Recovery, ICRA Projects New Delhi, March 30 – India’s construction industry is projected to experience revenue growth in the coming years, according to a report released by ICRA. The sector is expected to see a 6-8% revenue increase in 2026-27 following two challenging years.2025-26 Outlook: Modest Growth and Road Contractor Challenges Revenue growth in the construction sector is anticipated to remain modest at 2-4% in 2025-26. Increased pressure on road contractors is a key factor, driven by a slowdown in order bookings and muted project awards from the Ministry of Road Transport and Highways. A slowdown in construction related to the Jal Jeevan Mission also contributed to the overall subdued growth...

South Asian Nations Face Energy Crisis Risks Amid Middle East Conflict New Delhi, March 30 – The ongoing Middle East crisis presents a heightened risk to Bangladesh, Pakistan, and Sri Lanka, among South Asian nations, according to a report by S&P Global Ratings. The report highlights the countries’ vulnerability due to their heavy reliance on imported energy and limited reserve supplies.S&P Global Ratings, a provider of analyst-driven credit ratings, research, and sustainable finance opinions, indicates that a prolonged price and supply shock in global energy markets could negatively impact the sovereign credit ratings of these countries.Pakistan, Sri Lanka, and Bangladesh are currently showing signs of economic recovery. However...

IBC Boosts Banking Sector Recovery, Sitharaman Says Key Improvements in NPA Recovery New Delhi, March 30 – Finance and Corporate Affairs Minister Nirmala Sitharaman stated in the Lok Sabha on Monday that the Insolvency and Bankruptcy Code (IBC) has been a key and very important factor in improving the health of the country’s banking sector, including the recovery of non-performing assets.The minister, piloting a bill for further amending the IBC in the Lok Sabha, emphasized that companies have been performing well and their corporate governance practices have also improved after undergoing the insolvency resolution process. These remarks were made while responding to the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, as...

India’s internet infrastructure faces growing concern as the ongoing US-Israel conflict with Iran raises risks for subsea cables passing through West Asia. These undersea cables carry a significant portion of the country’s data, and any damage could slow connectivity and disrupt business operations.India’s Internet Exposure to West Asia Industry estimates suggest that around 60% of India’s internet traffic passes through cables landing in Mumbai and traversing West Asia en route to Europe. Key choke points such as the Red Sea and the Strait of Hormuz make this route particularly vulnerable. The remaining traffic travels east via Chennai, Singapore, and the Pacific.This reliance on West Asia links a majority of India’s internet to a...

DeepSeek AI Chatbot Experiences Historic Seven-Hour Outage New Delhi – China’s DeepSeek AI chatbot experienced its most significant operational disruption to date, with the platform unavailable for over seven hours overnight.Outage Details Downdetector, a platform tracking service outages, reported initial user issues on Sunday evening. DeepSeek’s official status page confirmed the problem at 9:35 pm. The platform initially marked the issue as resolved at 11:38 am on Monday, but further disruptions occurred, with full resolution achieved at 10:33 am the following day.DeepSeek’s Operational History According to DeepSeek’s status page, the platform has maintained a near 99 per cent operational record since its R1 model was unveiled in...

Kotak Mahindra Prime Appoints Suraj Rajappan as MD & CEO Leadership Transition at Kotak Mahindra Prime Limited New Delhi, March 30 – Kotak Mahindra Prime Limited (KMPL) announced the appointment of Suraj Rajappan as Managing Director & Chief Executive Officer, effective June 1, 2026, subject to member approval. The Board of Directors made the decision on Monday.Shahrukh Todiwala, the current MD and CEO, will retire on May 31, 2026, after more than three decades with the Kotak Group.Suraj Rajappan began his career with KMPL and brings 24 years of experience to the role, encompassing various functions within the company. KMPL is a subsidiary of Kotak Mahindra Bank Limited.Ashok Vaswani, MD and CEO, Kotak Mahindra Bank, stated, “We...

Electronics Component Manufacturing Scheme Sees Boost with Rs 7,104 Crore Investment New Delhi, March 30 – The government has approved 29 new applications under the electronics component manufacturing scheme, representing a significant investment of Rs 7,104 crore, according to a senior official from the Ministry of Electronics and IT (Meity).Secretary of the Ministry, S Krishnan, announced that this latest investment proposal is projected to generate up to 14,246 new jobs within the sector. The approved projects are expected to result in the production of electronic components valued at Rs 84,515 crore.To date, Meity has approved a total of 75 applications under the scheme.

IndiGo Launches Daily Kolkata-Shanghai Route New Connectivity Between India and China New Delhi, March 30 – IndiGo, India’s largest airline, announced the launch of a daily non-stop service between Kolkata and Shanghai, bolstering air connectivity between India and China.The new route, operated using Airbus A320neo aircraft, marks a significant milestone in IndiGo’s international expansion. It follows the recent resumption of flights from Kolkata and Delhi to Guangzhou.IndiGo stated that the Kolkata-Shanghai service expands travel options for both business and leisure passengers, catering to growing demand for trade and tourism between the two countries. Passengers from cities including Delhi, Mumbai, Bengaluru, Hyderabad, Chennai...

India Temporarily Reopens PDS Kerosene Supply in 21 States Amid Energy Crisis New Delhi, March 30 – The central government has authorized the temporary allocation of public distribution system (PDS) kerosene in 21 states and Union Territories, including regions previously designated as kerosene-free, to address household cooking and lighting needs due to global energy supply pressures.The move follows a month-long conflict in West Asia, which has disrupted energy supply chains, particularly the supply of cooking gas LPG. India imports 60 per cent of its cooking gas requirements, with 85-90 per cent originating from Gulf countries. The conflict has halted these supplies, leading to the curtailment of supplies to commercial users like...

Call Money Rates Surge to 7% Amid Year-End Liquidity Pressure Mumbai, March 30 – Call money rates climbed to 7 per cent on Monday, driven by increased borrowing by banks to meet heightened liquidity requirements ahead of the fiscal year-end. Market participants cited balance sheet adjustments and regulatory demands as key factors contributing to tighter liquidity conditions within the banking system.Market Dynamics and Rate Movements The call money rate, representing the interest charged on overnight funds, saw rates open at 6.85 per cent and subsequently reach 7 per cent according to the Clearing Corporation of India (CCIL). Simultaneously, the Tri-party repo rate experienced a rise, opening at 5.60 per cent and peaking at 6.99 per...

IndiGo Launches Daily Shanghai-Kolkata Flights, Boosting India-China Connectivity Beijing, March 30 – IndiGo airline launched its daily flight service between Shanghai and Kolkata on Monday, marking a significant step in bolstering air connectivity between India and China.New Route Established The IndiGo 6E flight was inaugurated by Pratik Mathur, the Indian Consul General in Shanghai. Speaking to IndiGo management, Mathur highlighted the positive momentum in air connectivity and the resurgence of economic links between the two nations. The Indian Consulate in Shanghai shared details of the event on X.Kolkata Becomes Second Indian City Linked to Shanghai Kolkata is now the second Indian city, following New Delhi, to be directly...