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    Rupee crashes 64 paise to settle at all-time low of 93.53 against US dollar
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March 20, 2026
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Currency depreciation driven by persistent foreign outflows and rising oil prices, heightening reserve pressure and inflation risks.
Rupee depreciation accelerated due to persistent foreign portfolio outflows and surging crude oil prices, intensifying exchange rate pressure and inflationary risk. Geopolitical tensions disrupting energy supplies were cited as a key driver, while heavy foreign equity selling and a notable decline in foreign exchange reserves reinforced market stress and reserve management challenges for monetary authorities.
March 20, 2026
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Tender irregularities monitored by a dedicated EOU team investigating collusion, portal manipulation and related financial offences.
A specialised EOU team has been formed to monitor and investigate tender irregularities across government departments, targeting collusion, manipulation of departmental portals and bypassing of procurement safeguards, with particular attention to illegal mining schemes involving departmental officials. Concurrently, the EOU has advanced financial crime probes including an examination paper leak, an investigation into disproportionate assets with cross border property evidence, PMLA referrals to the enforcement agency for asset confiscation review, and inquiries into GST evasion and fraud in cooperatives, banks and post offices.
March 20, 2026
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Tax simplification: streamline compliance for honest taxpayers while using technology to detect willful evasion and reduce litigation.
Finance Minister directs tax authorities to make compliance easy for honest taxpayers while using technology to detect willful evasion under the streamlined Income Tax Act, 2025; calls for local-language awareness campaigns and administrative steps to reduce litigation by clarifying and consolidating statutory provisions.
March 20, 2026
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Aadhaar biometric updates strengthen identity verification; coordination and cybersecurity measures expand digital access safeguards nationwide
UIDAI commended Andaman and Nicobar for strong implementation of Aadhaar biometric updates and adult enrolment verification, while noting terrain and connectivity challenges that require coordination with local administration. UIDAI emphasised the Aadhaar mobile application for remote identity management and a cybersecurity bug bounty programme engaging vetted ethical hackers to secure public-facing applications, and urged timely biometric updates for children to prevent authentication problems in examinations and welfare schemes.
March 20, 2026
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Economic development goal: state pursues large-scale economy growth through industrial support, infrastructure upgrades and policy transparency.
Gujarat sets an economic development goal to become a large-scale economy by following central policy direction, with the state committing targeted support to industries through policy-driven facilitation, transparency, and updated regulatory measures. Operational measures emphasize infrastructure, water and electricity improvements, inclusive regional development beyond traditional industrial belts, expansion of the MSME sector, export-oriented sectoral strengths, investor attraction via the Vibrant Gujarat initiative, and a long-term roadmap toward national development milestones, with infrastructure upgrades and investment facilitation as core mechanisms.
March 20, 2026
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Foreign exchange reserves decline indicates central bank reserve composition shifts and affects external liquidity management policy.
The central bank reported a weekly decline in overall foreign exchange reserves driven mainly by a fall in foreign currency assets, alongside an increase in gold holdings and minor decreases in Special Drawing Rights and the reserve position with the international monetary institution, changes which alter reserve composition and dollar-denominated valuation.
March 20, 2026
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Currency depreciation pressures the rupee as fund outflows and rising oil amid geopolitical tensions create a negative bias.
The rupee fell to a record low of 93.71 against the dollar, primarily due to sustained foreign institutional investor outflows and rising global crude prices amid geopolitical tensions; higher energy costs were noted as risks to the trade deficit and inflation, while major central banks' rate-hold stances and recent net foreign equity sales were cited as contextual factors, with analysts forecasting a continued negative bias and a near-term trading range for the spot exchange rate.
March 20, 2026
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Fuel supply security ensured short term by priority allocations, but no contingency plan exists for prolonged disruption.
MSRTC's diesel supply is secured for the next two months by central priority allocations and Indian Oil Corporation deliveries, but the corporation has no contingency plan if supplies stop. The fleet of around 15,800 buses depends on diesel; electric buses are too few to substitute meaningfully. Competitive tendering has produced higher per litre discounts and projected annual procurement savings, while MSRTC continues to carry substantial accumulated operational losses and anticipates higher fuel costs with the planned induction of additional diesel buses.
March 20, 2026
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House Rent Allowance rules revised to expand higher-city relief and require landlord-tenant disclosure for exemption claims.
The notification establishes Income-tax Rules effective April 1 to implement the simplified Income-tax Act, preserving a refined House Rent Allowance framework with higher-city treatment and mandatory landlord-tenant disclosure for HRA claims; it tightens capital gains, non-resident taxation and stock-exchange rules, prescribes inclusion of pre-conversion holding time for converted securities when determining holding period, and imposes expanded auditor and corporate verification duties alongside over one hundred and fifty official forms.
March 20, 2026
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MRO sector expansion driven by fleet and airport growth, enabled by trade and investment reforms supporting domestic aerospace capacity.
Projected expansion of India's MRO market to 5.7 billion USD by 2030 is driven by fleet and airport capacity growth and enabled by policy reforms such as ratification of the Cape Town Convention, liberalised foreign direct investment, and reductions in GST and customs duties on aviation components. Special economic zones, greenfield airport projects and offset driven reinvestment support manufacturing and leasing, while accelerated logistics, skilled personnel and higher value engine and component overhaul capabilities remain essential to realise the forecast.
March 20, 2026
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Demand reduction measures recommended to ease oil shock, prioritise targeted consumer relief and transport demand management.
The IEA recommends immediate demand side measures-remote work, lower highway speeds, reduced business air travel, expanded public transport, LPG use restriction for non essentials, and improved driving and industrial fuel efficiency-to cut oil and refined product consumption. It advises targeted fiscal relief for vulnerable consumers due to limited fiscal space, highlights coordinated strategic stock releases as a supply response, and stresses restoring Strait of Hormuz transit as essential for stabilising markets while prioritising demand reduction to ease macroeconomic pressures.
March 19, 2026
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Undercover GST investigation exposes supplier using closed firms to suppress sales, prompting seizure and ledger blockage.
Uttarakhand GST officials covertly floated and staffed firms to engage a supplier suspected of evading GST by misusing closed-entity names and suppressing sales; documents on sales, purchases, stock movement and financial transactions were seized during a search and seizure, recoveries were deposited to the GST exchequer and ledgers blocked pending forensic analysis.
March 19, 2026
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Validity of import permits affirmed; documented wildlife imports under valid permits cannot be later invalidated.
The court accepted the Special Investigation Team's finding that no violations were found under domestic statutes or the Convention on International Trade in Endangered Species, and noted the CITES Secretariat also found no missing documentation or evidence of commercial importation. Emphasising finality of authorised administrative acts, the court held that imports made under valid permits with requisite documentation cannot be subsequently treated as prohibited merely because objections are raised later, and dismissed the duplicative petition.
March 19, 2026
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Corporate governance concerns after a chairman's ethics based resignation prompt interim leadership and regulator engagement.
An abrupt resignation by the part time non executive chairman citing differences over values and ethics-without specific allegations-triggered board engagement, a Nomination and Remuneration Committee disclosure, appointment of an interim chairman, and regulatory consultation; the bank and regulator publicly reported no material governance concerns while market confidence reacted to the leadership change.
March 19, 2026
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Export relief scheme RELIEF extends obligations and subsidises freight/insurance to ease conflict linked logistics disruptions for exporters.
The RELIEF scheme, implemented by ECGC under the Export Promotion Mission with a dedicated financial outlay, provides targeted, time bound measures for exporters affected by West Asia conflict related logistics disruptions. It includes automatic extension of export obligations for Advance Authorisations and EPCG authorisations without penalty, facilitation of ECGC coverage for forthcoming consignments, and partial reimbursement of extraordinary freight and insurance costs for MSMEs lacking ECGC cover. The scheme applies to consignments destined for or transhipped through specified Gulf and West Asia markets and is subject to dashboard monitoring and periodic review by the EPM Steering Committee.
March 19, 2026
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Plug-and-play industrial parks to streamline permits and infrastructure, accelerating establishment of manufacturing ecosystems and investment readiness nationwide.
NICDC will implement the BHAVYA scheme to develop 100 plug-and-play industrial parks with pre-approved land, ready infrastructure, integrated services and streamlined approval mechanisms including single-window systems, aligned to multimodal connectivity and infrastructure planning (including underground utilities) to ensure investment-ready industrial ecosystems.
March 19, 2026
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Ethics concerns prompted board inquiry and regulator engagement, leading to interim chair appointment to preserve governance continuity.
The chairman's resignation citing ethical misalignment prompted the board to seek specific instances and request withdrawal of certain language; unable to secure clarity, the Nomination and Remuneration Committee engaged the banking regulator, which appointed an interim chair to ensure governance continuity. Management maintained there were no substantive issues warranting resignation, described an overseas investigation as closed with accountability fixed, and directed the NRC to address executive reappointment and chairman selection under standard succession processes.
March 19, 2026
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Aadhaar update timelines: call for time bound processing and stronger grievance redressal to reduce RTI and litigation.
Delays and lack of clarity in processing Aadhaar demographic update requests, notably date of birth corrections, led the Commission to urge UIDAI to adopt clear timelines and time bound disposal procedures and to strengthen grievance redressal and public awareness so citizens need not resort to RTI or court petitions.
March 19, 2026
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Export relief scheme RELIEF supports exporters with enhanced insurance cover and reimbursements amid West Asia logistics disruptions.
RELIEF is a time bound Export Promotion Mission intervention designating ECGC Ltd. as the nodal implementing agency to provide enhanced risk coverage for ECGC insured consignments during the disruption period, supported ECGC cover for forthcoming shipments over a defined three month window, and a partial reimbursement mechanism for eligible non insured MSME exporters to offset extraordinary freight and insurance surcharges, subject to documentary verification and notified ceilings; implementation is funded from an approved EPM outlay and monitored via dashboard and periodic steering committee review.
March 19, 2026
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Energy data classified as national security mandates real time disclosure across oil and gas supply chains to central agency.
The Petroleum and Natural Gas (Furnishing of Information) Order, 2026 classifies energy data as national security and requires entities across the petroleum and natural gas supply chain to furnish production, imports, exports, stocks, storage, allocation, transportation, supply, consumption and utilisation data, aggregated or disaggregated by geography, time or consumers, to PPAC in such form, manner, electronic platform and periodicity as specified, and overrides contractual confidentiality or commercial sensitivity claims.

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Customs & Trade

Strategic trade mission capitalises on UK-India Free Trade Agreement opportunity

March 11, 2026

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• Mayoral-led mission to India strengthens economic and cultural partnerships during the year of the Free Trade Agreement in order to deliver impact for the West Midlands. • New civic, academic and innovation partnerships secured across Ahmedabad, Mumbai and Bengaluru to boost bilateral collaboration, trade and tourism BIRMINGHAM, England, March 10, 2026 /PRNewswire/ -- A strategic trade mission to the UK's West Midlands region has strengthened economic and cultural ties with India's subregions, building on the recent signing of the landmark UK-India Free Trade Agreement. Led by West Midlands Mayor, Richard Parker between 22nd and 27th February and representing the first outbound mission from the UK in 2026, the delegation of business, political and academic leaders visited Ahmedabad, Mumbai and Bengaluru. With the aim of reinforcing the long-established, trusted partnership between the West Midlands and India, the mission set out to deliver real impact for the West Midlands, strengthening economic and cultural links and boosting collaboration for the benefit of the region's businesses, people and academic institutions. The mission was organised by the West Midlands Growth Company (WMGC), with support from the India Global Forum and Greater Birmingham Chambers of Commerce. The delegation included Dr Julie Nugent, CEO at Coventry City Council, Prof. David Mba, Vice-Chancellor at Birmingham City University and Greg Clark, Executive Chair of University of Warwick Innovation District. Official trade mission partners included Aston University, Birmingham City University (BCU), energy provider E.ON, GEDU Global Education, University of Birmingham and University of Warwick. The delegation was also made up of a number of high-potential West Midlands businesses, led by the Greater Birmingham Chambers of Commerce, interested in exploring trade opportunities in India. These included Goldilock; School of Coding Limited; World Wide Generation Limited; Agilyx EMEA Ltd; Econominds; CyberQ Group and Cybercy Group. Throughout the week, the West Midlands delegation attended a series of meetings with senior figures from leading Indian manufacturing companies, with discussion centred around their shared commitment to the future of engineering innovation. This included clean energy company Atri Energy Transition and motorcycle manufacturer and major investor into the West Midlands, TVS Motor Company. Mayor Richard Parker also met with Natarajan Chandrasekaran, Chair of Tata Group – the region's biggest source of foreign direct investment (FDI) – to discuss how to accelerate collaboration across technology, energy, steel and communications between the two markets. This momentum was reflected through the announcement of a new alliance between the University of Warwick and Tata Power, focused on energy storage and industrial decarbonisation. Marking an important step toward strengthening long-term research capability, talent development, and global academic engagement aligned with Tata Power's strategic priorities, the collaboration highlights the importance of West Midlands-borne research expertise to Indian industry partners. During the mission, Aston University also entered into new partnerships with Indian academic institutions the All India Management Association and Xavier School of Management, creating new pathways for skills and talent. In line with the mission's focus on opening pathways around digital innovation and AI collaboration, the delegation visited some of India's most significant industry hubs. These included the Confederation of Indian Industry (CII) - which hosted an interactive industry session focused on unlocking cross-border growth and scaling innovation following the UK-India FTA – the offices of multinational technology company and West Midlands investor Infosys and Tata Consultancy Services. The delegation also visited Gujarat-based GIFT City – India's globally connected financial centre – with the region is now taking forward plans for a joint taskforce with the State of Gujarat, with the ambition of establishing a formal partnership for growth across shared priority sectors. In support of the region's ambition to grow its creative industries, the delegation visited the iconic Yash Raj Films to discuss how to build partnerships between Mumbai and the West Midlands, focused on attracting productions and opening up new opportunities for the region's studios, freelancers and young creatives. Throughout the mission, the West Midlands delegation hosted activity to promote cultural exchange and building strong foundations for future partnership with India. This included an event on "The Commonwealth Legacy", to share lessons from hosting the Birmingham 2022 Commonwealth Games, ahead of Ahmedabad hosting the major sporting event in 2030. The mission also successfully profiled the West Midlands across Ahmedabad, Mumbai and Bengaluru – engaging 30 tour operators through targeted roundtables, alongside five hosted meetings to focus on educational product development, route development and forward planning. Organised in collaboration with VisitBritain, this activity also focused on commemorating the top travel agents for driving inbound tourism from India into the region, with the number of visits from Indian tourists to the region having grown by more than 20 per cent over the last decade. India and the West Midlands have strong economic links, with India representing the UK's second largest source of investment projects for six consecutive years and the West Midlands representing the UK's largest recipient of FDI projects from India outside London. These strong economic ties are supported by organisations including the CII, Federation of Indian Chambers of Commerce & Industry (FICCI) and the National Association of Software and Service Companies (NASSCOM), with plans in place to host the NASSCOM UK Forum in Birmingham in the near future, following the trade mission. Richard Parker, Mayor of the West Midlands, said: "This mission was about turning the UK-India Free Trade Agreement into real opportunities for the West Midlands. "In just one week we strengthened relationships with some of India's biggest employers and fastest growing industries. We opened the door to new partnerships in clean energy, technology, education and the creative industries - sectors that will create jobs, investment and opportunity for people across our region. "The West Midlands already has one of the strongest relationships with India anywhere in the UK outside London. My job is to build on that foundation and turn it into practical results for our businesses, universities and communities. "We've come back with a strong pipeline of partnerships and projects. The next step is simple - turn those conversations into investment, collaboration and growth here in the West Midlands." Harjinder Kang, His Majesty's Trade Commissioner to South Asia & Deputy High Commissioner to Western India, said: "We were delighted to welcome the West Midlands Mayoral-led trade delegation to India. As a result of the UK-India FTA, we have witnessed a great deal of interest amongst Indian businesses to deepen their collaboration with this key UK region. Beyond business ties, a number of exciting new partnerships spanning research, energy, skills, and talent were also announced - reflecting the strength of the region and our bilateral relationship. The success of this mission, underpinned by growth across both countries, is inspiring to see." Further commentary from the delegation: Professor Gurpreet Singh Jagpal OBE, Chief Commercial Officer at Aston University, said: "Aston University was proud to sponsor the mission to focus on strengthening economic and cultural ties between the West Midlands and India. We explored new education and business partnership opportunities to help boost investment and deepen UK–India collaboration. "While there we were delighted to sign agreements with two Indian higher education institutions. XLRI has a reputation for producing employer-ready graduates which makes it a strong platform for promoting West Midlands-India engagement in skills, talent, and business ties, and AIMA is a national management body with wide reach across corporate and institutional leaders. These agreements will help foster education, research and business engagement initiatives with the West Midlands. The mission also gave us the opportunity to contribute to several round table panels and host some of our esteemed Indian alumni at networking events." Professor David Mba, Vice-Chancellor at Birmingham City University, said: "The Mayoral Trade Mission was a powerful opportunity to deepen Birmingham's partnership with counterparts across India. "From Commonwealth Games collaboration to visits to world-leading cultural and technology hubs, I return with new relationships secured and clear ambition for how BCU can work more closely with the institutions we met. We are ready to turn dialogue into delivery and ambition into lasting impact." Vijay Tank, Chief Commercial Officer at E.ON Energy Infrastructure Solutions, said: "The free trade agreement between India and the UK opens up major opportunities for new investment and deeper partnerships between our two countries. Both nations share a commitment to an energy transition that boosts business competitiveness while driving cleaner and more secure energy – an ideal foundation for long–term collaboration. "It was a privilege to join the Mayor in meeting political and industry leaders in Ahmedabad, Mumbai and Bengaluru. Those conversations reinforced that the opportunities ahead of us are real and significant. With a shared sense of purpose we have a genuine chance to build scalable, sustainable solutions that will benefit our people, businesses and communities." Kevin McCole, Managing Director at GEDU Global Education, said: "The week in India was really enjoyable and successful for the West Midlands and the delegates. There was a positive response from the political and business leaders in all three cities, and a genuine commitment to deepening the trade, investment and cultural ties." Professor Mark Lee, Deputy Pro-Vice-Chancellor at the University of Birmingham, said: "The West Midlands mission to India has been a powerful opportunity to deepen the partnerships that connect Birmingham with one of our most important global collaborators. Through initiatives such as our joint postgraduate programmes with IIT Madras and our new Future Skills scholarships for Indian students, the University of Birmingham is committed to creating opportunities that strengthen talent pipelines, support sustainable growth, and bring our region closer to India." Greg Clark, Executive Chair of Warwick Innovation District, said: "The University of Warwick has extensive and long-standing connections with India through our students, alumni, research collaborations and industrial and innovation Partnerships. The dynamism and confidence of the Indian economy and the UK-India free trade agreement present further opportunities for the West Midlands and India to deepen our relationships. "The University of Warwick's new strategic alliance with Tata Power, announced during the visit, is a clear example of how world-class research and education can work with Indian businesses to make for a better and more prosperous world together. The West Midlands delegation advanced those connections at a time of momentum in the UK-India relationship." West Midlands Growth Company The West Midlands Growth Company focuses on the WMCA geography of Greater Birmingham and Solihull, Coventry and Warwickshire, and the Black Country.Once the powerhouse of the industrial revolution, the West Midlands has evolved into a world-class and highly sought-after international business destination, with an economy worth £117bn. Situated at the heart of the UK, the region is home to three major cities (Birmingham, Coventry, Wolverhampton) and four thriving boroughs, which come together to form one of Europe's most dynamic and diverse metropolitan clusters. Photo - https://mma.prnewswire.com/media/2930557/West_Midlands_Growth_Company.jpg' alt='Embedded Media' /> Logo - https://mma.prnewswire.com/media/2702236/5856235/WMGC_Logo.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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