Business

Adobe Appoints Shamik Basu as Vice President, Creative Products Group in India New Delhi, March 23, 2026 – Adobe announced the appointment of Shamik Basu as Vice President, Creative Products Group in India. Basu will lead Adobe India’s engineering and product management teams, reporting to Ely Greenfield, Chief Technology Officer, Creative Products Group.With over 8,000 employees across four campuses, India is Adobe's second-largest workforce globally, contributing more than a third of the company’s innovation agenda.In his new role, Basu will join the Adobe India leadership team, focusing on driving innovation and growth in India.Basu brings over 30 years of experience in building large-scale, intelligent software platforms, most...

Low Acceptance Rates in Prime Minister Internship Scheme Due to Location, Duration, and Role Fit New Delhi, March 23, 2026 – Many candidates are not accepting offers under the Prime Minister Internship Scheme (PMIS) due to factors such as location, longer internship duration, and lack of interest in offered roles, according to the government.In the first and second rounds of the scheme, over 16,000 interns joined their internships, while the total number of offers made exceeded 1.65 lakh.The Ministry of Corporate Affairs, which implements the scheme, conducted a nationwide analysis on low acceptance rates. Findings indicated that location preferences, the 12-month internship period, and role alignmentare key reasons why candidates...

Government Launches Internal Audit Portal to Boost Transparency and Accountability New Delhi, March 23, 2026 – The government on Monday launched the Internal Audit Portal (IAP) to enhance transparency and accountability by transitioning audit processes from manual tracking to a real-time, centralized digital system.The Ministry of Rural Development (MoRD) stated that the portal enables real-time monitoring of audit processes across departments, improving efficiency, oversight, and governance.A key feature of the system is Secretary-level access, which allows senior officials to track audit status directly and take timely action on issues.Developed by the National Informatics Centre, the portal aims to modernize audit mechanisms by...

Fertilizer Association of India Urges Government Relief Amid Gas Supply Disruptions New Delhi, March 23, 2026 – The Fertilizer Association of India (FAI) has urged the government to provide financial relief to urea producers affected by ongoing gas supply disruptions, warning that production shortfalls and a shortage of packaging materials could disrupt fertilizer supplies ahead of the monsoon season.In a letter to the government, FAI requested energy cost reimbursements and penalty waivers for plants operating under constrained gas supplies, citing extraordinary circumstances due to the ongoing geopolitical crisis.Under the Natural Gas Supply Regulation Order notified on March 9, 2026, fertilizer plants are classified under...

Andhra Pradesh CM Lays Foundation for Rs 1.36 Lakh-Crore ArcelorMittal Nippon Steel India Plant Rajayyapeta (Andhra Pradesh), March 23 – Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation stone for the Rs 1.36 lakh-crore ArcelorMittal Nippon Steel India (AM/NS India) steel plant in Nakkapalli mandal, Anakapalli district on Monday.Project DetailsPlant Capacity: 17.8 million tons per annum (MTPA) over 5,465 acres in two phases:Phase 1: 7.3 MTPA Phase 2: 10.5 MTPAEmployment: Expected to create 1 lakh direct and indirect jobs.Port DevelopmentAM/NS India will build a 50-million-ton capacity captive port on 316 acres, linked to the steel plant. Investment for the port: Rs 11,198 crore, generating 6,000 jobs...

BIDSO Raises ₹63 Crore Funding to Expand Toy and Consumer Products Platform New Delhi, March 23 – BIDSO, a design-led manufacturing platform focused on the global toys and consumer products ecosystem, announced on Monday that it has raised ₹63 crore in a funding round led by Blume Ventures.The funding includes ₹51 crore in equity and ₹12 crore in venture debt. Existing investors Peer Capital and Sadev Capital also participated, while Alteria Capital provided the venture debt.Use of Funds BIDSO plans to use the capital to:Strengthen product design and manufacturing capabilities. Expand its manufacturing footprint and production capacity. Scale its product portfolio. Invest in design, engineering, production, and sales teams to...

Sebi Introduces Draft Abridged Prospectus to Simplify IPO Disclosures New Delhi, March 23 – The Securities and Exchange Board of India (Sebi) has introduced a draft abridged prospectus to provide a concise, standardized, and investor-friendly summary of IPO offer documents.Key Features of the Draft Abridged ProspectusCompanies going public must submit the abridged prospectus along with their detailed offer documents. It will highlight key information such as the company’s business model, financials, promoters, risks, and performance indicators in a simplified format. The document must be hosted on the issuer’s website, stock exchanges, and lead managers’ websites for easy investor access. QR codes and links are required in...

Gold and Silver Prices Plunge Amid Strong Dollar, Rising Yields, and Geopolitical Tensions New Delhi, March 23 – Gold and silver prices tumbled sharply on Monday, driven by profit-taking, a stronger US dollar, and rising real yields.MCX April gold futures fell 6.91% to ₹1,34,506 per 10 grams by 3:30 pm. MCX May silver futures dropped 8.84% to ₹2,06,716 per kg.Key Market MovementsThe sell-off erased roughly $2 trillion in market value within hours due to strong profit booking. The US dollar strengthened 0.45% as the USD index climbed to 100.10, making dollar-priced bullion more expensive for holders of other currencies. The rupee weakened by 33 paise to a fresh all-time low of ₹93.86/USD.International PricesComex Gold fell...

Government to Deploy 10,000 Electric AC Buses Across 116 Cities by 2027 Under PM-eBus Sewa Scheme New Delhi, March 23 – The government informed the Rajya Sabha that 10,000 air-conditioned electric buses will be provided to 116 cities across 26 states and UTs by the end of 2027 under the PM-eBus Sewa Scheme, with a new scheme planned to provide an additional 35,000 e-buses thereafter.PM-eBus Sewa Scheme Overview Minister of Housing and Urban Affairs Manohar Lal said the scheme was announced by Prime Minister Narendra Modi on August 16, 2023, to improve mobility in smaller cities and reduce pollution.The scheme targets towns with populations between 3 lakh and 40 lakh, where states often lacked adequate funding for electric buses...

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...