The Times of India

Central Bank Moves Quickly To Contain Any Contagion Risk, Says Lender's Financials Stable

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As Eid ul Fitr nears, UAE workers can be asked to work but are entitled to either a compensatory day off or at least 50% extra pay on top of their regular wage. This ensures businesses can operate during peak periods while protecting employee rights. Uncompensated work is a violation, with recourse through the Ministry of Human Resources and Emiratisation.

Gold prices in the UAE have seen a significant drop, falling over Dh50 from recent peaks, just in time for Eid ul Fitr. This price relief has spurred a rush of last-minute shoppers to Dubai's gold souks, eager to capitalise on the dip. The market experienced hesitation followed by a sudden surge in demand, driven by global factors and profit-taking.

Six major powers, including Britain and France, have pledged support for safe passage through the Strait of Hormuz, condemning Iran's recent attacks on commercial vessels and energy infrastructure. While ready to contribute to maritime security, immediate naval deployment is not planned due to high threat levels. They also back emergency oil releases to stabilize global energy markets.

India has not been buying crude oil from Iran since mid-2019 after the US ended waiver for sanctions on Iran crude. Around 35-40% of Indias crude oil needs are met through cargoes that make their way towards Asia through the Strait of Hormuz.

Under normal conditions, roughly one-fifth of the worlds LNG supply originates from Ras Laffan, which is a sprawling industrial hub developed over three decades at a cost of hundreds of billions of dollars and covering an area nearly three times that of Paris.

India gets around 40% of its LNG requirements from Qatar. Reacting to the damage to key energy infrastructure in the Middle East, External Affairs Ministry spokesperson Randhir Jaiswal said, India had previously called for the avoidance of targeting civilian infrastructure, including energy infrastructure, across the region.

The Trump administration is considering releasing 140 million barrels of Iranian oil to stabilize global prices amid escalating Gulf conflict. US Treasury Secretary Scott Bessent indicated a potential move within days to boost physical supply, describing it as a reak the glass plan.

India has launched the Rs 497 crore RELIEF scheme to aid exporters facing Middle East conflict disruptions. The initiative, managed by ECGC, offers extended export obligations, enhanced insurance cover, and crucial support for MSMEs grappling with increased freight and insurance costs. This aims to maintain India's market share and prevent shipment delays.

Indian stock markets experienced a significant downturn on Thursday, with both Sensex and Nifty plunging over 3%. Surging crude oil prices due to escalating West Asia attacks, coupled with weak global cues, triggered a broad market rout. Financials, autos, and industrials were heavily impacted, while ONGC was the sole gainer.

India is mandating detailed operational data from its entire oil and gas sector, classifying it as a national security matter. This move aims to enhance government oversight of energy supplies amid Middle East war disruptions. The new order requires real-time reporting on production, imports, and consumption, enabling faster responses to crises and better procurement decisions.

Gold prices experienced a significant drop in futures trade, influenced by a stronger US dollar and global market weakness. Rising US Treasury yields and inflation data further pressured the precious metal, making it less attractive as a safe-haven asset. This decline was reflected across major Indian cities, with varying degrees of reduction in gold rates.

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Qatar expelled key Iranian military and security officials following missile strikes on its energy infrastructure. The Qatari Foreign Ministry declared the attachs and their staff persona non grata, citing repeated Iranian aggression and violations of sovereignty. This diplomatic fallout follows significant damage to the Ras Laffan Industrial City, a critical gas processing hub.

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Experts had said that fears of oil prices stoking inflation were unlikely to push the Federal Reserve toward raising interest rates at this weeks meeting. hile markets and economists had earlier anticipated that the next move would be a rate cut, that conviction has weakened since the United States and Israel launched airstrikes on Iran on February 28.

India has deployed additional naval assets in the Arabian Sea and Gulf of Oman to ensure safe passage for its fuel-carrying vessels amid escalating tensions around the Strait of Hormuz. The Indian Navy's precautionary deployment aims to escort Indian ships to safer waters, as the strait's closure disrupts crucial energy imports for India.

In a bid to curb soaring energy costs, President Trump has temporarily waived the Jones Act for 60 days. This move permits foreign ships to transport goods between US ports, aiming to ease oil market disruptions caused by the US-Israeli conflict with Iran.

India continues to be the largest recipient of remittances in the world. Indias share in the world remittances stood at 14% in 2024. What does the current US-Iran war and the Middle East conflict mean for remittance flows to India? What is the dependence, macro importance?

Gold prices dipped across major Indian cities on Wednesday, mirroring a decline in domestic futures. This cautious sentiment stems from anticipation of the US Federal Reserve's monetary policy decision and ongoing assessment of oil price impacts on inflation. Retail rates saw a noticeable drop in key urban centers.

India has launched an anti-dumping probe into Chinese ethyl chloroformate imports following a complaint by domestic producer Paushak, alleging unfair pricing that harms local industry. The investigation, initiated by the Directorate General of Trade Remedies, will assess if duties are needed to protect Indian manufacturers. This move is part of a broader effort to curb cheap imports.

Amidst escalating Middle Eastern tensions, many Indian blue-collar workers are staying put for jobs and family support, despite recruiters warning of potential layoffs. While salaries remain consistent, some workers are on mandatory leave as demand for labour declines. Experts foresee a hiring surge post-conflict, but current uncertainty impacts operations and domestic hiring.

The government is incentivising states to transition to piped natural gas (PNG) by offering an additional 10% commercial LPG allocation. Despite ongoing global supply disruptions causing a worrisome LPG situation, improvements in online bookings are noted. States can earn extra LPG by forming committees, simplifying permissions, and implementing infrastructure schemes.

March 2026 brings a series of bank holidays across India, impacting branch operations significantly. Customers should note closures for festivals like Gudhi Padwa, Ugadi, Eid-Ul-Fitr, and Ramzan, alongside state-specific observances and the second and fourth Saturdays. Digital banking remains available for routine transactions, but services requiring branch visits must be rescheduled.

Aam Aadmi Party MP Raghav Chadha proposed reforms to ease financial burdens, advocating for optional joint income tax filing for couples, full tax exemption on disability pensions for all wounded soldiers, and removal of bank minimum balance penalties. These proposals aim to create a fairer financial system for ordinary citizens amidst ongoing pensioner concerns.

Data from Vortexa Ltd. indicates that at least seven vessels transporting Russian crude have altered their routes mid-journey, changing course from China to India. At present, all major Indian refiners are actively sourcing Russian oil.

Escalating Middle East tensions are impacting Indian households and businesses reliant on LPG imports. To counter supply disruptions, the government is urging a swift shift to Piped Natural Gas (PNG), fast-tracking approvals and waiving charges for pipeline infrastructure. This initiative aims to ease the strain on LPG supplies, with hospitality and industrial sectors already facing significant challenges.

Among individual stocks, Coforge and Persistent Systems surged more than 4% each. TCS, the countrys largest software exporter, advanced around 3%, while LTIMindtree also posted gains of over 3%.

The ongoing US-Iran war has meant that shipments from the Middle East and in particular the Strait of Hormuz have been held up. India imports a major chunk of its LPG needs, and a substantial percentage of that comes from the Middle East.