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    US futures, Asian shares open lower, oil prices soar as US and Israeli attack Iran
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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.
March 2, 2026
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Oil supply security: production increases meet limited relief when export routes through the Strait of Hormuz are disrupted.
OPEC+ announced an April increase in crude production intended to augment available supply while regional military attacks and disruptions to tanker movements - particularly through the Strait of Hormuz - threaten export routes. The notice underscores that interruptions to transit can limit the relief additional output provides and that access to export channels will be decisive for near-term market stability and price direction.
March 1, 2026
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Energy security measures cushion supply shocks but elevate price volatility and macroeconomic pressures for oil importers.
Escalating tensions around Iran and the Strait of Hormuz create near-term energy security risks for India manifested chiefly as price volatility and macroeconomic pressure rather than immediate physical shortages. Layered inventory buffers - commercial stocks, in transit cargoes and Strategic Petroleum Reserves - combined with diversified sourcing options (including Atlantic suppliers and Russian optionality) reduce the likelihood of sustained supply disruption, though longer transit times and LNG contractual rigidity limit rapid substitution and increase vulnerability to prolonged closures.
March 1, 2026
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GST revenue growth signals strengthened tax receipts driven by import collections and improved domestic sales affecting fiscal enforcement.
A court ordered continued judicial custody for eight alleged Lashkar-e-Taiba operatives accused of illegal entry and procuring forged identity documents while another court directed the immediate release of 14 student protesters arrested after a campus demonstration. Separately, gross Goods and Services Tax collections rose year-on-year, led by higher import receipts and improved domestic sales, reflecting stronger enforcement and compliance dynamics within the indirect tax regime.
March 1, 2026
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SGST growth reflects strengthened tax administration and compliance following GST rate rationalisation, bolstering state revenues.
Haryana reports marked year on year expansion in State Goods and Services Tax (SGST) receipts for 2025-26, attributing the improvement to strengthened tax administration, enhanced compliance stemming from departmental reforms and better tax analysis, facilitation via district GST Suvidha Kendras, and the GST Council's September 2025 rate rationalisation as complementary drivers of revenue growth.
March 1, 2026
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GST revenue growth maintained despite rate reductions; enhanced compliance and AI-driven analytics strengthened state collections effectively.
Andhra Pradesh achieves record net Goods and Services Tax receipts for February, with SGST and IGST growth offsetting marginal gross GST decline. Revenue momentum is supported by higher professional tax and petroleum VAT receipts. The state credits strengthened compliance-targeted audits, stricter return filing, coordinated IGST settlements, and performance based officer deployment-and advanced data analytics and AI oversight that detect evasion and reverse ineligible input tax credit claims for measurable recoveries.
March 1, 2026
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Shipping risk allocation: exporters urged to avoid CIF and prefer FOB as geopolitical risks raise freight and insurance exposure.
Advises exporters to avoid new Cost, Insurance and Freight (CIF) commitments to Iran and Gulf destinations and to conclude sales on Free-On-Board (FOB) terms where feasible so freight, insurance and related risks rest with the buyer. Notes that West Asia instability may sharply increase bunker prices, disrupt vessel availability, raise freight and insurance premiums, and produce price volatility; urges restraint, avoidance of open-ended unhedged positions, and monitoring of consignments in transit or awaiting clearance.
March 1, 2026
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GST rate restructuring boosts revenues as import and domestic consumption support post cut recovery in collections.
GST collections rose year on year following a statutory GST rate restructuring that reduced rates on numerous items and consolidated slabs; import revenue and domestic consumption supported recovery after an initial post cut dip. The pattern includes higher refunds, lower cess receipts, and divergent state level growth, raising considerations for revenue forecasting, state fiscal impacts, and the operational stability of the restructured indirect tax framework.
March 1, 2026
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Export disruptions to Iran risk shipment halts and payment delays for rice exporters amid regional conflict.
Shipments to Iran and consignments to Afghanistan via Bandar Abbas have been held up following military strikes, causing immediate shipment disruptions and likely payment delays until the security situation improves; exporters warn the impact depends on conflict duration and note heightened commercial risk from lack of war-risk insurance for vessels.
March 1, 2026
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Goods and Services Tax collections rose driven by import revenue growth, with higher refunds and lower cess receipts.
Gross collections under the Goods and Services Tax increased year on year, driven mainly by a stronger rise in import related GST receipts; domestic GST rose more modestly. Total refunds increased, and net GST receipts were higher year on year, while cess receipts declined markedly compared with the prior year period.
March 1, 2026
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Energy supply resilience mitigates immediate oil disruption risk, though prolonged Hormuz closure heightens price and supply concerns.
India's layered inventory buffers - commercial stocks, in-transit crude and strategic petroleum reserves - and full refinery tanks reduce the likelihood of immediate physical disruption from a short-term Strait of Hormuz closure, shifting the principal near-term impact to price, freight and insurance volatility; prolonged closure would more severely affect LNG and LPG due to contract rigidity and transit dependence, prompting reliance on diversified sourcing, Russian optionality, longer transit planning and strategic reserve drawdowns.
March 1, 2026
Show AI Summary
Bail parity: Former CMO official released after court found investigation substantially complete and parity with other accused.
The court evaluated bail petitions in parallel Economic Offences Wing and Enforcement Directorate inquiries alleging a syndicate diverted liquor to government shops and laundered proceeds; it found the investigation substantially complete, trial unlikely to conclude soon, and that continued detention would not serve justice. Prosecution relied on asserted digital communications and co-accused statements alleging supervisory role and receipt/handling of proceeds; defence disputed incriminating material, reliance on statements, selective arrests and urged parity and repeated prior incarcerations. The court held evidentiary weight requires trial testing and noted parity with other released accused.
February 28, 2026
Show AI Summary
Bail parity principle applied where investigational delay and statement based evidence affect custodial necessity in money laundering cases.
High Court review of bail in concurrent EOW criminal and ED money laundering investigations centred on investigational stage, evidentiary weight of digital material and co accused statements, and parity with released principal accused. The court noted protracted investigation timelines, contested allegations about supervisory involvement and receipt of alleged proceeds, and held that inferential and statement based evidence must be evaluated at trial, making the stage of probe and likelihood of prolonged proceedings relevant to custodial decisions.
February 28, 2026
Show AI Summary
AI policy implementation: ensure agricultural AI delivers to farmers via infrastructure, governance and data protection.
Maharashtra's agricultural AI policy promises institutional development, digital public infrastructure, financial support and capacity building, but implementation is lagging: allocated funds remain unspent, innovation centres and leadership appointments are pending, and summit activities have not translated into grassroots adoption. Addressing the rural digital divide, establishing data protection safeguards, auditing the crop insurance scheme, stabilising price support and export policy, and creating a concrete roadmap with oversight are identified as necessary to ensure AI tools benefit ordinary farmers.
February 28, 2026
Show AI Summary
Oil supply disruption could trigger sharp global price swings as Middle East strikes raise market uncertainty and transit risks.
Oil supply uncertainty from recent strikes threatens significant market volatility: a contained campaign may cause a short-lived price spike if shipping and infrastructure remain intact, while broader disruption of pipelines, terminals or tanker traffic through the Strait of Hormuz would force buyers-particularly China-to seek alternative supplies, amplifying sustained upward pressure on global oil prices.
February 28, 2026
Show AI Summary
Supply chain disruption threatens longer routes and higher shipping and insurance costs for exporters in western markets.
Exporters expect logistical and insurance-cost disruptions from Middle East hostilities: altered air routes and uncertainty through the Red Sea and Gulf straits may force rerouting via the Cape of Good Hope, adding substantial transit time. Heightened geopolitical risk is likely to raise marine insurance premiums and container freight rates, increasing shipping costs; prolonged instability could also push up global energy-related input costs and exert currency pressure, prompting exporters to seek calibrated government support to sustain competitiveness.
February 28, 2026
Show AI Summary
Investment fraud: man arrested for allegedly inducing funds via a false export venture and issuing dishonoured cheques.
The accused is alleged to have induced investment by falsely portraying a large meat export venture, obtained funds through bank transfers and arranged foreign payments via associates, and issued cheques despite insufficient funds; he absconded after committing the offence, was later arrested, and investigations aim to trace co accused and recover the cheated amount.

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GeM Celebrates Seven Years of SWAYATT Initiative to Promote Inclusive Public Procurement.

March 6, 2026

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SWAYATT Expands Access to Government Procurement for Startups, Women Entrepreneurs and SHGs through GeM

Women Entrepreneurs Register ₹83,323 Crore Orders on GeM; Startups Cross ₹54,000 Crore under SWAYATT

Government e-Marketplace (GeM) today celebrated the seven-year journey of its flagship initiative, SWAYATT – Startups, Women and Youth Advantage through e-Transactions – reaffirming its commitment to making public procurement more inclusive for startups, women entrepreneurs and youth across India.

Launched on 19 February 2019, SWAYATT was conceptualised with the vision of democratising government procurement by enabling startups, women entrepreneurs, youth, Micro and Small Enterprises (MSEs), Self Help Groups (SHGs) and last-mile sellers to directly participate in the public procurement ecosystem through Government e-Marketplace.

Rooted in GeM’s foundational pillar of social inclusion, SWAYATT focuses on addressing three critical challenges often faced by emerging enterprises—access to markets, access to finance and access to value addition. By leveraging the digital procurement infrastructure of GeM, the initiative enables enterprises from across the country to connect directly with government buyers, thereby reducing barriers to entry and expanding opportunities.

The commemorative programme marking the seven-year journey of SWAYATT was organised at the GeM office, bringing together policymakers, startup founders, women entrepreneurs and ecosystem partners to reflect on the initiative’s impact and future roadmap.

The programme began with a perspective on SWAYATT by Additional CEO, GeM, Shri Ajit B. Chavan. The event also featured special addresses by distinguished guests including Co-Founder and Director, NEDAR Foundation, Shri K. V. Rajendran; Director, Ministry of Micro, Small and Medium Enterprises, Shri Md. Salik Parwaiz; and Deputy Director, Department for Promotion of Industry and Internal Trade, Shri Md. Alam Ansari.

Entrepreneurs from across sectors also shared their experiences of participating in public procurement through GeM. Founder, Club First Robotics, Smt. Neelima Mishra, and Founder, Surprise Someone, Ms. Pinky Maheshwari highlighted how GeM has enabled their enterprises to access government markets and scale their businesses.

A short film capturing the seven-year journey of SWAYATT was also screened, showcasing how the initiative has expanded opportunities for startups, women entrepreneurs and youth across the country.

Delivering the keynote address, CEO, GeM, Shri Mihir Kumar said that SWAYATT embodies GeM’s vision of making public procurement more inclusive by enabling startups, women entrepreneurs and youth to access government markets directly. He noted that by leveraging digital technology and partnerships across the ecosystem, GeM is helping transform emerging enterprises into active participants in the country’s economic growth.

Since its inception, SWAYATT has become a key pillar of GeM’s inclusive public procurement ecosystem, enabling startups, women entrepreneurs and MSEs to access government markets with greater visibility and opportunity. Dedicated storefronts such as Startup Runway and Womaniya further strengthen this ecosystem by enhancing discoverability among lakhs of government buyers across the country.

The initiative’s impact is reflected in the significant growth in participation and transaction value across these seller segments on GeM.

Women entrepreneurs have recorded strong growth on GeM, with cumulative order values rising from ₹1,265.62 crore in FY 2018–19 to ₹83,323 crore by FY 2025–26. During the same period, order volumes increased from 1,01,530 to 44,48,894, reflecting the expanding participation of women-led enterprises in public procurement over the seven-year journey of SWAYATT.

Participation of startups has also witnessed strong momentum on the GeM platform, with cumulative order values increasing from ₹497.24 crore in FY 2018–19 to ₹54,005.8 crore by FY 2025–26. During the same period, order volumes expanded from 17,434 to 5,30,578, highlighting the growing role of startups in public procurement through the SWAYATT initiative.

These outcomes highlight how SWAYATT has enabled emerging enterprises to scale their participation in government procurement through digital access, transparent processes and direct market linkages. Through sustained capacity building and outreach, GeM continues to expand opportunities at the grassroots level.

Over the past seven years, SWAYATT has demonstrated how technology-driven procurement can expand equitable access, truly making the invisible invincible in public procurement.

***

Abhishek Dayal/ Abhijith Narayanan/ Ishita Biswas

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Acts Income Tax