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    Rupee settles 5 paise down at new record low of 92.30 against US dollar
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March 13, 2026
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Currency depreciation driven by strong dollar, foreign outflows and rising oil prices pressures domestic exchange rate stability.
The rupee fell to a fresh record low against the US dollar amid a stronger dollar, heavy foreign portfolio outflows and sustained equity market selling. Rising crude oil prices, higher US treasury yields and geopolitical risk heightened market risk aversion, while RBI data showed a notable weekly decline in gross forex reserves; analysts warned these factors collectively impart a negative near term bias on the currency and provided a projected trading range.
March 13, 2026
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Bilateral trade agreement talks continue amid US tariffs and Section 301 investigations affecting timing of formal signing.
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March 13, 2026
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Legally binding investment commitment spurs FTA-driven investment and enhanced market access while preserving sensitive sector protections.
The India-EFTA TEPA embeds a legally binding investment commitment within an FTA, paired with a safeguard clause allowing India to claw back FTA benefits if investment pledges are unmet. The agreement furnishes near-complete services market access across EFTA parties, enables technology collaboration and capacity building, and maintains protections for sensitive sectors such as agriculture and dairy. A dedicated FTA facilitation desk and stakeholder engagement are promoted to convert treaty commitments into investment, trade and employment outcomes.
March 13, 2026
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Geographical Indication protection enabled first exports of Joha rice to the UK and Italy, expanding premium market access.
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March 13, 2026
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Economic Stabilization Fund to provide fiscal headroom for unanticipated crises and preserve the year's fiscal deficit within revised estimates.
The government proposes an Economic Stabilization Fund established via inter-account transfers in the second batch of supplementary demands for grants to create fiscal headroom for unanticipated crises and supply-chain disruptions; the fund is to be financed by a mix of net cash outgo and savings, and the additional expenditure is stated not to alter the fiscal deficit relative to the Revised Estimates.
March 13, 2026
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Foreign exchange reserves decline as central bank reports weekly reductions across foreign currency assets, gold, SDRs and IMF position.
India's foreign exchange reserves declined by USD 11.683 billion to USD 716.810 billion for the week ended March 6. The change comprised a USD 9.880 billion fall in foreign currency assets to USD 563.245 billion, a USD 1.612 billion decrease in gold reserves to USD 130.017 billion, a USD 0.146 billion reduction in SDRs to USD 18.720 billion, and a USD 0.045 billion drop in the IMF reserve position to USD 4.828 billion; foreign currency assets are stated in dollar terms including valuation effects of non US currencies.
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March 13, 2026
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Monetary policy stance maintained; rates expected steady while inflation risk rises amid higher oil prices and trade shifts.
Fitch raised India's near-term GDP forecasts, attributing growth to domestic demand and investment, noted national accounts rebasing that smooths GDP estimates, and projected a short-term easing then recovery in investment linked to looser financial conditions. The report warns that higher global oil prices raise inflation risk while the Reserve Bank's neutral stance and expectation of unchanged policy rates are likely to persist. It also highlights that weaker domestic demand may boost net trade contribution and that external legal/regulatory changes, including a lower US effective tax rate and Section 122 tariffs, will affect external demand.
March 13, 2026
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March 13, 2026
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Emergency fuel measures temporarily reintroduce kerosene and permit alternate fuels for hospitality to protect household cooking supplies.
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March 13, 2026
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Supplementary demands approval permits additional government expenditure while keeping the fiscal deficit within revised estimates.
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March 13, 2026
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Economic Stabilisation Fund created to provide fiscal headroom and buffer for global shocks; supplementary spending approved.
An Economic Stabilisation Fund of one lakh crore is proposed as a contingency buffer to provide fiscal headroom and absorb unforeseen global shocks; its allocation is included in the second batch of supplementary demands for grants alongside additional spending on fertiliser subsidies, PMGKAY, defence and other heads. The Finance Minister affirmed that the fiscal deficit for 2025-26 will remain within the Revised Estimates and that the supplementary does not increase total expenditure beyond the Budget Estimates.
March 13, 2026
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March 12, 2026
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Budgetary transparency concerns allege fiscal mismanagement and contested tax attribution, challenging infrastructure and employment claims.
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March 12, 2026
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March 12, 2026
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Asset attachment under PMLA triggers provisional seizure of properties linked to alleged diversion of public funds.
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Opposition slams govt on West Asia crisis; warns of trade, jobs and energy fallout

March 16, 2026

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New Delhi, Mar 16 (PTI) Opposition parties in the Rajya Sabha on Monday criticised the government over its handling of the West Asia crisis, warning of severe repercussions for India’s trade, employment, energy security and rural economy.

Participating in a debate over the Appropriation Bill, CPI’s Sandosh Kumar P said the conflict was not a distant political issue but the one with “direct consequences” for India.

AAP’s Sanjay Singh alleged the crisis was “self-imposed” due to strained ties with Iran. BJD’s Sulata Deo flagged LPG shortages, and YSRCP’s S Niranjan Reddy cautioned about looming fertilizer challenges, underscoring the vulnerability of India’s agriculture sector.

Sandosh Kumar said the ongoing conflict in West Asia is not a distant political issue for India.

"It has direct consequences for our trade, employment, and energy security. Unfortunately, despite the gravity of the situation, the Union Government appears unprepared," he said.

Over India's economic dependence on the Gulf region, the CPI member said India's total trade with the Gulf Cooperation Council (GCC) is about USD 178 billion and exports to these countries are USD 56-57 billion annually. India's exports include agricultural products, food items, textiles, engineering goods, and pharmaceuticals.

Moreover, it employs millions of workers across rural and semi-urban India.

"If the conflict continues and trade routes are disrupted, these exports will decline. This will directly affect farmers, small producers, and workers, leading to unemployment, particularly in the rural economy," he said.

At such times, the rural economy earlier had a cushion in MGNAREGA, a programme that provided livelihood security. But this government has systematically weakened it with another VB-G RAM G (Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission Gramin) framework, which is still not even notified.

He asked what contingency plans does the government have to deal with such a situation? "How will it support returning workers and protect the families that depend on these incomes? Another concern is energy security. India imports more than 85 per cent of crude oil requirements. Much of it is linked to supplies from West Asia," he said.

Kumar said there is a need to understand the reality and address it.

AAP member Sanjay Singh said the Leader of House has said that the Opposition is not cooperating in this crisis. However, Singh asked who brought this crisis to India.

He called this a self-imposed crisis. The government knew that 60 per cent of the crude and 50 per cent gas meant for India passes through Strait of Hormuz.

When over 60 per cent of the strait comes under control of Iran, then what was the need to have adverse relationship with Iran, he alleged.

Singh alleged that this crisis, which the nation is facing today, is sponsored by the Prime Minister.

"Iran was our traditional friend, this was also mentioned by our Prime Minister, when he had earlier visited Iran," he said.

"However when Khamenei was killed, he remains silent. 160 school children are killed and we remained silent." Not only this, one of the Iranian ships which was returning after participating in a military exercise hosted by India was torpedoed by the US. In this more than 100 of its crew members died and the Prime Minister remained silent.

Sulata Deo of BJD also raised concerns over the shortage of LPG gas. She also questioned the timing of government's decision to send 5,000 tonne of diesel to Bangladesh, when the country itself is facing crisis.

Deo said the current crisis shows the government has no vision.

S Niranjan Reddy of YSRCP highlighted the challenges faced by the agri sector and raised the potential crisis of fertiliser.

Ministry of Chemicals and Fertilisers, in the supplementary demands, sought Rs 15,000 crore additional allocation under the nutrient-based subsidy.

India imports 100 per cent of potash, and 90 per cent of phosphatic raw materials. PTI KRH KRH ANU ANU

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