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    India, Canada launch negotiations for free trade pact
    No petrol, diesel price hike despite global oil prices spiking to USD 80
    West Asia crisis: TCS, Wipro halt travel to Middle East, Nasscom urges remote work
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March 2, 2026
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Comprehensive Economic Partnership Agreement negotiations launched to cover goods and services and pursue an ambitious bilateral trade pact.
Launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between India and Canada, with signed Terms of Reference to set the format, frequency and approach for talks covering trade in goods, services and other policy areas. The ToR aim to guide negotiators toward an ambitious, balanced pact, resuming talks from the start after a prior pause. Negotiations target expanded market access and increased bilateral trade, identifying key goods and services sectors and naming chief negotiators for each country.
March 2, 2026
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Fuel pricing policy shields consumers by using company-held margins to stabilize retail petrol and diesel amid global crude spikes.
India's fuel pricing policy freezes retail petrol and diesel prices by allowing public sector oil companies to absorb losses when international crude prices rise and build margins when prices fall; this cushion-based approach, overseen by the Oil Ministry, will continue unless a sustained, very large spike in crude or prolonged disruptions (notably via the Strait of Hormuz) make it untenable, exposing vulnerabilities from high import dependence and increased procurement, freight, and insurance costs.
March 2, 2026
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Travel suspension to Middle East prompts IT firms to enforce employee safety measures and remote work arrangements.
Indian IT firms have suspended or deferred travel to the Middle East and implemented employee safety measures: TCS suspended all incoming and outgoing travel, advised associates to stay indoors, activated a call tree, and is coordinating with local authorities and embassies; Wipro issued a no travel advisory for multiple countries and directed regional staff to follow local guidance. Nasscom advised members to defer travel and enable work from home arrangements as a precaution while monitoring operations and preparing further measures if required.
March 2, 2026
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Customs enforcement against areca nut smuggling intensified, emphasising prosecution under prohibitory orders and strengthened border surveillance.
Intensified enforcement targets areca nut smuggling from Myanmar due to evasion of import duties and market harm to local growers. Authorities have registered numerous cases and made arrests under prohibitory-order offences prosecuted via the Indian Penal Code and the Bharatiya Nagarik Suraksha Sanhita, and separate prosecutions under the Customs Act. The government affirms continued prohibition, enhanced border surveillance, and a zero-tolerance stance including probes into alleged official complicity.
March 2, 2026
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Energy supply disruption risks push global markets lower as oil and gas price spikes strain trade and inflation expectations.
Energy supply disruptions from Middle East hostilities sharply pushed up oil, gas and fuel prices, driving marketwide volatility as investors rotated into safe havens. Attacks affecting transit through the Strait of Hormuz threaten continuity of crude and LNG exports, prompting buyers to seek alternate sources and tightening physical markets. Higher wholesale inflation readings increase the prospect of delayed monetary easing, reinforcing downward pressure on risk assets and elevating short term downside risk to trade and investment flows.
March 2, 2026
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Trade continuity secured through coordinated facilitation and procedural flexibility to protect exporters and sustain EXIM logistics.
The Department of Commerce convened a multi stakeholder consultation to coordinate regulatory and operational measures for EXIM logistics amid geopolitical developments, focusing on real time monitoring of routing, capacity, surcharges and equipment availability, and strengthening facilitation at ports and ICDs to prevent congestion. The Government emphasised a facilitative, coordinated approach prioritising supply chain resilience and exporter interests, agreeing measures including procedural flexibility for export authorisations, Customs coordination for smooth clearance, financial and insurance engagement, and prioritisation of time sensitive export segments.
March 2, 2026
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Current account deficit rises due to widening trade deficit; services surplus partially offsets external imbalance.
Current account deficit widened to USD 13.2 billion in the December quarter, driven mainly by a larger merchandise trade deficit, while net services receipts rose and partially offset the deterioration; the April-December current account deficit moderated compared with the prior year, reflecting goods and services flow dynamics within the balance of payments.
March 2, 2026
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GST revenue collections: gross receipts, refunds and net receipts reported, with state settlements and cess treatment noted.
Statement of February 2026 GST revenues detailing gross receipts by CGST, SGST and IGST (domestic and import), reported refunds (domestic and export/ICEGATE) and resulting net GST revenue split into net domestic and net customs receipts. It separately reports compensation and import cess inflows and refunds, noting compensation cess remains transitory until loan liabilities are discharged. State/UT pre- and post-settlement SGST distributions and Apr-Feb collection breakdowns by Central and State formations are included for inter-year comparison.
March 2, 2026
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Trade facilitation measures to mitigate West Asia crisis impact on exports, including customs coordination and logistical support.
The consultation assessed risks to EXIM cargo flows from West Asian hostilities and committed a facilitative, coordinated response focused on preserving trade continuity. Agreed measures include real-time monitoring of routing, capacity, surcharges and equipment availability; strengthened port/ICD facilitation to avoid congestion; targeted support for time-sensitive exports such as perishables and pharmaceuticals; procedural flexibility for export authorisations in genuine disruption; Customs coordination for smooth clearance; and engagement with financial and insurance institutions to protect exporter interests, with emphasis on MSMEs and essential imports.
March 2, 2026
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Exchange rate pressure intensified as geopolitical conflict, crude price spikes and capital outflows pushed the currency lower despite central bank support.
Severe exchange rate pressure drove the rupee sharply lower amid geopolitical conflict, FII outflows and rising crude prices, increasing India's import bill vulnerability; the Reserve Bank of India's visible market presence capped deeper intraday depreciation while analysts warned that geopolitical developments, crude trends, capital flows and key US data will determine near term exchange rate direction.
March 2, 2026
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Genetic upgrade initiative boosts local mutton and wool production via import of elite sheep and goat breeds.
Importation of Romanov and Finn sheep and Boer and Swiss Alpine goats aims to implement a genetic upgrade of Jammu and Kashmir's small ruminant population to improve growth rates, carcass yield, reproductive efficiency and overall flock productivity. Imported germplasm will be multiplied at government breeding farms and progeny distributed to farmers in phases, with farmer-level distribution starting in the third quarter of 2026-27, as part of Project 24 under the Holistic Agriculture Development Programme alongside complementary livestock and rural productivity measures.
March 2, 2026
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Oil supply disruption risk drives markets as geopolitical attacks push energy prices up and equities downward.
Attacks on Iran caused equity declines and sharp rises in oil and gold as traders priced in disruption to energy flows through the Strait of Hormuz; sustained interruptions to Iranian exports and regional shipping could tighten global supply, elevate fuel and production costs, affect major importers' sourcing strategies, and influence inflation dynamics and central bank rate decisions.
March 2, 2026
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Manufacturing activity growth driven by stronger domestic demand despite slower export orders, prompting higher input buying and hiring.
Manufacturing activity accelerated to a four-month high as stronger domestic demand supported faster output growth and higher new business intakes; firms increased input purchasing, inventories and hiring. New export orders continued to slow, somewhat constraining employment creation. Cost pressures remained moderate, and forward-looking sentiment was positive with many manufacturers expecting higher output over the year ahead.
March 2, 2026
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Compliance with IS-17900 drives local manufacturing of advanced lift control systems, reducing import dependence and strengthening supply chains.
A Phase 1 manufacturing facility invests in local production of advanced lift electronic control systems designed to comply with IS-17900, reduce import dependency, and enable component to finished product localisation. The plant will operate automated PCB and semi automatic panel lines to produce MR, MRL and Slim Panels, emphasise controlled environment quality, IoT features, and support supply chain resilience and national industrial policy objectives under the Make in India framework.
March 2, 2026
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Reservation policy implementation strengthened across public financial institutions to improve accessibility and uniform compliance measures.
Strengthening institutional capacity for uniform implementation of the Government of India's reservation policy across public financial institutions and enhancing accessibility for Persons with Disabilities were the primary objectives. The programme combined a Sugamya Bharat sensitisation session on accessibility standards and compliance requirements, a roundtable on legal provisions and practical challenges, exchange of best practices, and an interactive question-and-answer session to identify operational measures for inclusivity, accessibility and reservation policy compliance.
March 2, 2026
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Deferred Customs Duty payment enables qualified manufacturers to clear imports and pay duties monthly, subject to compliance and eligibility.
A Deferred Customs Duty payment facility allows Eligible Manufacturer Importers to clear imports without immediate duty payment and to pay applicable customs duties monthly under the Deferred Payment of Import Duty Rules, 2016, subject to prescribed Customs and GST compliance, turnover, financial standing and track record; existing AEO T1 entities meeting eligibility may participate and applications are to be submitted via the AEO portal.
March 2, 2026
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Energy supply disruption risks trigger global market selloff and safe-haven flows, lifting oil and gold while bond yields fall.
Global markets moved to risk-off after US and Israeli attacks on Iran: equities opened lower while gold and government bonds rallied and oil prices surged on fears that strikes and incidents in the Strait of Hormuz could restrict oil and LNG exports, raising the prospect of higher energy and production costs; higher-than-expected wholesale inflation readings were identified as a factor that may affect the central bank's timing for interest-rate cuts.
March 2, 2026
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Rupee depreciation driven by crude price surge, dollar strength and foreign fund outflows pressures local currency lower.
Rupee depreciation in early trade reflected external pressures-higher crude prices, a stronger US dollar, and escalated Middle East tensions-compounded by negative domestic equity sentiment and significant foreign institutional outflows. Market indicators included a firmer dollar index, rising Brent crude futures, and a recent dip in forex reserves, while analysts warned of increased import bill risk due to India's reliance on fuel imports.
March 2, 2026
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Energy supply disruption threatens global oil flows, driving sharp price increases and straining fuel and goods markets worldwide.
Attacks and retaliatory strikes in the Middle East disrupted flows through the Strait of Hormuz and regional export infrastructure, triggering sharp crude price rises and heightened risk of sustained supply constraints; OPEC+ announced production increases, but analysts stress that constrained export routes limit the immediate effectiveness of added output.
March 2, 2026
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Maritime chokepoint security threatened, risking oil export disruptions and limiting the relief from increased production.
Attacks and military strikes in the Middle East disrupted maritime traffic through the Strait of Hormuz, risking restrictions on regional crude exports and driving upward pressure on oil and gasoline prices. Because the strait is a critical global oil chokepoint, market concerns focus on whether barrels can physically move; consequently, OPEC+ announcements of increased production may provide limited immediate relief if export routes remain constrained.

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The USD 58B Strategic Reset: Space Matrix Delivers 5.98 Million Sq. Ft. as the Office Becomes India’s New Innovation Engine

February 11, 2026

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India, 11th February, 2026 - Space Matrix, a global leader in workplace design and build consultancy, today announced it has delivered 5.98 million sq. ft. of office projects, impacting approximately 60,000 lives in India during FY25. This milestone marks a decisive shift in the boardroom, as the office has evolved from a real estate cost into a high-performance ecosystem and a critical lever for workplace ROI. This achievement arrives as Global Capability Centers (GCCs), the backbone of India’s $58 billion workplace future, transition from cost-centric back offices into high-velocity engines for AI and digital transformation. This evolution marks a fundamental shift in the corporate landscape, with these centers moving from the “back-end” to the “boardroom,” and enterprises increasingly leveraging the physical environment as a powerful tool for talent acquisition and operational excellence.

An ISG 2023 study cautioned that nearly four in ten GCCs actually hinder employee experience, resulting in a 39% engagement gap. For organizations scaling at speed, this turns growth itself into a strategic risk. Space Matrix is addressing this challenge by replacing traditional silos with future workplace design centered on human energy and cognitive performance. Gartner research shows that transitioning to a human-centric work design can increase employee engagement by up to 51%, while decreasing employee fatigue by 44%.

By prioritizing this "Design Dividend," Space Matrix has changed the GCC floorplate in FY25: ● Behavioral Flexibility: 50–75% of projects now utilize unassigned seating, transforming the office from a fixed desk model into a fluid "Community Anchor".

● Certified Wellness: 95–97% of projects integrate wellness and recovery rooms as standard strategic infrastructure to drive a 28% improvement in overall performance.

“FY25 marked a period of consolidation where organizations replaced post-pandemic experimentation with disciplined planning,” said Akshay Lakhanpal, CEO – India, Space Matrix. “We are seeing a 'Design Dividend' where every square foot is optimized for performance.

Delivering 5.98 million sq. ft. is a narrative of how brand experience and employee experience have become the primary benchmarks for business success”.

Space Matrix brings its vision to life by transforming the workplace into a positive catalyst where people thrive, businesses grow, and the planet is protected. This year, that commitment unlocked a new benchmark in excellence, with global recognition from the International Property Awards, Archello Awards and Muse Awards.

This momentum extends beyond design: ● Business Growth: Recognized as one of the Top 50 Fastest-Growing Organizations in Singapore (E50 Awards).

● Human Excellence: Secured Bronze in Enterprise Learning Strategy of the Year, Silver in Most Inclusive Learning & Leadership Environment and Gold in Learning Impact on Business Transformation honors from People Matters, reinforcing a commitment to employee excellence.

● Planet-Positive Impact: Through the Re-source programme, the firm recycled 67% of construction waste (1,075+ tonnes), proving that strategic growth and environmental stewardship are inseparable.

As India enters its next phase of growth, Space Matrix continues to align future workplace design with long-term resilience. By treating the workplace as a strategic performance partner, the firm is ensuring that India’s next billion square feet are built with a singular mission to: #maketheworldabetterplacetowork.

About Space Matrix Founded in 2001, at Space Matrix, we design conscious workplaces that create positive and sustainable business impact through design thinking. We believe in leveraging the power of data and cutting-edge analytical tools to create impactful solutions for the clients. Our vision is to build flourishing communities at work that drive human potential.

With project experience in over 100 cities and 19 office locations in Australia, China, India, the Philippines, Thailand, Dubai the United States and Singapore (HQ), we rank #2 in the Interior Design Magazine's International Design Giants 2024 and have won multiple International Property Awards. Teamwork, Integrity, and Excellence guide our 600+ professionals globally, while we continue to push the boundaries in workplace transformation.

Great employees are your company's storm shield. We design workplaces – the operating system of your organisation – to amplify culture, spark innovation, and foster collaboration. The resilience to ride through storms and the ability to bounce back comes to a great extent from their employees. Workplace design involves aligning the space to a company's functional and cultural needs; it is a powerful tool for creating engaging, innovative, flexible, and creative work environments. A great work environment inspires them to give their best.

(Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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