Business

Civil Aviation Ministry Monitors West Asia Conflict Impact on Flight Operations New Delhi, March 23 – The Ministry of Civil Aviation said on Monday that the financial and operational implications of the West Asia conflict on flight operations are evolving, and appropriate measures are being implemented in consultation with airlines and other stakeholders.The conflict involving the US, Israel, and Iran, which began on February 28, has significantly affected airline operations in and through the West Asia region.Flight Operations and Safety Measures Minister of State for Civil Aviation Murlidhar Mohol told the Rajya Sabha that the ministry is closely monitoring the closure of the West Asian air corridor and its impact on flights...

Rupee Falls Below 94/USD for First Time Amid Rising Crude Prices and FII Outflows Mumbai, March 23 – The Indian rupee breached the 94 per US dollar mark for the first time on Monday, falling 50 paise to a provisional 94.03 amid soaring global crude prices, continued foreign fund outflows, and a strengthening US dollar.Currency MovementThe rupee opened at 93.84 in the interbank market and gradually weakened throughout the day. On Friday, the rupee had already crossed the 93/USD mark, closing at 93.53, down 64 paise.Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, noted that escalating West Asia geopolitical tensions, weak domestic markets, rising crude oil prices, and FII outflows contributed to the rupee’s decline. He...

India Records 23 Aviation Accidents in Last Five Years, Helicopter Accident Rate Highest: Government New Delhi, March 23 – The government on Monday stated that 23 accidents involving scheduled, non-scheduled fixed-wing operators (NSOP), and helicopter operators occurred in the last five years. The information was provided by Minister of State for Civil Aviation Murlidhar Mohol in a written reply to the Rajya Sabha.Accident StatisticsThe helicopter accident rate per 10,000 flying hours was 0.53 in 2025, the highest in the last five years. The NSOP fixed-wing aircraft accident rate per 10,000 departures was 0.27 in 2025.Year-wise accidents:2021: 6 accidents 2022: 4 accidents 2023: 4 accidents 2024: 3 accidents 2025: 6 accidents...

Sensex and Nifty Plunge Amid Middle East Tensions, Rising Crude Prices, and FII Outflows Mumbai, March 23 – The benchmark indices Sensex and Nifty fell sharply on Monday, following weak trends in global markets as the war in the Middle East continued into its fourth week.Rising crude oil prices, persistent foreign fund outflows, and a weak rupee contributed to risk-averse investor sentiment.The BSE Sensex dropped 1,836.57 points (2.46%) to close at 72,696.39, hitting an intraday low of 72,558.44. The NSE Nifty 50 fell 601.85 points (2.60%), ending at 22,512.65.Among Sensex constituents, Titan declined the most by 6.24%, followed by Trent, UltraTech Cement, Bharat Electronics, InterGlobe Aviation, Tata Steel, and HDFC Bank. Winners...

New Delhi, March 23 – Prime Minister Narendra Modi on Monday emphasized that India is advocating dialogue and diplomacy to resolve the ongoing West Asia conflict, calling attacks on commercial ships and disruptions of the Strait of Hormuz unacceptable. He assured the Lok Sabha that the government is in touch with multiple suppliers to maintain oil and gas supplies.Safety of Indians Abroad Modi stated that every Indian in the war-affected region is being provided necessary assistance. He has spoken with West Asian heads of state, all of whom have ensured the safety of Indian citizens.Energy and Fuel Security To address concerns of fuel shortages, the Prime Minister said:Strategic petroleum reserves (SPR) exceed 5.3 million metric...

Amendments to Press Note 3 Could Boost Chinese FDI in India to 2%: Crisil Report Mumbai, March 23 – Amendments to the government’s Press Note 3 are expected to increase Chinese foreign direct investment (FDI) in India to around 2% of total FDI, according to a report by Crisil Intelligence.Background on Chinese FDI in India Between 2014 and 2019, cumulative FDI inflows from China and Hong Kong accounted for approximately 2% of total FDI. Following the introduction of Press Note 3 in April 2020, which restricted investments to prevent opportunistic acquisitions during the Covid-19 downturn, the share dropped sharply to 0.27%.Impact of Press Note 3 Amendments The easing of Press Note 3 norms is expected to:Unlock a pipeline of...

New Delhi, March 23 – The World Gold Council (WGC) announced its ‘Gold as a Service’ platform on Monday, aiming to link the physical custody of gold with digital systems and expand access to digital gold products in India.Platform Overview According to a Boston Consulting Group (BCG) India report, ‘Gold as a Service’ is an open platformthat connects the physical storage of gold with the digital systems used to issue and manage gold-backed products.The platform standardizes:Custody coordination Reconciliation Compliance RedemptionThis approach is designed to reduce operational complexity, improve access, and enable greater consistency across digital gold products.Benefits for Indian Investors “Gold is deeply ingrained in...

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...