Reliance remains mum even as Trump announces historic $300 billion U.S. refinery deal
INDIA BUSINESS | Thu, 12 Mar 2026, 1:23AM IST
The company did not make any announcement neither informed anything to stock exchanges, fuelling speculations on the veracity of U.S. President Trumps claims
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Oil shock, inflation dampen rate-cut hopes
INDIA NEWS | Thu, 12 Mar 2026, 1:01AM IST
Mumbai: The probability of a further cut in India's policy interest rates in the current easing cycle has significantly reduced, economists told ET, citing the risks of supply disruptions and oil-fed imported inflation due to the West Asia crisis, and the end to a favourable base effect that had made recent food price increases seem rather modest.They said the Reserve Bank of India's move to hit the 'pause' button on rates could quickly change if inflation rears its head yet again. Sustained foreign outflows from Indian growth assets and the consequent pummelling of the rupee - on course to be Asia's worst currency this year, - could force the RBI to act sooner on rates than previously thought."The chances of a long pause for which the market was preparing before this crisis have certainly diminished. Of course, the RBI would not take the call immediately," said Indranil Pan, chief economist, Yes Bank. "It is fair to assume that there will be no action in April - or even June - but the chances of a cut are almost non-existent now."Global benchmark Brent crude rose to a four year-high of $120 per barrel Monday over concerns of a supply disruption, but has since eased to $90 per barrel after the International Energy Agency announced a historic release of emergency reserves. Prices are still higher than around the $73 per barrel before the US-Israel coalition attacked Iran on February 27.The Monetary Policy Committee (MPC) would announce its decision on benchmark rates next on April 9. Of course, the latest inflation prints - and broader trends in economic activity - would have a bearing on the rate action, economists said.The last inflation reading was at 2.75% in January. The February reading will be made public Thursday (March 12). Consumer inflation has trended below the central bank's price stability mandate of 4% since January 2025, having touched a low of 0.25% in October 2025, mainly helped by a favourable base effect for food prices.But economists are concerned the base-effect impact due previous spikes in inflation would wane soon. When that's yoked together with the expected supply side disruptions, prices should harden.Moreover, with the central bank already delivering four rate cuts totalling 125 basis points since January 2025 to 5.25%, the room for further reduction is small.Little Room to Manoeuvre"Besides the inflationary pressures due to the Iran war the banking system itself is not equipped to handle another cut since deposit rates cannot go any lower," said Madan Sabnavis, chief economist, Bank of Baroda. "Food inflation, which was helped by a base effect, will also not get that benefit starting April. This together with issues linked to LPG supply, airline fares and a possible El Nino condition will lead to higher inflation."The World Meteorological Organisation (WMO) has predicted El Nino weather conditions in the second half of 2026, leading to higher temperatures and likely patchy monsoons in India, further affecting food prices.Sabnavis said he expects inflation will start inching up and go beyond 4% in the first half of next fiscal eliminating any chances of a further rate cut.Rising oil prices and the risk of widening deficit has also accelerated foreign portfolio outflows from India. So far this calendar foreign funds have pulled out '35,808 crore from Indian markets, reflecting in the weakness of the rupee which plunged to an all time low of '92.35 per dollar on Monday. A weak rupee means RBI cannot afford to reduce rates further."The situation remains fluid. However, the balance of risks has shifted away from an extended pause/ last rate cut to a pause plus hike. It's premature to pencil in a hike just as of now. But if oil prices remain in USD90-100 a barrel for a year and global rate hikes begin, the MPC might have to consider a hike sooner rather than later for external sector management," said Anubhuti Sahay, head, India economic research, Standard Chartered.
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India must make garments for all seasons: Giriraj Singh
INDIA BUSINESS | Thu, 12 Mar 2026, 12:57AM IST
India sets its sights on transforming into a $350 billion textile powerhouse with $100 billion in exports by the fiscal year 2030-31. To achieve this ambitious target, the industry must elevate its operations to scale up production, enhance value, and streamline garment manufacturing year-round. Moreover, leveraging free trade agreements for market access is crucial.
Continue reading at Economic Times
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Supreme Court seeks timeline for CBI probe into NCR housing projects
INDIA BUSINESS | Thu, 12 Mar 2026, 12:57AM IST
The Supreme Court has issued a decisive order for the CBI to outline a clear timeline for its investigation into numerous real estate developments in the NCR. The court strongly stated that lingering delays would only intensify the suffering of homebuyers.
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INDIA BUSINESS | Thu, 12 Mar 2026, 12:56AM IST
Indian insurers are reviewing marine cargo exposures in the Persian Gulf, Strait of Hormuz, and Red Sea due to escalating geopolitical tensions. ICICI Lombard is assessing shipments and introducing a 0.25% war-risk premium for Gulf-linked cargo, while existing policies remain in force. This reassessment aims to manage risks and ensure compliance with war-risk provisions.
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Public sector banks still ahead of private peers in credit growth
INDIA BUSINESS | Thu, 12 Mar 2026, 12:50AM IST
Public sector banks (PSBs) outpaced private lenders in credit growth during the December quarter of FY26, with loan growth ranging from 17-28% year-on-year. This surge boosted PSBs' market share in loans to 54.4%, while private banks saw a slight decline. Improved asset quality and corporate lending revival fueled PSB momentum.
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India to release product list for faster PN3 FDI approvals
INDIA NEWS | Thu, 12 Mar 2026, 12:48AM IST
New Delhi: India will soon issue a list of products for expedited clearance under amended Press Note 3 that mandates prior approval for foreign investment from countries with which it shares land borders, officials said.The amended foreign direct investment (FDI) policy guidelines have allowed proposals for investments from China and other land-border countries to include advanced battery components, rare earth permanent magnets, rare earth processing sectors, whose applications will be processed and decided within 60 days.Officials expect the move to boost flow of foreign capital into the country.129477625 "We would soon be issuing a detailed list of products," Jai Prakash Shivahare, joint secretary, DPIIT told reporters.The announcement came a day after the Union Cabinet approved amendments to Press Note 3 allowing 60-day clearance to investment up to 49% in select manufacturing sectors - capital goods, electronic capital goods, electronic components, polysilicon and ingot-wafer.Shivahare said advanced battery components, rare earth magnets and processing will also be included in the list for expeditious decision.Officials said defining "beneficial ownership" in the amended PN 3 will allow overseas entities having less than 10% shareholding from China or from any other land border country (LBC) to invest in India under the automatic route across sectors.However, this relaxation will not apply to entities registered in LBCs.Earlier, foreign firms having even a single shareholder from LBCs had to seek mandatory approval to invest in India in any sector, stalling several investment proposals. They will now just need to furnish details of the investment for information. Around 600 such applications are pending for approval and with the changes, many of them are expected to get the government's nod.Officials also said that while the relaxation is prospective in nature, some applications that are pending and have less than 10% investment from companies from non-LBS countries shall be permitted under the automatic route as per the applicable sector entry routes, and subject to prior reporting requirements to the Department for Promotion of Industry and Internal Trade (DPIIT)."We are opening in a calibrated manner...this will reduce our import dependence, bring a lot of certainty. There was a lot of interest in investment in India. We expect investment will increase with the easing of these requirements," said Amardeep Singh Bhatia, DPIIT secretary, adding that global funds had sought the relaxations.On the criteria followed to identify the specified sectors for the time-bound mechanism, Bhatia said the government selected these areas because of the need to strengthen domestic manufacturing ecosystems, and that the list of sectors could increase over time. Based on domestic manufacturing needs, the government will add more categories to the list of sectors where investment proposals from LBCs must be processed within 60 days.Restrictions on LBC remainThe government said all the restrictions for investors from land bordering countries (LBCs) are still applicable."There is no relaxation so far as entities or investors in LBCs are concerned. This relaxation is only for entities in non-LBCs and having beneficial owners from LBCs below 10% and non-controlling stake," said Shivahare.He further explained that if a firm from a country sharing a land border with India provides technology and holds even one per cent stake, through which it may exercise some form of control, the investment will still require approval through the government route.Expedited approval mechanism is limited to certain sectors and specific proposals, especially those involving collaborations and joint ventures between foreign investors and Indian companies.A committee of secretaries headed by the cabinet secretary can make changes in this sectoral list. On the pending 600 applications, he said many would fall under either of the two categories - below the 10% threshold and the expedited mechanism.A specific mechanism has been laid down for expedited approvals to ensure that the 60-day timeline is followed, as it would provide certainty to probable investors, Bhatia said.He said a portal was being prepared so that applicants can file the information and go ahead with their investments."Allowing limited non-controlling investment while retaining safeguards on strategic sectors attempts to balance economic pragmatism with national security concerns," said Moin Ladha, Partner at Khaitan & Co.Ladha said the move is also closely aligned with India's manufacturing ambitions, particularly in sectors such as electronics, capital goods and solar supply chains where collaboration, capital and technology partnerships can help strengthen domestic capacity.Beneficial ownershipBhatia added that the beneficial ownership definition is not sector-specific and "we have just defined it now." It is relevant for companies that are located outside the land border-sharing nations. "If 10% beneficial ownership and control are satisfied then they don't need to follow the PN3 route," Bhatia said.He added that funds such as BlackRock had sought the easing of the PN3. This is key as companies like Blackrock, Sony, Siemens, Schneider having even a single share owner in LBCs had to take PN-3 route. The beneficial ownership test would be applied at the level of the non-LBC investor entity, whereas the test of control of the company would be as per PMLA rules. Security priority Though the procedures are being simplified, the secretary insisted that national security checks will continue."In the expedited process, some steps have been done away with...but broadly, as far as the security clearances are required, political clearance is required, that process will remain in place," the secretary said.Stressing that opening up doesn't mean concerns about security go away in all cases, Bhatia said, "We are opening up in a calibrated manner, in non-strategic sectors." "We were getting queries from investors keen to invest as those with even 1% share in LBCs had to take this route."
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Daily domestic LPG output raised by 25%: Petroleum ministry official
INDIA BUSINESS | Thu, 12 Mar 2026, 12:47AM IST
India's cooking gas production has risen 25 percent. Refineries are maximizing output to counter supply halts from the Gulf. This boost helps fill a gap caused by the Iran war impacting imports. Households are advised against panic booking. India's crude oil supply remains secure. Additional crude and LNG cargoes are en route to India.
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As govt moves to prevent domestic LPG hoarding, stock-out at stores with kitchens going electric
INDIA BUSINESS | Thu, 12 Mar 2026, 12:44AM IST
Fears of cooking gas shortages have triggered panic buying of electric cooking appliances across India. Retailers are seeing sales surge, with stocks running out rapidly. Manufacturers are increasing production to meet the unexpected demand. Consumers are purchasing multiple units, indicating a shift towards electric cooking.
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'$95 for 2 months' US agency predicts prolonged conflict
INDIA BUSINESS | Thu, 12 Mar 2026, 12:44AM IST
Brent is up 27% since the start of the war as the Strait of Hormuz is effectively shut and some oil production in the region has been curtailed. "We make the assumption in our modelling that the effective closure of the Strait of Hormuz will cause oil production in the Middle East (West Asia) to fall further in the coming weeks. We assume this shut-in production will gradually ease as transit through the Strait resumes," the EIA, the primary federal authority in the US for energy statistics, said in its short-term energy outlook.
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Dubai corridor shut amid West Asia war; diamond traders remix 'rough' sources
INDIA BUSINESS | Thu, 12 Mar 2026, 12:42AM IST
India's diamond exporters are boosting rough stone purchases from Antwerp and Africa. The West Asia conflict has disrupted the Dubai trade corridor. Demand for rare white and coloured diamonds is increasing. Investors are turning to these diamonds as a safe investment. India processes most of the world's polished diamonds.
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India medical device shortage: Polypropylene price surge threatens syringes, IV bags amid Iran war
INDIA BUSINESS | Thu, 12 Mar 2026, 12:37AM IST
India's medical devices industry faces a polypropylene shortage due to the Iran war, causing a sharp price increase of over Rs 55 per kg. This surge, coupled with a deepening gas supply crisis impacting syringe production, threatens small and medium enterprises and overall healthcare delivery.
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Travel Risk: Domestic destinations to gain ground this summer
INDIA BUSINESS | Thu, 12 Mar 2026, 12:36AM IST
Indian travellers are increasingly booking domestic holidays for the upcoming summer. Global uncertainties and rising travel costs are driving this trend. Destinations like Himachal Pradesh, Uttarakhand, and the North East are seeing high demand. Travellers are exploring cooler weather and unique experiences. Emerging destinations like Jaisalmer are also gaining popularity. This shift indicates a strong summer for domestic tourism.
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Food and beverage outlets near shutdown, unable to fulfil online orders amid LPG crisis
INDIA BUSINESS | Thu, 12 Mar 2026, 12:33AM IST
India's food and beverages sector faces a severe LPG crisis. Supply disruptions from West Asia are forcing restaurants to close and halt deliveries. Many outlets are reducing menu items to conserve cooking gas. This situation impacts millions of livelihoods and the gig economy. Authorities are reviewing allocations, prioritizing domestic households.
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Delhi HC seeks reply on Hero Moto's 'MotorHunk' plea
INDIA BUSINESS | Thu, 12 Mar 2026, 12:28AM IST
The Delhi High Court is reviewing Hero MotoCorp's challenge to the 'MotorHunk' trademark. Hero MotoCorp claims the mark is too similar to its 'Hunk' brand, potentially confusing customers. Nitin Khanna, founder of MotorHunk, argues the marks are distinct and Hero MotoCorp no longer uses its 'Hunk' mark.
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Chinese smartphone companies OnePlus, Realme boost online play
INDIA BUSINESS | Thu, 12 Mar 2026, 12:25AM IST
Chinese smartphone makers are moving sales online. OnePlus is telling retailers most stock will be online. Realme has cut its offline sales team. This is to manage rising component costs. Online sales are cheaper than offline. This helps brands offer competitive prices. This shift comes as handset sales are expected to fall.
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Farooq Abdullah, J&K Deputy CM Escape Unhurt In Gunman Attack In Jammu; Accused Held
INDIA MARKET | Thu, 12 Mar 2026, 12:09AM IST
The accused, Kamal Singh Jamwal, a resident of Purani Mandi, was overpowered by security guards and was whisked away for questioning.
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Jindal Steel bags another Odisha iron mine
INDIA NEWS | Thu, 12 Mar 2026, 12:03AM IST
Mumbai: Jindal Steel has secured one more iron ore mine in Odisha with estimated reserves of nearly 38 million tonnes, people in the know told ET.The steelmaker won a state government auction for the Rengalaberha North-East Extension and Nuagan West iron ore block on Wednesday by offering a 111.15% premium over the base price, they said."This mine has a mix of high-grade and low-grade iron ore, but nearly 29 million tonnes of this are high-grade fines and some lumps which have Fe (iron) content of around 60%," one of the people said. "Because the Fe content is high, we can use the iron ore directly in furnaces or for making sinter and pellets," the person said.Including the low-grade ore, the mine has an average Fe content of 57.87%. The company did not respond to a request for comment till press time Wednesday.On Tuesday, ET reported that the company won the Thakurani A1 iron ore block that has reserves of more than 50 million tonnes. In an exchange filing Wednesday, Jindal Steel confirmed that it won this block in Odisha's Keonjhar district.
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Jindal Steel bags another iron ore mine in Odisha
INDIA BUSINESS | Thu, 12 Mar 2026, 12:03AM IST
The steelmaker won a state government auction for the Rengalaberha North-East Extension and Nuagan West iron ore block on Wednesday by offering a 111.15% premium over the base price, they said.
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Practo adds former health secy CK Mishra to board as independent director
INDIA BUSINESS | Wed, 11 Mar 2026, 11:53PM IST
Appointment comes as the digital health platform expands operations in the US and UAE and strengthens governance and institutional capacity
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RBI Announces Cancellation Of Certificate Of Registration For 36 Companies
INDIA MARKET | Wed, 11 Mar 2026, 11:53PM IST
The RBI announced the cancellation of CoR of Premier Ferro Alloys & Securities Ltd.
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INDIA BUSINESS | Wed, 11 Mar 2026, 11:38PM IST
Wealthy nations pledge record release of emergency oil reserves; No need for panic booking, Ministry of Petroleum and Natural Gas said
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Sales of electric cooktops sizzle as LPG flameout worries families
INDIA BUSINESS | Wed, 11 Mar 2026, 11:38PM IST
The conflict in West Asia has led to unprecedented demand for the product on e-commerce platforms and retail stores; the prices for induction cooktops have gone up but supplies largely remained available though the inventory is quickly going down
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West Asia conflict: India hails IEA move to release emergency oil stocks
INDIA BUSINESS | Wed, 11 Mar 2026, 11:35PM IST
New Delhi said it was closely monitoring the evolving situation in global energy markets, and stands ready to take appropriate measures, as necessary
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Winston Churchill To Be Removed From UK Banknotes In Cash Redesign
INDIA MARKET | Wed, 11 Mar 2026, 11:33PM IST
The bank said it was looking for images that symbolized the UK, resonated with the public and weren't divisive.
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India ready to support oil markets as IEA agrees record release
INDIA BUSINESS | Wed, 11 Mar 2026, 11:29PM IST
India has pledged to support global oil markets by taking appropriate measures, aligning with the International Energy Agency's record 400 million barrel oil release. This move aims to stabilize prices that have surged due to the U.S.-Israeli war with Iran, which has disrupted India's own energy supplies.
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A revision of GDP and its implications
INDIA BUSINESS | Wed, 11 Mar 2026, 11:25PM IST
The revised GDP series with 2022-23 as the base year shows a reduction in the absolute size of GDP and some changes in the production structure of the economy; while the correction in GDP size appears welcome, it remains unclear whether the revision addresses the red flags raised about the 2011-12 series
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Uptake of induction stoves sluggish in low-income Indian households
INDIA BUSINESS | Wed, 11 Mar 2026, 11:22PM IST
While a small minority of Indian households use induction cooktops, only 5% of Indian households had electric penetration in their kitchens, say experts
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INDIA MARKET | Wed, 11 Mar 2026, 11:21PM IST
CDSCO cautioned pharma companies against directly or indirectly promoting prescription medicines.
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Thane News: Over 800 Hotels May Shut Operations Amid Commercial LPG Cylinder Crunch
INDIA MARKET | Wed, 11 Mar 2026, 11:09PM IST
Thane City Hotel Association highlighted that the shortage has led to black marketing of cylinders.
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India's Russian Oil Imports Surge 50% In March Amid Middle East Supply Disruption
INDIA MARKET | Wed, 11 Mar 2026, 11:09PM IST
India, the world's third-largest crude importer, sources 88% of its oil needs from abroad.
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