Business

New Delhi, March 23 TMC MP Saket Gokhale said on Monday that the NDA government has revised its own 2025-26 Budget Estimate by nearly Rs 10 lakh crore."Rs 10 lakh crore is the difference between what they present in the budget versus what is in the revised estimates," Gokhale said, taking a dig at the Finance Minister by calling her "the world's most gifted writer in fiction"."If you look at the budget and if you look at the Appropriation Bill that is being presented, it is very clear that the budget that is presented to Parliament every year is a work of fiction," he said in the Rajya Sabha.While presenting the ministry-wise details, he said that in the revised estimate, the budget for drinking water and sanitation has been...

New Delhi, March 23 – According to the 2025-26 economic survey report presented to the Delhi assembly by Chief Minister Rekha Gupta on Monday, Delhi's per capita income at current prices is likely to reach Rs 5,31,610, registering a growth of 7.92 per cent over 2024-25.The Chief Minister asserted that the survey report was "clear evidence" of Delhi's "rapidly growing" economy, "robust" infrastructure, and pro-people welfare policies.The Delhi Government's objective is to transform the capital into a world-class, inclusive, equitable, and livable city, so that the aspirations of every citizen may be fulfilled, she added.The report further stated that Delhi's per capita income is estimated to be about 2.5 times higher than the...

New Delhi, March 23 – Prime Minister Narendra Modi stated on Monday that India has transformed every sector and is now moving forward at a rapid pace of development, with visible results replacing the slow progress of the past.Addressing an event here, the Prime Minister said that India today has more than 160 airports, reflecting the rapid expansion of infrastructure across the country.He noted that while plans were made earlier as well, the key difference now is that outcomes are clearly visible on the ground."The pace of development has significantly increased, and the country has moved from slow execution to fast-track growth," PM Modi stated."The government’s resolutions are now turning into achievements, sending a strong...

New Delhi, March 23 South Indian Bank, a private sector lender, announced on Monday that it has appointed former RBI Executive Director Jose Joseph Kattoor as its non-executive, part-time chairman.The appointment is effective from March 23, 2026, for a term of three years.The appointment follows the approval granted by the Reserve Bank of India on February 3, 2026, South Indian Bank said in a statement.Kattoor brings over three decades of distinguished experience with the Reserve Bank of India, where he served from 1991 to 2023, it added.During his tenure as Executive Director, he led key departments, including enforcement, corporate strategy, currency, and human resources, the statement said.He has been serving as an...

Gurugram, March 23 Bharat Petroleum Corporation Limited (BPCL) has launched the country's first 'LPG ATM' (gas vending machine) in Gurugram, which will be open 24 hours a day and provide a cylinder within 2 to 3 minutes, an official said on Monday.This 'LPG ATM' has been launched at the Central Park Flower Valley society in Sector 33 of Gurugram's Sohna area. A notable feature of the ATM is its use of 'composite cylinders' instead of traditional heavy iron cylinders.These cylinders are made of fibre and weigh approximately half (around 15 kg) compared to iron cylinders.Currently, this service is available to customers in Gurugram who are connected to Bharat Gas (BPCL). The company has launched this as a pilot project. Currently...

New Delhi, March 23 Air India's Boeing 787-8 aircraft, flying from Bengaluru to London Heathrow, was diverted to Jeddah on Monday due to a technical issue after being airborne for over six hours.In a statement, a spokesperson for the airline said that the aircraft made a precautionary diversion and is currently undergoing comprehensive technical inspections in accordance with established safety protocols."Air India Flight AI133, operating from Bengaluru (BLR) to London Heathrow (LHR) on March 23, made a precautionary diversion to Jeddah following a suspected technical issue. The aircraft landed safely at Jeddah Airport at 19:58 IST, and all passengers and crew are confirmed safe," the spokesperson said.Details about the number of...

Mumbai, March 24 Japanese tyre maker Bridgestone is looking to sustain its strong growth momentum in India and expects a compounded annual growth rate (CAGR) of around 67 per cent in gross sales over the next five years, its managing director Rajarshi Moitra has said.He also said that the domestic aftermarket, especially the passenger car segment, is set for strong, robust growth and Bridgestone India remains bullish about this particular segment."Bridgestone India has been identified as amongst the top five growth markets of the Bridgestone Group. And in India, we are looking at continuing a strong growth momentum. Also, there is a lot of investment that the group is making. We are looking at continuing a strong growth momentum,"...

Thane, March 23 Thane Municipal Commissioner Saurabh Rao presented a budget of ₹6,221.12 crore for the 2026-27 fiscal, focusing on infrastructure, health, and education, without proposing any increase in municipal taxes.The budget was presented in the general body meeting held under Mayor Sharmila Pimpolkar.Presenting the financial statement, Rao emphasized maintaining financial discipline while enhancing the standard of living for citizens through sustainable "Green Thane" solutions and improved administrative transparency.Leader of the House, Hanumant Jagdale, moved a resolution praising Rao's work as an administrator over the past two years, which was seconded by Leader of Opposition Ashraf Shanu Pathan.Interacting with the...

Bhopal, March 23 The Madhya Pradesh cabinet on Monday approved a 3 per cent increase in Dearness Allowance (DA) for government employees and pensioners, and also cleared development and construction projects worth Rs 6,940 crore, officials said.The DA increase will benefit approximately 10 lakh people, including nearly three lakh pensioners, and will cost the state exchequer Rs 2,450 crore annually, they added."These decisions were taken at a cabinet meeting chaired by Chief Minister Mohan Yadav at the Mantralaya. The cabinet also approved several welfare proposals, including a micro irrigation project in the Rewa district and a training scheme for youth from the Other Backward Category," an official said."The 3 per cent increase...

Mumbai, March 23 The Securities and Exchange Board of India (SEBI) board on Monday decided to allow foreign portfolio investors (FPIs) to net funds for same-day cash market trades, instead of settling each trade individually, a move aimed at enhancing operational efficiency and reducing their funding costs, especially on index rebalancing days.The proposal will be implemented by December 31, 2026, the regulator said in a statement after the conclusion of its board meeting.Additionally, the board approved amendments to the regulations governing Alternative Investment Funds (AIFs), reducing the minimum investment value by individual investors in the Social Impact Fund of the AIF from the existing Rs 2 lakh to Rs 1,000 to boost retail...

Mumbai, March 23 In the wake of the HDFC Bank crisis triggered by chairman Atanu Chakraborty's sudden resignation, Sebi chairman Tuhin Kanta Pandey said on Monday that independent directors need to act responsibly and back up any accusations with evidence.In comments that came days after problems at the largest private-sector lender, Pandey said that independent directors like Chakraborty play a very important role in protecting the interests of minority shareholders on the board and outlined the process for voicing concerns as per the regulations.Chakraborty resigned, citing concerns about values and ethics, which led to widespread worries about governance at the systemically important bank and a sharp correction in its stock...

Gandhinagar, March 23 – Gujarat Finance Minister Kanubhai Desai stated on Monday that the state government is maintaining strict fiscal discipline and meeting all prescribed financial targets, even as it continues to increase capital expenditure for development.Speaking during the Budget session, Desai said the government is managing finances according to established standards and traditions of good governance.His comments were in response to concerns raised by senior Congress MLA Shailesh Parmar regarding the state's financial management, including rising non-development expenditure and debt.Desai explained that the Gujarat Fiscal Responsibility Act, 2005, ensures fiscal stability and accountability, and the state aims to...

New Delhi, March 23 Artificial Intelligence is no longer a secondary aspect of the telecom industry, and is becoming integral to how networks are designed, managed, and experienced, said Anil Kumar Lahoti, Chairman of the Telecom Regulatory Authority of India (TRAI), on Monday.AI is already enabling self-optimizing networks, predictive maintenance, intelligent spectrum management, enhanced cybersecurity, improved energy efficiency, and better customer experience, he noted."India is undergoing one of the fastest digital transformations in the world. Telecommunications and digital technologies are now core infrastructure for economic growth, governance, and social inclusion," Lahoti said, speaking at a session of the 33rd Convergence...

New Delhi, March 23 Two more Indian-flagged LPG tankers, carrying approximately a day's supply of the country's cooking gas, have safely navigated through the war-hit Strait of Hormuz and are expected to reach Indian shores within the next two days.The LPG tankers, Pine Gas and Jag Vasant, were sailing close to each other when they departed from the Persian Gulf on Monday morning before crossing the strait, according to ship tracking data.Rajesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping, and Waterways, stated that the two ships are carrying 92,612 tonnes of LPG. "The movement has started."The tankers are likely to reach Indian ports between March 26 and March 28. According to the Ministry of Ports, Shipping...

New Delhi, March 23: In light of the evolving geopolitical situation due to the Iran war and its implications for maritime trade, the Centre has decided to restore the rates and value caps under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for all eligible export products, effective from March 23, according to a statement issued by the Ministry of Commerce and Industry on Monday.This step is intended to provide timely support to Indian exporters facing elevated freight costs and war-related trade risks arising from disruptions in the Gulf and the wider West Asia maritime corridor, the statement said.The restored rates will be those that were in force as of February 22 this year, thereby withdrawing the...

Shimla, March 23 Consumers in Himachal Pradesh will have to pay more for petrol and high-speed diesel, as the Assembly passed a VAT amendment bill on Monday, which seeks to levy an "Orphan and Widow" cess of up to Rs 5 per litre on these two fuels, despite the opposition BJP staging a walkout.The cess has been levied to ensure a dedicated, stable and sustainable source of revenue for effective implementation and strengthening of welfare measures for orphans and widows, Chief Minister Sukhvinder Singh Sukhu said in a statement.Opposing the Himachal Pradesh Value Added Tax (Amendment) Bill 2006, Randhir Sharma (BJP) said that after the cess is levied, petrol and diesel would be more expensive in the state compared to neighboring...

Mumbai, March 23 IHG Hotels & Resorts announced on Monday the signing of a management agreement with Harisons Hotels & Resorts to introduce a 150-key Crowne Plaza Resort in Gurgaon, Sohna, in the National Capital Region, which is scheduled to open in the first quarter of 2029."Sohna represents a compelling growth opportunity, located within a high-potential corridor characterized by sustained demand for weddings and social celebrations, alongside expanding corporate activity, making it an ideal fit for our Crowne Plaza brand. We are confident that this resort will generate long-term value for our partners, Harisons Hotels & Resorts," said Sudeep Jain, Managing Director, South West Asia, IHG Hotels & Resorts, in a statement.IHG...

Mumbai, March 23 India needs to closely monitor the evolving situation in West Asia and take proactive measures to limit the impact of spillover effects, as the country is dependent on crude oil imports, the Reserve Bank's bulletin said on Monday.However, the March bulletin noted that India's foreign exchange reserves remain adequate to provide a cushion against external shocks, and the creation of an Economic Stabilisation Fund would further provide fiscal headroom and buffer to proactively respond to global headwinds.An article in the March bulletin stated that the conflict in the Middle East and fresh trade investigations by the US have resulted in increased volatility in the global markets.The renewed conflict in the Middle...

Mumbai, March 23 The rupee breached the 94-level against the US dollar for the first time on Monday, closing flat at 93.53, amid a correction in global crude prices.At the interbank foreign exchange market, the local currency opened at 93.84 and breached the 94-mark against the US dollar for the first time during the day's trading. However, it recovered all lost ground to settle unchanged at 93.53.The rupee crossed the 93-mark against the US dollar on Friday after falling by 64 paise to settle at 93.53."The rupee hit fresh all-time lows on Friday and breached the 94-mark for the first time amid escalating geopolitical tensions in West Asia and weak domestic markets. Rising crude oil prices and FII outflows also weighed on the...

New Delhi, March 23 The government on Monday restored full benefits under the RoDTEP scheme to exporters amidst the ongoing West Asia crisis disrupting global trade.Last month, the government halved the rate of duty benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme. The exporting community expressed disappointment and had sought reconsideration of the decision.“The RoDTEP rates and value caps as specified…as applicable on February 22, 2026, are hereby restored with effect from February 23, 2026, to March 31, 2026, for all eligible export products,” the Directorate General of Foreign Trade (DGFT) said in a notification.The Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme...