Business

11 Airlines Exit Indian Market in Last 10 Years: Government New Delhi, March 23 – The government informed the Rajya Sabha on Monday that 11 airlines have exited the Indian aviation market over the past decade due to financial stress, lack of aircraft, and other internal issues.Minister of State for Civil Aviation Murlidhar Mohol stated that the aviation sector is deregulated, and airlines operate based on commercial considerations.Since 2016, the following developments occurred:11 airlines exited the market due to financial and operational challenges. AirAsia (India) Pvt. Ltd. (now AIX Connect Pvt. Ltd.) merged with Air India Express Ltd. Tata SIA Airlines Ltd. (Vistara) merged into Air India Ltd.Details of the exited airlines...

Hindustan Foods Ltd Acquires Ayurvedic & Herbal Cosmetic Manufacturing Facility for ₹19.9 Crore New Delhi, March 23 – FMCG contract manufacturer Hindustan Foods Ltd (HFL) announced on Monday the acquisition of an ayurvedic, herbal beauty care, and cosmetic products facility of Ultra Beauty Care Pvt Ltd in Maharashtra for ₹19.9 crore.Details of the Acquisition HFL executed a Business Transfer Agreement (BTA) with Ultra Beauty Care Pvt Ltd and its authorized representatives on March 23, 2026. The facility is located at C-15, Five Star Industrial Area, MIDC Shendra, Aurangabad, Maharashtra, according to a regulatory filing by the company.Strategic Expansion into Ayurvedic and Herbal Products The acquisition aligns with HFL’s strategy...

India’s Strategic Oil Reserves at Two-Thirds Capacity Amid Middle East Supply Risks New Delhi, March 23 – India’s strategic petroleum reserves (SPR), designed to provide cover for about 9.5 days of crude oil supplies during disruptions or price shocks, are currently at only two-thirds capacity, the Rajya Sabha was informed on Monday.India’s Dependence on Oil Imports As the world’s third-largest energy consumer, India relies heavily on imports for around 88% of its crude oil needs. To mitigate supply disruptions, India has built underground strategic storage facilities with a total capacity of 5.33 million tonnes across three locations:Visakhapatnam, Andhra Pradesh Mangaluru, Karnataka Padur, KarnatakaThese facilities store crude...

Indian Stock Markets Plunge Amid US-Iran Tensions: Sensex Drops 1,836 Points, Nifty Falls 2.6% Mumbai, March 23 – Indian stock markets ended sharply lower on Monday, with the BSE Sensex plunging 1,836 points and the Nifty 50 declining 2.6%, as escalating tensions between the United States and Iran spooked investors.The Sensex closed at 72,696.39, down 2.46% (1,836.57 points), while the Nifty 50 settled at 22,512.65, losing 601.85 points (2.60%).Nifty Technical Outlook Remains Bearish Market experts noted that the Nifty 50 continues to display a bearish pattern, with consistent lower highs and lower lows signaling strong downward momentum.“On the upside, the 22,650–22,700 range now acts as immediate resistance, while the...

Hind Rectifiers Appoints Chidambaram Balakrishnan as Chief Global Growth Officer New Delhi, March 23 — Hind Rectifiers Ltd has announced the appointment of Chidambaram Balakrishnan as its Chief Global Growth Officer, according to a regulatory filing on Tuesday.Role and Responsibilities In his new role, Chidambaram will spearhead Hind Rectifiers’ global growth initiatives, focusing on expanding the company’s international presence, strengthening strategic partnerships, and identifying new business opportunities across key global markets. He will also play a pivotal role in shaping the company’s global growth strategy and driving long-term value creation.About Chidambaram Balakrishnan Chidambaram brings extensive leadership...

Co-Working Spaces Expand Rapidly in India’s Tier II Cities New Delhi, March 23 — Co-working operators are increasingly targeting Tier II cities to meet rising demand for managed office spaces from corporations. According to US-based real estate consultant Vestian, over 575 centers covering nearly 9 million sq ft have been established across 17 smaller towns, accounting for nearly 29% of India’s total flexible workspace facilities.Tier II Cities Driving Flex Space Growth The Vestian report, “Flex Spaces Reshaping Tier II Office Markets,” highlights that these cities collectively house over 8.8 million sq ft of flexible office space, representing more than 9% of India’s pan-country flex market. Average co-working centers in Tier II...

Delhi’s Per Capita Income Projected at ₹5.31 Lakh in 2025–26 New Delhi, March 23 — According to the Delhi Economic Survey 2025–26, presented in the Assembly by Chief Minister Rekha Gupta, Delhi’s per capita income at current prices is expected to reach ₹5,31,610, registering a growth of 7.92% over 2024–25. The report noted that Delhi’s per capita income is projected to be about 2.5 times higher than the national average in 2025–26.Gross State Domestic Product (GSDP) Growth Delhi’s GSDP at current prices is estimated to reach ₹13,27,055 crore, reflecting a growth of 9.42% over 2024–25. At constant prices, GSDP is projected at ₹7,76,479 crore, showing a growth of 8.53% over the previous year.Fiscal Health and Revenue Surplus The...

MCD Funding Sees Rise, But Utilisation Remains Key: Delhi Economic Survey New Delhi, March 23 — Funding for the Municipal Corporation of Delhi (MCD) has improved, but effective utilisation and better coordination among agencies remain critical to delivering cleaner streets, improved schools, and stronger public health services, according to the Delhi Economic Survey 2025–26.Urban Pressure Driving Higher Allocations The survey, presented in the Assembly by Chief Minister Rekha Gupta on Monday, highlighted that rising allocations come as Delhi has become almost entirely urbanised. This has significantly increased pressure on civic infrastructure such as waste management, school education, and neighbourhood development.Increased...

Gold Prices Crash Over 10% in Futures Trade New Delhi, March 23 — Gold prices plunged sharply by more than 10% on Monday, falling to ₹1.29 lakh per 10 grams in futures trading amid a broad global sell-off in precious metals driven by macroeconomic pressures.On the Multi Commodity Exchange (MCX), gold dropped ₹14,897, or 10.3%, to ₹1,29,595 per 10 grams.Steep Fall from Record High The yellow metal has now declined by ₹63,501, or nearly 33%, from its all-time high of ₹1,93,096 per 10 grams recorded on January 29, 2026.Key Drivers Behind the Decline Analysts attributed the sharp fall to rising inflation concerns and a surge in crude oil prices, both of which have weighed on the global economic outlook.Gaurav Garg, Research Analyst...

SWAMIH Fund II Announced to Revive Stalled Housing Projects, Says Finance Minister New Delhi, March 23 — The government has announced the launch of SWAMIH Investment Fund II to provide relief to homebuyers stuck in delayed housing projects, Finance Minister Nirmala Sitharaman informed Parliament on Monday.The fund, unveiled in the Union Budget 2026–27, aims to accelerate the completion of stalled residential units and restore confidence in the real estate sector. ₹15,000 Crore Fund to Complete 1 Lakh Stalled Homes The Budget has allocated ₹15,000 crore for the new SWAMIH Fund II, targeting the completion of around 1 lakh housing units across multiple cities.The initiative focuses on affordable and mid-income housing projects that...

Euro Pratik Sales Acquires 51% Stake in Chawla Brothers for ₹33.2 Crore New Delhi, March 23 — Euro Pratik Sales on Monday announced the acquisition of a 51% stake in Chawla Brothers for ₹33.2 crore, strengthening its presence in North India’s decorative surfaces market.The transaction is expected to be completed by March 31, 2026, the company said in a statement. Deal Structure and Funding Details The acquisition is valued at ₹33.2 crore, which includes a capital infusion of ₹4.1 crore. The deal will be financed through internal accruals, reflecting the company’s strong financial position.Strategic Expansion in North India Commenting on the development, Chairman and Managing Director Pratik Singhvi said the acquisition marks a key...

UP Cabinet Approves 20 MW Floating Solar Plant in Gorakhpur Lucknow, March 23 — The Uttar Pradesh cabinet has approved a proposal to set up a 20 MW floating solar power plant at Chilua Tal in Gorakhpur, marking a significant step in the state’s renewable energy push.The decision was taken at a cabinet meeting chaired by Chief Minister Yogi Adityanath. Gorakhpur to Be Developed as Solar City State Energy and Urban Development Minister A.K. Sharma said the project aligns with the government’s broader plan to promote solar energy and transform urban centres into solar hubs.He noted that Gorakhpur is being developed as a “solar city,” with the floating solar plant at Chilua Tal forming a key part of this initiative. Coal India to...

Uttar Pradesh Raises Wheat MSP to ₹2,585/Quintal, Announces Bonus for Farmers Lucknow, March 23 — The Uttar Pradesh government has approved a hike in the minimum support price (MSP) for wheat by ₹160 per quintal for the 2026 procurement season, along with an additional ₹20 per quintal payment to farmers for cleaning, sorting, and handling costs.The decision was taken at a cabinet meeting chaired by Chief Minister Yogi Adityanath. Wheat MSP Increased by ₹160 Per Quintal for 2026 Season According to State Agriculture Minister Surya Pratap Shahi, the central government has fixed the MSP for wheat at ₹2,585 per quintal this year, reflecting an increase of ₹160 compared to the previous season.The move is aimed at ensuring better returns...

Hindustan Zinc Partners with Tata Steel to Boost Low-Carbon Steel Production New Delhi, March 23 — Hindustan Zinc Ltd on Monday announced a strategic partnership with Tata Steel to expand the use of its low-carbon zinc solution, EcoZen, in steel manufacturing.The collaboration underscores both companies’ commitment to integrating climate-focused strategies into their core operations and supply chains.EcoZen: A Low-Carbon Zinc Solution for Sustainable Manufacturing In a regulatory filing with the BSE, Hindustan Zinc said the partnership will deepen the integration of EcoZen into sustainable steel production.EcoZen is manufactured using renewable energy and has a verified carbon footprint of less than one tonne of CO₂ equivalent per...

Healthcare Sector Tops Cyberattack Targets in India: Seqrite Report New Delhi, March 23 — India’s healthcare sector faced the highest number of cybersecurity attacks between October 2024 and September 2025, according to a report released by Seqrite, part of Quick Heal Technologies Ltd..The report found that while healthcare led in attack volume, the education and manufacturing sectors together accounted for nearly 47% of all cyber threat detections in the country during the period. 3.79 Million Cyberattacks Target Healthcare and Pharma The healthcare and pharmaceutical sectors recorded 3.79 million cyberattack detections, making up 14.24% of total incidents nationwide.According to the report, hospitals and clinics across India faced...

No Proposal for Farm Loan Waiver, Says Finance Minister Nirmala Sitharaman New Delhi, March 23 — The central government is not considering any proposal for a complete farm loan waiver, Finance Minister Nirmala Sitharaman informed Parliament on Monday.Responding in the Lok Sabha, the minister said the government is instead focusing on strengthening farmers’ financial stability through targeted schemes and improved access to institutional credit. Government Focuses on Credit Support via Kisan Credit Card Scheme The government continues to provide timely and affordable credit to farmers through the Kisan Credit Card (KCC) scheme. Under the Modified Interest Subvention Scheme (MISS), crop loans of up to ₹3 lakh are offered at subsidized...

Modi Addresses Lok Sabha on West Asia Conflict, LPG Shortage Prime Minister Narendra Modi on Monday termed the prevailing situation in West Asia “worrisome” as it is having a very adverse impact on the global economy and the livelihoods of people. Modi is expected to address the Lok Sabha around 2 pm on Monday, focusing on the ongoing West Asia conflict.Congress Urges Action on West Asia and Domestic Concerns The Congress urged India to take the lead in peace talks in West Asia and called on Prime Minister Narendra Modi to inform citizens about the measures being taken to address the LPG shortage and rising inflation. Congress MP Priyanka Gandhi Vadra stated that Modi should have spoken earlier, emphasizing the need to address the...

Two More Indian LPG Tankers Transit Strait of Hormuz New Delhi, March 23 – Two Indian-flagged LPG tankers, Pine Gas and Jag Vasant, have resumed their journeys from the Persian Gulf, ship tracking data indicates. The vessels are expected to cross the war-affected Strait of Hormuz before heading to Indian ports.Vessels Navigate Tensions The LPG tankers, sailing in close proximity on Monday afternoon, were located near the waters between Iran's Larak and Qeshm islands. This positioning likely aimed to clarify their identity to Iranian authorities prior to traversing the Strait.Recent Arrivals and Stranded Vessels Previously, MT Shivalik and MT Nanda Devi, carrying approximately 92,712 tonnes of LPG – roughly a day's cooking gas...

India’s Electricity Generation Capacity Reaches 524 GW India’s installed electricity generation capacity has reached 524 GW as of February 28, 2026, according to information shared with the Rajya Sabha. Minister of State for Power Shripad Naik reported that the nation has transitioned from a power deficit to a power sufficient state.Capacity Expansion Since 2014 The country has added 296.388 GW of generation capacity since April 2014, significantly strengthening the power sector through expanded capacity and improved infrastructure.Power Supply and Demand Electricity supply has largely kept pace with demand over the last three financial years and the current fiscal, with only minor shortfalls. These shortfalls are primarily...

LPG Coverage Reaches Near-Universal Levels Under Pradhan Mantri Ujjwala Yojana New Delhi, March 23 – India has achieved near-universal LPG coverage thanks to the Pradhan Mantri Ujjwala Yojana (PMUY), with approximately 10.56 crore connections established as of March 1, 2026, according to a statement made to Parliament on Monday. Maharashtra currently has 52.60 lakh PMUY connections, while Gujarat boasts 43.92 lakh connections.The government recently approved the release of an additional 25 lakh LPG connections during the 2025-26 financial year to address pending applications and further saturate LPG access across the country. As of March 1, 2026, Maharashtra received approximately 0.48 lakh new connections, and Gujarat approximately...