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23-March-2026
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 Indian Economy
 
India among worst hit if Middle East conflict drags, GDP could take up to 4% hit: Moody’s Analytics
India could face one of the steepest economic setbacks in the Asia-Pacific region if the ongoing Middle East conflict persists, with output potentially falling by nearly 4 percent from its baseline trajectory, according to Moody’s Analytics. The assessment places India among the most exposed majo...

How the War in West Asia is affecting the Indian economy
Just as countries across the world were beginning to heave a sigh of relief after the US Supreme Court struck down the reciprocal tariffs imposed by US President Donald Trump, a new crisis opened up. On February 28, the US and Israel began coordinated attacks on Iran, killing Iran’s Supreme Leade...

India’s limited oil buffers, reliance on subsidies heighten risks from Middle East conflict, Moody’s warns
India’s heavy reliance on oil imports from the Gulf, coupled with relatively limited strategic reserves, leaves it vulnerable to rising energy prices and potential supply disruptions amid escalating Middle East tensions, Moody’s raised caution on Monday. The agency flagged that while some Asia-Pa...

Capex rebounds, revenue growth slows for states
Capital expenditure by state governments during April–February points to a mixed but gradually improving investment cycle, with a handful of large states sustaining infrastructure spending even as others lag under fiscal pressure. Aggregate capital outlay by 18 major states rose 9.5% year-on-year...

Hormuz crisis fuels Russia oil surge into India
India’s crude imports from Russia are surging back towards peak levels last seen during the 2022–23 supply realignment, with March volumes rebounding sharply as refiners pivot away from disrupted Middle East flows. Shipments from Russia have already reached 39.9 million barrels in the first 20 da...

$9.2 billion oil import bill at $69; $156 spike may cost $60 billion
India’s oil import bill, which stood at $9.2 billion in February 2026 when the Indian crude basket averaged $69.01 per barrel, now faces the risk of a steep rise after crude prices surged to $156.29 per barrel on March 19, more than doubling input costs in less than a month. The February data reflec...

 
 Global Economy
 
'Crisis worse than two 1970s oil shocks put together': IEA chief's big warning on Strait of Hormuz
The ongoing war in the Middle East has triggered an energy crisis for the world and "no country is immune" to its shockwaves, the International Energy Agency (IEA) warned on Monday. Addressing the National Press Club in Australia's capital, Birol said the current situation has evolved into an unprec...

China Pledges More Balanced Trade and Further Opening of the Economy After Record Surplus
Chinese Premier Li Qiang pledged on Sunday to further ?open ?the country's economy to foreign firms and ?pursue more balanced trade with its global partners, after a year marked by trade friction and tariff ?wars with the United States and European Union in particular. China will import more hig...

Exclusive-Japan Considers Cutting Inflation-Linked Bond Buybacks as Demand Rises, Sources Say
Japan is considering a reduction ?in ?buybacks of inflation-linked government ?bonds as investor demand swells amid rising inflation expectations, two sources ?familiar with the matter said on Monday. In late January, market-based inflation expectations, measured by the break-even ?inflation rate...

Singapore Core Inflation at 1.4% Y/y in February, Slightly Higher Than Expected
Singapore's key ?consumer price ?gauge rose 1.4% ?in February from ?a ?year ?earlier, official data showed on ?Monday. The core inflation rate, ?which excludes private ?road transport ?and ?accommodation costs, ?was slightly higher than ?the ?median forecast of 1.3% in ?a Reuters poll of economis...

One Battle After Another: Iran War Deals New Blow to Europe's Industrial Heartland
In a spartan office adorned with plastic pots and detergent packaging at German chemical company Gechem, owner Martina Nighswonger feels ?she's running ?out of options. After years battling the fallout from the global pandemic, the spike in energy costs ?triggered by Russia's invasion of Ukraine ...

‘Outlook has grown more daunting’: Moody’s warns on Asia-Pacific growth, sees slowdown to 4% in 2026 amid heightened Middle East risks
Economies in the Asia-Pacific region are headed for a sharper-than-expected slowdown, with growth projected to ease to 4% in 2026 from 4.3% in 2025, as surging commodity prices due to the Middle East conflict and persistent U.S. tariff uncertainty darken the outlook, Moody’s said on Monday. Growt...

 
 Market & Finance
 
Charting the global economy: Interest-rate hikes may be coming
Monetary policymakers from the US to Europe to Japan all held the line on interest rates this week as they assess the economic fallout from a war-driven spike in energy costs. But that could soon change. Money markets are betting on rate hikes by the European Central Bank this year, with the firs...

Bonds under fire as oil, US yields compound supply woes
Indian government bonds plummeted on Monday, as surging oil prices and rising U.S. Treasury yields weighed on sentiment. The benchmark 6.48% 2035 bond yield was at 6.8261% as of 10:30 a.m. IST, up 9 basis points, and after closing at 6.7369% on Friday. Bond yields ?move inversely ?to ?prices. The...

Global Markets | Japan's Nikkei, bonds hit multi-month lows on war-driven inflation fears
Japan's stocks and bonds sank to multi-month lows on Monday as an escalation in the Middle East war stoked inflation fears and concerns over an economic slowdown. The Nikkei slumped as much as 5% earlier in the session, wiping out the gains it made this year. ?The index ?ended 3.48% lower ?at 51,515...

Rupee hits all-time low of 93.95 vs US dollar as Middle East tensions escalate
The Indian rupee fell to a record low on Monday, as an escalating Middle East conflict stoked worries over sustained disruption of energy supplies, threatening the ?outlook for ?Asia's ?third-largest economy. The rupee fell to 93.95 against the U.S. dollar, eclipsing its previous low of 93.7350 h...

 
 
 
 
 
 
 
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 Notifications
 
DIRECTORATE GENERAL OF FOREIGN TRADE
Notification No. 53/2025-26
(Delhi) 21-03-2026
Subject: Amendment in Import Policy & Policy Condition of Low Ash Metallurgical Coke under Chapter 27 of ITC (HS), 2022, Schedule-I (Import Policy) - regarding....
Notification No. 55/2025-26
(Delhi) 21-03-2026
Amendment in export policy of items under HS Code 1101 - regarding....
Notification No.48/2025-26
(Delhi) 21-03-2026
Amendment in Import Policy of ITC HS 71131921 covered under Chapter 71of ITC (HS) 2022, Schedule –I (Import Policy) -reg. ...
Notification No. 51 /2025-26
(Delhi) 21-03-2026
Allowing Export of 50,000 MT of Organic Sugar per financial year - regarding....
Notification No. 59/2025-26
(Delhi) 21-03-2026
Streamlining of Halal Certification Process for Meat and Meat Products regarding....
Notification No. 45 /2025-26
(Delhi) 21-03-2026
Amendment in Import Policy Condition of specific ITC (HS) Codes of Chapter 29 and 38 of ITC (HS), 2022- Schedule-1 (Import Policy) -reg. ...
Notification No. 46/2025-26
(Delhi) 21-03-2026
Partial amendment in Import Policy Condition of Synthetic Knitted Fabrics Covered under Chapter 60 of the ITC (HS), 2022 - reg....
Notification No. 47/2025-26
(Delhi) 21-03-2026
Amendment in Export Policy of Red Sanders (Pterocarpus Santalinus) - regarding....
Notification No. 50 /2025-26
(Delhi) 21-03-2026
Amendment in Import Policy Condition of Specific items covered under Chapter 29 of ITC (HS) 2022, Schedule-I (Import Policy)-reg....
Notification No. 57 / 2025-26
(Delhi) 21-03-2026
Amendment in Import Policy and Policy condition of Umbrellas covered under Chapter 66 of Schedule -I (Import Policy) of ITC (HS) 2022....
Corrisendum to Notification No. 60 12025-26
(Delhi) 21-03-2026
Corrigendum on Rationalisation of RoDTEP rates - reg....
Notification No. 63 /2025-26
(Delhi) 21-03-2026
Amendment in import policy of ITC (HS) code 71131144 and 71131145 covered under Chapter 71 of ITC (HS), 2022, Schedule - I (Import Policy)-reg. ...
Notification No. 64/2025-26
(Delhi) 21-03-2026
Amendment in Policy condition No.2 to Chapter 95 of ITC (HS), 2022 - Schedule - 1 (Import Policy)....
Notification No. 65/2025-26
(Delhi) 21-03-2026
Time-limited Support for Exporters in view of Geopolitical Disruptions in the Gulf and West Asia Maritime Corridor - reg....
Notification No. 33/2025-26
(Delhi) 21-03-2026
Amendment in Export Policy of Non-Basmati Rice under Chapter 10 of Schedule- II (Export Policy) of ITC (HS) 2022-regarding. ...
Notification No.39 /2025-26
(Delhi) 21-03-2026
Amendment in Export Policy Condition under HSN 1006 of Schedule-II (Export Policy), ITC(HS) 2022-reg. ...
Notification No. 40/2025-26
(Delhi) 21-03-2026
Amendment in Import Policy Condition of specific items covered under Chapter 70, 73, 84 and 85 of ITC (I-IS) 2022, Schedule—I (Import Policy) -reg....
Notification No. 29/2025-26
(Delhi) 21-03-2026
Amendment in Export Policy of Animal By-Products- regarding....
Notification No. 38 /2025-26
(Delhi) 21-03-2026
Export of 100 MT of wheat seed (DWR-162) under ITC (HS) code 10019100 from University of Dharwad to Indonesia. ...
Notification No.41-/2025-26
(Delhi) 21-03-2026
Amendment in Import Policy Condition of Sulfadiazine API covered under Chapter 29 of ITC (HS), 2022, Schedule-I (Import Policy)-regarding. ...
Notification No. 52 /2025-26
(Delhi) 21-03-2026
Amendment for extension of validity of Minimum Export Price (MEP) on export of Natural Honey - regarding. ...
Notification No. 54 /2025-26
(Delhi) 21-03-2026
Amendment in Import Policy & Policy Condition of Low Ash Metallurgical Coke under Chapter 27 of ITC (HS), 2022, Schedule-I (Import Policy) – regarding. ...
Notification No. 56/2025-26
(Delhi) 21-03-2026
Amendment in import policy and policy condition of Penicillins and its salts, 6- APA and Amoxycilline and its salts falling under ITC (HS) Code 29411010, 29411050 and 29411030, respectively, of Chapter-29 of ITC (HS), 2022, Schedule-I (Import Policy) ...
Notification No. 31/2025-26
(Delhi) 21-03-2026
Notification on Revision of SCOMET List under Appendix-3 of ScheduleII(Export Policy), ITC(HS), 2022-regarding....
Notification No. 32 /2025-26
(Delhi) 21-03-2026
Export Policy of Second Generation (2G) Ethanol - regarding....
Notification No. 34/2025-26
(Delhi) 21-03-2026
Amendment in import policy of specific ITC (HS) codes under Chapter 71 of Schedule- I(Import Policy) of ITC (HS) 2022....
Notification No. 43/2025-26
(Delhi) 21-03-2026
Amendment in import policy and policy condition of Areca Nuts falling under ITC (HS) Code 08028090 and 20081991 of Chapter-20 of ITC (HS), 2022, Schedule-l (Import Policy)...
Notification No. 44 /2025-26
(Delhi) 21-03-2026
Syncing of ITC (HS), 2022- Schedule-1 (Import Policy) with Finance Act 2025 (No. 07 of 2025) dated 29.03.2025 -reg. ...
Notification No. 58 / 2025-26
(Delhi) 21-03-2026
Amendment in import policy of ITC (HS) code 71141920 covered under Chapter 71 of ITC (HS), 2022, Schedule - I (Import Policy) - Reg....
Notification No. 6O /2025-26
(Delhi) 21-03-2026
Rationalisation of RoDTEP rates - reg....
Notification No. 61/2025-26
(Delhi) 21-03-2026
Amendment in export policy of Wheat flour and related items falling under HS Code 1101- regarding....
Notification No. 62/2025-26
(Delhi) 21-03-2026
Amendment in export policy of Wheat - regarding. ...
Notification No. 28/2025-26
(Delhi) 21-03-2026
Amendment in Para 2.03(A) (i) (g) of the Foreign Trade Policy, 2023 laying down enabling provisions for import of inputs, that are subjected to mandatory Quality Control Orders (QCOs), by Advance Authorisation holders, EOU and SEZ. ...
Notification No. 30/2025-26
(Delhi) 21-03-2026
Amendment in Import Policy Condition of ATS-8 covered under Chapter 29 of ITC HS, 2022, Schedule –I (Import Policy)-regarding....
Notification No: 35 /2025
(Delhi) 21-03-2026
Extension of RoDTEP Scheme for DTA Units beyond 30.09.2025 and Applicability to DTA/AA/SEZIEOU Exports till 31 .03.2026 - reg....
Notification No.36/2025-26
(Delhi) 21-03-2026
Exemptions for Export of Agricultural Commodities to Bhutan-regarding....
Notification No. 37/2025-26
(Delhi) 21-03-2026
Amendment in Export Policy of De-Oiled Rice Bran -regarding...
Notification No. 42/2025-26
(Delhi) 21-03-2026
Amendment in Export Policy of Meat and Meat products -regarding...
Notification No.49 /2025-26
(Delhi) 21-03-2026
Amendment to Para 4.63 of FTP-2023-reg...
 
 Indian Corporate
 
Adani Green Energy commissions 510 MW capacity power projects in Gujarat
Adani Green Energy on Monday said it has operationalised 510 megawatt of power projects in Khavda, Gujarat. With the commissioning of the plants, its total operational renewable generation capacity has increased to 17,982.3 megawatt (MW), Adani Green Energy said in an exchange filing. ...

Tata Steel partners with Hindustan Zinc for sustainable steel manufacturing
Tata Steel and Hindustan Zinc on Monday announced a partnership to integrate the low-carbon zinc solution EcoZen into sustainable steel manufacturing. HZL's EzoZen solution is produced using renewable energy and has a verified carbon footprint of less than 1 tonne of CO2 equivalent per tonne of z...

Vedanta challenges NCLT nod to Adani’s Rs 14,535 crore JAL bid
Anil Agarwal-led Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT), challenging the approval granted to Adani Enterprises Ltd for acquiring Jaiprakash Associates Ltd (JAL) through the insolvency process....

Most of L&T’s West Asia sites operating as usual
It’s almost as usual for engineering major Larsen & Toubro (L&T) with 95% of its sites in West Asia operational, Subramanian Sarma, deputy managing director & president of the company has confirmed. While the conflict has posed supply and logistics challenges at its sites, alternative channels li...

 
 Global Corporate
 
Iron Ore Miners Could Face Billions More in Fuel Costs Due to Iran War, Fortescue Says
Iron ?ore miners are at risk ?of incurring billions of dollars more in fuel costs if diesel ?prices continue to rise, a senior executive at Australia's Fortescue said on Monday. The U.S.-Israeli war on ?Iran has all but stopped ?shipments through the Strait of Hormuz, sending oil and gas prices h...

Asia’s industrial revolution is switching off gas
Omer Ashraf isn’t losing any sleep over the impact of the Iran conflict on his fleet of energy-hungry cement plants. The Chief Financial Officer of Pakistan’s Fauji Cement Co. installed its first solar array in 2019 at Jhang Bhatar, about 50 kilometers (31 miles) west of the capital Islamabad. Th...

Saudi Aramco cuts oil supply to Asia for second month in April
Saudi Aramco, the world's top oil exporter, has cut crude supply to Asian buyers for a second month in April, two sources with knowledge of the matter said on Monday, ?after ?the U.S.-Israeli ?war with Iran disrupted trade via the Strait of Hormuz. The producer is supplying only Arab Light crude ...

One battle after another: Iran war deals new blow to Europe's industrial heartland
In a spartan office adorned with plastic pots and detergent packaging at German chemical company Gechem, owner Martina Nighswonger feels she's running out of options. After years battling the fallout from the global pandemic, the spike in energy costs triggered by Russia's invasion of Ukraine and...

 

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