Business

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...

New Delhi, March 23 Svatantra Microfin Pvt Ltd announced on Monday that it has completed its merger with Chaitanya India Fin Credit Pvt Ltd (CIFCPL) and Svatantra Holding Pvt Ltd following approval from the NCLT.The approval for the amalgamation was granted by the National Company Law Tribunal (NCLT), Mumbai Bench, through its order dated March 12, Svatantra Microfin Pvt Ltd, founded by Ananya Birla, said in a statement.The said amalgamation, which follows the receipt of all necessary approvals, including the Reserve Bank of India (RBI), the Competition Commission of India (CCI), and BSE, solidifies Svatantra's position as the second-largest NBFC-MFI in India, it said.The corporate restructuring following the amalgamation also...

New Delhi, March 23 The ongoing crisis in West Asia has disrupted commercial LPG supplies, forcing industries, including mining operations, to seek alternative fuel options."When LPG availability is affected due to the West Asia conflict, it will impact industrial processes," sources said, adding that no specific figures were available on cuts in LPG supply to industries.Alternative solutions are being considered, with ammonia cylinders being increasingly used for industrial applications amid delays in commercial LPG deliveries triggered by regional tensions."Industries are in contact with local administrations, trying to arrange whatever is possible. We need to make adjustments and ensure a contingency plan to deal with the...

New Delhi, March 23 India will consider resuming the purchase of Iranian oil based on techno-commercial feasibility, a senior government official said after Washington temporarily lifted sanctions to ease pressure on prices following the US-Israeli war on Iran.Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian Light and Heavy grades due to strong refinery compatibility and favorable commercial terms. After sanctions tightened in 2018, imports ceased from May 2019, with volumes replaced by Middle Eastern, US, and other grades. At its peak, Iranian crude accounted for 11.5 per cent of India's total imports.During a press briefing on developments in West Asia, Sujata Sharma, Joint Secretary...

New Delhi, March 23 – The Ministry of Civil Aviation informed Parliament on Monday that a total of 11 airlines have shut down operations in India since 2016, primarily due to financial difficulties, a lack of aircraft availability, and internal issues.The information was shared in the Rajya Sabha in response to a question by Trinamool Congress MP Saket Gokhale.In its written reply, the ministry stated that while the government is committed to building a strong and balanced aviation sector, airlines operate in a deregulated environment and make decisions based on commercial considerations.The ministry clarified that the government does not interfere in the financial or operational decisions of airlines.Instead, it focuses on...

Amaravati, March 23 Prime Minister Narendra Modi on Monday described the Rs 1.35 lakh crore ArcelorMittal Nippon Steel India (AM/NS India) project as a world-class integrated steel plant that will further strengthen India's steelmaking capabilities.Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation for the project at Nakkapalli mandal in Anakapalli district. Union Steel and Heavy Industries Minister HD Kumaraswamy, and global steel industry leaders Lakshmi Mittal and Aditya Mittal, were also present."This is a world-class integrated steel plant that will further strengthen India's steelmaking capabilities. It marks a major milestone in Andhra Pradesh's development journey and will create opportunities for youth...

New Delhi, March 23 The initial public offering of Central Mine Planning & Design Institute Ltd, a subsidiary of state-owned Coal India, received 25 per cent subscription on the second day of bidding on Monday.According to NSE data, the IPO received bids for 2,02,84,720 shares against 7,97,89,500 shares on offer.The portion for Qualified Institutional Buyers (QIBs) received 62 per cent subscription. The category for Retail Individual Investors (RIIs) received 17 per cent subscription, and the quota for non-institutional investors received 8 per cent subscription.Central Mine Planning and Design Institute (CMPDIL) announced on Wednesday that it had raised Rs 470 crore from anchor investors.The Rs 1,842-crore initial public...

New Delhi, March 23 The Association of Gold Loan Companies (AGLOC) has sought a six-month deferral of the Reserve Bank of India's (RBI) revised guidelines on lending against gold and silver collateral, scheduled for implementation by April 1, 2026, citing emerging geopolitical uncertainty and risks to credit access.The revised framework, scheduled for implementation on or before April 1, 2026, aims to strengthen regulatory frameworks and promote responsible lending practices.In representations to the RBI, the Ministry of Finance, and the Department of Financial Services, given the current environment and the need to ensure continued credit access, a calibrated deferral would enable a smoother and more effective implementation...

New Delhi, March 23 Raymond Group Chairman Gautam Hari Singhania is recovering from injuries sustained in a speedboat accident in the Maldives last week and is supporting the ongoing search operations, his spokesperson said on Monday.Singhania is among seven people who were involved in a speedboat accident in the Maldives on Friday. He was rescued and returned to Mumbai.According to reports, two Indian men – former national rally champion Hari Singh and Arjuna awardee Cdr Mahesh Ramachandran – have been missing, and search operations are underway."Gautam Singhania continues to recover under proper care and is closely monitoring and supporting the ongoing search operations. We continue to pray for and support the friends and...

New Delhi, March 23 India's largest airline, IndiGo, announced on Monday the appointment of former Air India Express Managing Director Aloke Singh as its Chief Strategy Officer.The appointment comes less than two weeks after the sudden resignation of IndiGo's CEO, Pieter Elbers."Singh will lead the company's long-term strategic planning function and drive enterprise-wide transformation initiatives focused on accelerating growth, enhancing operational efficiency, and strengthening competitive positioning in a rapidly evolving global aviation landscape," IndiGo said in a statement."He will work closely with the leadership team on cross-functional priorities designed to improve agility, enhance customer experience, and deliver...

New Delhi, March 23 The Food Safety and Standards Authority of India (FSSAI) CEO, Rajit Punhani, called on the industry to comply, build capacity, and collaborate among stakeholders to position India as a global hub for high-quality nutraceutical products, on Monday.Nutraceuticals are food-derived products, including supplements and fortified foods, that provide health benefits beyond basic nutrition, aiding in disease prevention and treatment.Addressing an event organized by the PHD Chamber of Commerce and Industry (PHDCCI), the CEO highlighted a range of progressive initiatives undertaken by FSSAI to strengthen and promote the nutraceuticals sector in India.He emphasized FSSAI's continued efforts towards developing a robust...

Hisar, March 23 Haryana Chief Minister Nayab Singh Saini inaugurated the Kharif Krishi Mela-2026 at Chaudhary Charan Singh Haryana Agricultural University on Monday and praised the initiative to bring farmers, scientists, and innovation together on a common platform.The chief minister said that the fair, organized by Chaudhary Charan Singh Haryana Agricultural University (CCS HAU), is a symbol of farmers' hard work and scientists' foresight.The university has made significant contributions in areas such as improved seeds, water conservation, soil health, and climate-smart agriculture, he said.Addressing the gathering, he said that farmers must be made aware of climate change, declining water levels, and soil health.He urged...