Industry News for March 2026
Uday Kotak appointed Chairman of GIFT City
The Government of Gujarat has appointed Uday Kotak as the Chairman of Gujarat International Finance Tec-City (GIFT City), succeeding former bureaucrat Hasmukh Adhia, who took charge as non-executive chairman in June 2023.
Kotak, founder of Kotak Mahindra Bank, served as its Managing Director and Chief Executive Officer until September 1, 2023, and currently holds the position of non-executive, non-independent director. His appointment takes effect immediately, with terms and conditions to be finalised later.
Kerala becomes first state to unveil comprehensive urban policy
Kerala has become the first state in India to adopt a comprehensive Urban Policy, outlining a long-term development roadmap as the state transitions towards a predominantly urban future.
The policy envisions Kerala by 2050 as a continuous network of climate-smart cities and towns supported by scientific planning and good governance. The draft was approved by the state cabinet chaired by Chief Minister Pinarayi Vijayan, following nearly two years of consultation and expert input.
Centre creates Rs. 1 lakh crore infrastructure for agri storage
The Union government has created agricultural infrastructure worth Rs. 1 lakh crore to improve storage of fruits, vegetables and other farm produce, Agriculture Minister Shivraj Singh Chouhan informed the Rajya Sabha.
According to the minister, the infrastructure push has helped reduce crop damage by up to 15 per cent. He said the initiative was undertaken to address gaps in preservation and supply chain management, thereby supporting farmer incomes and reducing wastage.
IFSCA introduces ‘Master Key’ for GIFT City capital market entities
The International Financial Services Centres Authority has introduced a unified registration mechanism called the “Master Key” for capital market intermediaries operating in Gujarat International Finance Tec-City.
Through a circular issued in February 2026, the regulator enabled entities undertaking multiple capital market activities within the International Financial Services Centre to apply under a consolidated registration framework. Earlier, intermediaries were required to obtain separate registrations for each regulated activity.
Under the amended Capital Market Intermediaries Regulations 2025, the Master Key allows a single IFSC unit to undertake multiple activities through one consolidated application process, while maintaining activity-specific compliance and fee obligations.
Urban India to contribute 70% of GDP in FY26: Report
India’s urban centres are projected to account for 70 per cent of the country’s gross domestic product in 2025–26, up sharply from about 45 per cent in the 1990s, according to a report by Dun & Bradstreet.
The City Vitality Index report for the first quarter of 2026 highlights accelerating urbanisation, with the urban population expected to reach 600 million by 2036, representing 40 per cent of the total population, compared with 31 per cent in 2011.
India ranks third in global AI vibrancy index
India has been ranked third in the 2024 Global AI Vibrancy Index released by Stanford University, reflecting the country’s rising influence in artificial intelligence research and innovation.
The index, which evaluates 36 countries across seven pillars including research and development, responsible AI, economy, talent, policy, public opinion and infrastructure, places the United States first with a weighted score of 78.6, followed by China. India secured a score of 21.59, moving up from seventh position in 2023 to third in 2024.
Street vendors to get Rs. 30,000 credit cards under PM SVANidhi
Street vendors and hawkers will now be eligible for credit cards with a limit of up to Rs. 30,000 under the PM SVANidhi Credit Card scheme launched by Narendra Modi.
The facility complements the existing PM SVANidhi subsidised loan scheme introduced during the Covid period to support small vendors. Eligible beneficiaries include those who have successfully repaid their second tranche of loan and are eligible for the third tranche, as well as those who have availed the third tranche loan.
India plans Rs. 5.8 trillion investment in 100 GW pumped storage projects
India plans to invest Rs. 5.81 trillion over the next decade to develop 100 Gigawatt of hydro pumped storage projects, according to a report by the Central Electricity Authority.
The initiative is aimed at strengthening grid stability and supporting the rapid expansion of renewable energy capacity. The estimated average cost is Rs. 6 crore per megawatt, with investments spread over multiple years for each project.
Indian-origin scientist wins Crafoord ‘Nobel of Geosciences’ Prize
Indian-origin climate scientist Veerabhadran Ramanathan has been awarded the 2026 Crafoord Prize in Geosciences by the Royal Swedish Academy of Sciences, often regarded as the “Nobel of Geosciences”.
Ramanathan was recognised for his pioneering research on super-pollutants and atmospheric brown clouds that transformed scientific understanding of global warming. In 1975, while working at NASA, he discovered that chlorofluorocarbons trap heat up to 10,000 times more effectively than carbon dioxide.
Net direct tax collections rise 8.82% to Rs. 18.38 lakh crore
India’s net direct tax collections rose 8.82 per cent to Rs. 18.38 lakh crore between April 1 and January 11 of the current fiscal, according to official data released by the government.
The collections include corporate tax of Rs. 8.63 lakh crore and non-corporate tax, including individuals and Hindu Undivided Families, of around Rs. 9.39 lakh crore. Gross direct tax collections increased 4.14 per cent to approximately Rs. 21.50 lakh crore during the period.
Crypto awareness exceeds corporate bonds: Sebi chief
Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India, said awareness of cryptocurrency among Indian households exceeds that of corporate bonds.
Citing a recent investor survey, Pandey noted that only about 10 per cent of households are aware of corporate bonds, compared to 15 per cent for cryptocurrency. Awareness levels for futures and options stood at 13 per cent, while fixed and recurring deposits topped the list at 98 per cent, followed by mutual funds at 53 per cent and equities at 49 per cent.
CBDT draft rules propose risk-based approach to cross-border RPTs
Draft rules proposed by the Central Board of Direct Taxes indicate a shift towards a more risk-based approach for cross-border related party transactions and enhanced transfer pricing documentation.
Experts said the move nudges taxpayers to maintain comprehensive documentation at the time of filing accountant reports. The draft framework also proposes changes to perquisite valuation norms, replacing the existing structure under Rule 3 of the Income-tax Rules, 1962, with a tabulated format for clarity.
Government expands startup recognition to Rs. 200 crore turnover
The Union government has widened the eligibility criteria for startup recognition, raising the turnover threshold from Rs. 100 crore to Rs. 200 crore. The move is aimed at supporting startups at different stages of growth and expanding the coverage of recognised entities.
A new sub-category for deep tech startups has also been introduced, covering firms engaged in cutting-edge and breakthrough technologies. For such ventures, the age limit has been extended from 10 years to 20 years from incorporation, and the turnover cap increased to Rs. 300 crore.
RBI proposes registration relief for small NBFCs
The Reserve Bank of India has proposed exempting certain non-banking financial companies from mandatory registration. Under draft directions, NBFCs that do not accept public funds, have no customer interface and possess assets below Rs. 1,000 crore will be categorised as “Unregistered Type I NBFCs”.
However, entities meeting similar criteria but with asset size of Rs. 1,000 crore or above must obtain registration as Type I NBFCs. Existing companies eligible for exemption may apply for deregistration within six months, up to September 30, 2026.
Budget clarifies deduction of pre-construction home loan interest
Budget 2026 has clarified that interest incurred during the pre-construction period of a housing loan will continue to qualify for deduction under the new Income Tax Act, 2025, aligning it with provisions under the Income Tax Act, 1961.
Pre-construction interest refers to interest paid during the construction phase and can currently be claimed in five equal annual instalments from the year of completion or acquisition. For self-occupied properties, the deduction remains capped at Rs. 2 lakh annually, while no such cap applies to let-out properties.
Forex reserves jump $14 billion in strongest weekly rise in 10 months
India’s foreign exchange reserves rose by $14 billion in the week ended January 16, marking the sharpest weekly increase since March 7, 2025, according to data released by the Reserve Bank of India.
Total reserves climbed to $701.3 billion, up from $687 billion in the previous week. The surge was driven primarily by a $9.6 billion increase in foreign currency assets to $560 billion and a $4.6 billion rise in gold reserves. The latest level represents a 13-week high, though still below the record $705 billion recorded in September 2024.
Economic Survey calls for fair deal and transparency for gig workers
The Economic Survey has advocated stronger policy measures to ensure fair treatment and algorithmic transparency for gig workers amid the rapid expansion of platform-based employment.
The survey highlighted concerns over concentration of power among digital platforms, calling for reforms through competition rules, data access and greater transparency in algorithms that determine pay and work allocation. It noted that nearly 40 per cent of gig workers earn below Rs. 15,000 per month, underscoring the need for minimum per-hour or per-task earnings to improve income security.
