National Affairs

PM Narendra Modi Visits Kerala and Tamil Nadu; Launches Projects Worth ₹16,450 Crore

Prime Minister Narendra Modi visited Ernakulam, Kerala and Tiruchirappalli, Tamil Nadu on 11 March 2026, where he inaugurated, dedicated to the nation, and laid foundation stones for multiple development projects worth around ₹16,450 crore.

The projects cover major sectors such as petroleum and natural gas, highways, rural connectivity, and railways.

Kerala Projects

During his visit to Ernakulam, Kerala, PM Modi launched projects worth around ₹10,800 crore.

Key Highlight:
He laid the foundation stone for a Polypropylene Unit at the Kochi Refinery of Bharat Petroleum Corporation Limited.

Project Details:

• Investment: Over ₹5,500 crore
• Capacity: 400 Kilo Tons Per Annum
• Objective: Boost domestic polymer production
• Impact: Reduce import dependence in the polymer sector

Tamil Nadu Projects

During his visit to Tiruchirappalli, Tamil Nadu, PM Modi launched development projects worth about ₹5,650 crore.

City Gas Distribution Network:
He laid the foundation stone for BPCL’s City Gas Distribution Network in The Nilgiris and Erode districts.

Project Details:

• Investment: Over ₹3,680 crore
• PNG connections: Over 8.8 lakh households
• Commercial establishments covered: 200+
• CNG stations to be established: 201

Significance:
The projects will improve access to clean energy, strengthen connectivity, and support regional economic growth.

Union Textiles Minister Giriraj Singh Launches Bharat Tex 2026

Union Minister Giriraj Singh, Ministry of Textiles, launched Bharat Tex 2026 on 11 March 2026.

Bharat Tex is India’s flagship global textile event and is expected to become one of the world’s largest integrated textile fairs.

Event Details:

Organiser:
The event is organised by the Bharat Tex Trade Federation, an umbrella body of 11 textile-related Export Promotion Councils and industry organisations, with support from the Ministry of Textiles.

Vision Alignment:
The event supports Prime Minister Narendra Modi’s 5F Vision:

• Farm to Fibre
• Fibre to Factory
• Factory to Fashion
• Fashion to Foreign markets

Objective:
Bharat Tex 2026 aims to position India as a reliable sourcing destination and investment hub for the global textile industry.

NITI Aayog Releases Fiscal Health Index 2026; Odisha Ranks First

NITI Aayog released the second annual edition of the Fiscal Health Index 2026 in New Delhi.

The report was released by:

• Suman Bery, Vice-Chairman, NITI Aayog
• Nidhi Chhibber, CEO, Additional Charge, NITI Aayog

The index evaluates the fiscal performance and financial soundness of Indian states for FY 2023–24, based on data from the Comptroller and Auditor General of India.

Top 3 States:

Front-Runners Category:

• Gujarat
• Maharashtra
• Chhattisgarh
• Telangana
• Uttar Pradesh
• Karnataka

Performers Category:

• Madhya Pradesh
• Haryana
• Bihar
• Tamil Nadu
• Rajasthan

Aspirational Category:

• West Bengal
• Kerala
• Andhra Pradesh
• Punjab

Key Concern in Aspirational States:
These states are marked by higher fiscal deficits, elevated debt levels of 35–45% of GSDP, and large committed expenditures.

MoAFW Releases 2nd Advance Estimates of Major Agricultural Crops 2025–26

Union Minister Shivraj Singh Chouhan, Ministry of Agriculture and Farmers Welfare, released the 2nd Advance Estimates of production of major agricultural crops for 2025–26 on 10 March 2026.

The estimates include both Kharif and Rabi crops.

Data Validation:
Crop area data from states was validated using:

• Remote sensing
• Weekly Crop Weather Watch Group
• Other agencies

Yield estimates were based on:

• Crop Cutting Experiments
• Past production trends
• Other relevant factors

Key Production Estimates

Pulses Production:

Commercial Crops:

DPIIT and Voltas Sign MoU for Cooling and Smart Appliance Innovation

The Department for Promotion of Industry and Internal Trade, under the Ministry of Commerce and Industry, signed an MoU with Voltas Limited, a Tata Enterprise, in New Delhi.

Signatories:

• Sumeet Kumar Jarangal, Director, DPIIT
• Mukundan Menon, Managing Director, Voltas Limited

Objective:
The MoU aims to promote collaboration between industry and start-ups in the cooling and smart appliance ecosystem.

Focus Areas:

• Heating, Ventilation and Air Conditioning
• Advanced control systems
• Power electronics
• Artificial Intelligence diagnostics
• Machine Learning diagnostics
• IoT-enabled appliances
• Manufacturing digitalisation

Innovation Initiatives:
Startup India under DPIIT and Voltas will organise:

• Bharat Startup Grand Challenge innovation challenges
• Hackathons
• Industry problem-solving programmes

Support for Startups:
Selected startups will receive:

• Mentorship
• Technical guidance
• Testing infrastructure access
• Market linkages
• Proof-of-Concept opportunities
• Field trials with Voltas engineering teams

WHO Foundation and Novo Nordisk Partner to Combat Childhood Obesity in India

The WHO Foundation partnered with Novo Nordisk, a Danish multinational pharmaceutical company, to address the growing challenge of childhood obesity in India.

Purpose:
The partnership aims to reduce childhood obesity by promoting healthier lifestyles and strengthening early risk identification.

Key Focus Areas:

• Health screening
• Lifestyle education
• Physical activity promotion
• Mental health support
• School-based obesity prevention
• Health-system readiness

Implementation:
The initiative will be implemented in selected districts in India through a scalable school-based health programme.

Alignment:
The programme aligns with:

• Ayushman Bharat – School Health and Wellness Programme
• WHO Health Promoting Schools framework

About WHO Foundation:
The WHO Foundation is an independent organisation established in 2020 and headquartered in Geneva, Switzerland.

Banking & Finance

RBI Revises Counterparty Credit Risk Rules to Align with Basel Norms

The Reserve Bank of India released the RBI Commercial Banks – Prudential Norms on Capital Adequacy Third Amendment Directions, 2026.

The amendment revises the capital adequacy framework for commercial banks and introduces clearer guidelines for calculating capital against Counterparty Credit Risk exposures.

About Counterparty Credit Risk:
Counterparty Credit Risk is the risk that the other party in a financial transaction, such as derivatives or swaps, may default before the contract is settled.

Key Highlights:

Consolidated Basis:
Commercial banks must comply with capital adequacy requirements at:

• Standalone level
• Consolidated level

For consolidated capital computation, banks must include the CCR exposures of all relevant entities.

Add-on Factors:
The amendment revises the table specifying add-on factors used to calculate Potential Future Exposure for derivative contracts.

Significance:
The move aligns India’s banking capital rules more closely with global Basel norms.

RBI Cancels CoR of 36 NBFCs; 9 NBFCs Surrender Licences

The Reserve Bank of India cancelled the Certificate of Registration of 36 Non-Banking Financial Companies in March 2026.

Nine other NBFCs voluntarily surrendered their licences due to business exits, structural changes, or mergers.

Cancellation of 36 NBFCs:
RBI cancelled the CoR of 36 entities between 16 and 24 February 2026, prohibiting them from conducting NBFC business under the RBI Act, 1934.

Key Entities Included:

• Excellence Broking & Finance Pvt Ltd
• Jibralter Traders Ltd
• Bahubali Leasing Limited
• Wintech Telecom Pvt Ltd

Licence Surrender by 9 NBFCs:

Exited NBFC Business:

• KKR India Asset Finance Private Limited
• Manglam Vanijya Private Limited
• Mechno Sales Agencies Private Limited

Unregistered Core Investment Company Criteria:
Premier Ferro Alloys & Securities Limited surrendered its licence after meeting the criteria of an unregistered Core Investment Company.

Ceased to Exist Due to Merger / Amalgamation / Strike-Off:

• Unicon Suppliers Pvt Ltd
• Atreyi Vincom Pvt Ltd
• Hanuman Forging and Engineering Pvt Ltd
• Upwards Capital Pvt Ltd
• Samuk Holding Pvt Ltd

SBI and MUFG Bank Sign Strategic Partnership to Strengthen India–Japan Financial Ties

The State Bank of India signed a strategic partnership agreement with MUFG Bank Limited, a leading Japanese global financial institution.

The agreement aims to strengthen cross-border capital flows and expand financial cooperation between India and Japan.

Purpose:
The partnership combines:

• SBI’s domestic presence in India
• MUFG’s global network

Target Beneficiaries:

• Japanese companies investing in India
• Indian enterprises expanding into Japan
• Indian companies expanding into global markets

Focus Areas:

• Mergers and Acquisitions
• Aviation financing
• Real estate financing
• M&A advisory
• Trade finance
• Retail banking services

Alignment:
The partnership aligns with the India-Japan Special Strategic and Global Partnership and supports Viksit Bharat 2047.

Background:
The partnership builds on previous collaboration, including:

• MUFG as Lead Social Loan Coordinator for SBI’s USD 1 billion social loan in 2023
• USD 500 million gender-themed syndicated loan to promote women’s economic empowerment

RBI Authorises CRED to Operate as Payment Aggregator

The Reserve Bank of India granted authorisation to CRED, operated by Dreamplug Technologies Private Limited, to operate as a Payment Aggregator.

The approval was granted under the Payment and Settlement Systems Act, 2007.

Function:
The authorisation enables CRED to:

• Onboard merchants directly
• Manage payment flows independently
• Reduce dependence on intermediaries or partner banks

Key RBI Licences Held by CRED and Subsidiaries:

• Payment Aggregator licence
• Prepaid Payment Instrument licence

Other Key Licences:

• Corporate agency licence from IRDAI
• Registered Investment Adviser licence from SEBI
• Third-Party Application Provider licence from NPCI

Significance:
The approval strengthens CRED’s role in India’s digital payments ecosystem.

Economy & Business

CRISIL Intelligence Projects India’s GDP Growth at 7.1% for FY27

CRISIL Intelligence released the report “India Outlook: Wading through Squally Waters” at the 10th India Outlook Conclave in Mumbai, Maharashtra.

The report projects India’s real GDP growth at 7.1% in FY27, down from 7.6% in FY26.

Key Growth Outlook:

Retail Inflation:
Inflation is projected to rise to 4.3% in FY27, though favourable monsoon conditions may support price stability.

Industrial Capex:
Industrial capital expenditure is projected to increase 1.5 times to around ₹9.1 lakh crore annually between FY27 and FY31.

High-Growth Sectors:

• Semiconductor and electronics manufacturing: Expected to grow 4.7 times
• EV manufacturing and charging infrastructure: Expected to grow 3.1 times

Nomura Lowers India GDP Forecast to 7% in FY27

Japanese brokerage firm Nomura Holdings Inc. lowered India’s GDP growth forecast for FY27 to 7%, down from its earlier projection of 7.1%.

Reason for Revision:
The downward revision is mainly due to the ongoing conflict in West Asia, which poses risks to energy supplies and inflation.

Key Projections:

Oil Price Impact:
Nomura cautioned that every 10% increase in oil prices could add nearly 50 basis points to inflation if passed through.

Appointments & Resignations

HDFC ERGO Appoints Parthanil Ghosh as MD and CEO

HDFC ERGO General Insurance Company Limited appointed Parthanil Ghosh as its new Managing Director and Chief Executive Officer.

He will succeed Anuj Tyagi, who resigned on January 16, 2026.

Effective Date:
April 16, 2026

Approval Required:
The appointment is subject to approval from:

• Insurance Regulatory and Development Authority of India
• Other required authorities

About Parthanil Ghosh:

Experience:
He has over 30 years of experience in financial services and insurance, including more than 16 years in the general insurance sector.

Expertise:

• Business strategy
• Product development
• Digital transformation
• Insurance distribution
• Health insurance expansion

Role in HDFC ERGO:
He joined HDFC ERGO in 2016 after the merger with L&T General Insurance.

Key Contribution:
He played an important role in the integration with Apollo Munich Health Insurance.

Current Role:
Since May 2025, he has been serving as Executive Director of HDFC ERGO General Insurance.

Sports

India to Host Asia Cup Archery 2027 Second Leg in Delhi

New Delhi is set to host the second leg of the Asia Cup Archery 2027, marking India’s first international archery event in 22 years.

India last hosted an international archery event during the Asian Archery Championships in Delhi in 2005.

Decision Finalised After Meeting Between:

• Kazi Rajib Uddin Ahmed Chapol, President, World Archery Asia
• Virendra Sachdeva, Secretary General, Archery Association of India

Other Key Archery Tournaments:

Archery World Cup 2026:

Important Days

World Kidney Day 2026 – March 12

World Kidney Day is observed every year on the second Thursday of March to raise awareness about kidney disease and promote kidney health.

2026 Observance:
World Kidney Day 2026 was observed on 12 March 2026 and marked the 20th anniversary of the campaign.

Theme 2026:
“Kidney Health for All – Caring for People, Protecting the Planet”

Purpose:
The day focuses on:

• Kidney disease awareness
• Early diagnosis
• Equal access to healthcare
• Treatment availability
• Prevention of kidney-related complications

Background:

Origin:
World Kidney Day was introduced by:

• International Society of Nephrology
• International Federation of Kidney Foundations

Launch:
The inaugural World Kidney Day was launched on 9 March 2006.

Full Inauguration:
It was fully inaugurated on 8 March 2007.

WHO Resolution:
The World Health Organization adopted its first-ever resolution on kidney health during the 78th World Health Assembly, held from 19–27 May 2025 in Geneva, Switzerland.

Significance:
The resolution recognised kidney disease as a global public health priority.

Important Days at a Glance