The EPF wage ceiling will rise from Rs 15,000 to Rs 25,000 per month, effective from September 17, 2026, expanding mandatory EPF coverage. Employees currently capped at Rs 15,000 will see their monthly PF contribution increase from Rs 1,800 to Rs 3,000, reducing take-home pay but boosting retirement savings. The final Gazette notification is awaited for full implementation details.

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The government’s move to raise the Employees’ Provident Fund (EPF) statutory wage ceiling from Rs 15,000 to Rs 25,000 a month is poised to bring a significant shift for a large segment of India’s salaried workforce starting 17 September 2026. The new ceiling, approved by the Cabinet and awaiting final notification in the Gazette, will determine who comes under the umbrella of mandatory provident fund coverage and how much both employees and employers must contribute.According to the Ministry of Labour &amp; Employment, the revised ceiling is expected to apply broadly across all employees, with the exception of International Workers (those holding foreign passports). As explained by Tarun Garg, Partner at Deloitte India, the move will primarily expand the eligibility for mandatory EPF coverage, bringing employees with monthly wages up to Rs 25,000 into the fold of social security. This means more workers will gain access to provident fund, pension, and insurance benefits provided under the EPFO framework.For those salaried employees whose provident fund contributions have to date been capped at the Rs 15,000 limit, the change will be immediately felt. Currently, both the employer and the employee each contribute 12 percent of the wage ceiling, resulting in a capped contribution of Rs 1,800 per month. The raising of the ceiling to Rs 25,000 would raise this mandatory contribution to Rs 3,000 per month for both parties, representing an increase of Rs 1,200 from each side. This will result in a direct reduction in take-home salary for affected employees as a larger share of earnings is redirected into long-term retirement savings.The impact will extend as well to those drawing monthly wages between Rs 15,000 and Rs 25,000. Workers in this income band, who may previously have been outside the threshold for mandatory EPF membership, will now be enrolled when the higher ceiling is implemented. This shift could mean a lower net salary each month but will simultaneously increase their retirement corpus and strengthen their access to social security.Employees whose EPF contributions are already calculated on their actual wages (below Rs 25,000) are unlikely to see a significant impact on their deduction amount, though authorities may scrutinize the composition of wages included for PF calculation purposes. Garg explains that similar scrutiny occurred following the Supreme Court ruling in the Regional Provident Fund Commissioner (II), West Bengal and Ors. vs. Vivekananda Vidyamandir &amp; Ors. case in 2019.To illustrate the financial impact, consider an employee with an annual cost-to-company (CTC) of Rs 25 lakh, whose EPF was until now calculated on the Rs 15,000 statutory limit. With the new proposed ceiling, the employee and employer contribution would each rise from Rs 1,800 to Rs 3,000 monthly, meaning an additional Rs 1,200 would be directed towards the EPF every month from both parties. This adjustment will reduce the employee’s in-hand salary but bolster their retirement savings over the long term.The final details on scope and implementation are expected in the upcoming Gazette notification. For now, the higher EPF wage ceiling is seen as a measure that expands mandatory social protection while encouraging greater retirement savings, even as it reduces disposable income for some in the short term. Financial experts and policymakers await further clarification on any transitional provisions or exclusions that may be outlined in the official notification.

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How will a Rs 25,000 EPF ceiling impact your Rs 25 lakh CTC salary?

Jindal Supreme India's Rs 124.88 crore IPO was subscribed 20.20 times on the second bidding day, with the retail portion at 28.39 times and the NII portion at 20.79 times. The price band is Rs 88-93 per share, with a grey market premium indicating a likely listing price of around Rs 121. Proceeds will primarily repay debt.

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Jindal Supreme India's initial public offering (IPO) continued to draw robust investor enthusiasm on the second day of bidding, with the issue subscribed 20.20 times as of 1:40 pm on September 17, according to data from the National Stock Exchange (NSE). The Rs 124.88 crore public issue attracted bids for close to 19 crore shares, substantially exceeding the 93.99 lakh shares on offer. The retail investor category was especially active, subscribing 28.39 times, while the portion reserved for non-institutional investors (NIIs) was booked 20.79 times.The IPO, which opened on September 16 and is scheduled to close on September 18, has garnered significant interest in the run-up to its listing. In the unofficial grey market, shares of Jindal Supreme India are reportedly commanding a premium of about 30 percent above the upper end of the Rs 88-93 price band, data from InvestorGain indicated. This grey market premium (GMP) suggests a potential listing price of around Rs 121 per share, although market participants caution that GMPs are informal indicators and can fluctuate before actual listing.Ahead of the public offering, the company raised Rs 37.46 crore through its anchor book on September 15, by allotting 40.28 lakh shares. Craft Emerging Market Fund PCC was the largest participant in the anchor round, acquiring 29.53 lakh shares worth Rs 27.46 crore across three schemes: Arbitrage Strategy Fund, Citadel Capital Fund, and Elite Capital Fund. Other anchor investors included Minerva Emerging Opportunities Fund and Ekamya Pragati Scheme, each purchasing 5.37 lakh shares for Rs 5 crore.The structure of the IPO comprises a fresh issue of 1.07 crore equity shares and an offer for sale (OFS) of up to 26.86 lakh shares by promoter entity VVJ Enterprise. According to its prospectus, Jindal Supreme India intends to allocate Rs 71 crore from the net proceeds of the fresh issue towards repayment or prepayment of borrowings. The remaining funds will go towards general corporate purposes. As of June 2026, the company reported total borrowings amounting to Rs 92.46 crore, including accrued interest.Jindal Supreme India is engaged in the manufacture of steel pipes and tubes, including mild steel black pipes, galvanised pipes, metal beam crash barriers, and galvanised iron tubular poles. Its product range caters to a variety of sectors, including water supply and plumbing, infrastructure and construction projects, roads and highways, bridges, oil and gas, chemicals, agriculture, and rural electrification.On the financial front, the company reported a profit of Rs 8.3 crore on revenue of Rs 190.93 crore for the quarter ended June 2026. For the previous full financial year ended March 2026, profit declined 7.2 percent to Rs 22.5 crore from Rs 24.3 crore, although revenue rose 15.2 percent to Rs 675.4 crore from Rs 586.4 crore in the preceding year.Sarthi Capital Advisors is managing the IPO as the merchant banker. Upon completion of the offering, the shares are proposed to be listed on both the BSE and NSE.

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Jindal Supreme IPO oversubscribed 20x on Day 2; GMP jumps 30%

India’s food exporters report strong festive-season demand, with overseas orders up over 15% in some markets, driven by ready-to-eat products, according to TPCI. The GCC is the primary growth driver, while Europe shows rising demand. RTE and processed food exports reached $2.4 billion in 2025-26. Exporters face challenges such as high costs and geopolitical disruptions.

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Indian food exporters are experiencing a surge in overseas orders ahead of Diwali, with demand in some international markets rising by more than 15 percent and ready-to-eat (RTE) products identifying themselves as a key engine of growth, according to the Trade Promotion Council of India (TPCI). A recent TPCI survey of overseas buyers indicated that festive season demand has grown by an average of 6 percent, though some specific markets and product categories have reported even stronger growth.The Gulf Cooperation Council (GCC) region, comprising countries such as Kuwait, Oman, and Bahrain, has emerged as the primary driver of this increased demand. Buyers in these markets are reportedly sourcing a broad array of Indian food items including traditional sweets, savouries, rice, spices, ghee, pickles, dry fruits, and a growing variety of convenience foods. The rising appetite for Indian food is not limited to the GCC region. Demand for RTE and ready-to-cook (RTC) products is gathering momentum, particularly in European markets. A German importer told TPCI that RTE food imports from India have grown by 25 percent year-on-year, while a Kuwait-based buyer reported a 28 percent growth in their Indian food imports.“While the GCC serves as our immediate growth driver, Europe presents immense potential for the next phase of India’s food export expansion,” said Mohit Singla, TPCI chairman.Traditional Diwali foods like kaju katli, laddoo, bhujia, mixture, rice, spices, and pickles remain central to export orders. However, exporters are also capitalizing on growing demand for frozen snacks, prepared meals, instant mixes, curries, Indian breads, and other packaged convenience foods, which are becoming increasingly popular among international consumers.These trends reflect broader growth in India’s processed food export sector. Exports of ready-to-eat and cooked food products increased 16 percent to reach $2.4 billion in 2025-26, rising from $2.1 billion in the previous fiscal year, according to TPCI.Despite this positive momentum, exporters continue to encounter several operational challenges. High freight and container costs, customs delays, food-safety and import compliance hurdles, limited shelf life, and geopolitical disruptions impacting shipping routes in West Asia continue to create significant headwinds.India’s food and beverage exports to the UAE have seen robust growth, climbing from $2.3 billion in 2021 to $3.6 billion in 2025. This represents a four-year compound annual growth rate (CAGR) of 11.3 percent, as stated by TPCI.With the onset of the festive season and growing global demand for Indian foods, exporters remain optimistic about tapping into new markets and expanding the reach of processed and convenience food products, even as they navigate ongoing pricing and logistical challenges.

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Diwali lifts Indian food exports as Gulf demand, ready-to-eat sales soar

The Reserve Bank of India absorbed Rs 2.40 lakh crore from banks via variable rate reverse repo (VRRR) auctions at a 5.24% rate to manage surplus liquidity, currently estimated at Rs 7.38 lakh crore. Additionally, the RBI announced Open Market Operation (OMO) sales of government securities totaling Rs 1 lakh crore in three tranches to further absorb excess liquidity.

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The Reserve Bank of India (RBI) absorbed Rs 2.40 lakh crore from the banking sector through variable rate reverse repo (VRRR) auctions on Thursday amid a surge in surplus liquidity within the system. The central bank received bids amounting to Rs 2,39,959 crore, which it decided to accept in full, at a cut-off and weighted average rate of 5.24 percent. This move is part of the RBI’s ongoing efforts, initiated last month, to use various VRRR auctions to manage excess liquidity and ensure that overnight money market rates are aligned with the repo rate.Surplus liquidity in the Indian banking system currently stands at an estimated Rs 7.38 lakh crore as of September 16, with an unusual spike attributed to a combination of large foreign currency inflows and government spending. According to the RBI, the banking system has witnessed heavy mobilisation of Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits by banks, resulting in an influx of foreign currency that, once swapped with the RBI, provided rupee liquidity to the banks. Additionally, the effect of month-end government expenditures, such as payments for salaries and pensions, has augmented liquidity in the system.Besides the series of VRRR operations, the RBI last week announced Open Market Operation (OMO) sales of government securities, signalling further efforts to withdraw excess funds from the market. The central bank plans to conduct OMO sales for a notified amount of Rs 1 lakh crore in three tranches, with the first tranche of Rs 50,000 crore scheduled for September 17, followed by two tranches of Rs 25,000 crore each on September 21 and September 28.The RBI’s actions underscore its focus on controlling the liquidity overhang that has the potential to distort short-term interest rates and diverge them from the policy repo rate. By proactively absorbing surplus liquidity via both VRRR and planned OMO sales, the RBI aims to maintain stability in the money markets and support the effective transmission of monetary policy signals.These measures come at a time when the central bank must carefully balance fostering adequate liquidity to support growth, while preventing excess funds from fueling inflationary pressures or market distortions. Market participants and analysts will closely monitor the impact of these liquidity management operations in the coming weeks, particularly as the scheduled OMO sales get underway.

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RBI mops up Rs 2.4 lakh cr via VRRR as liquidity surplus hits Rs 7.38 lakh cr

SEBI Chairman Tuhin Kanta Pandey stated the regulator will review concerns from stockbrokers and mutual funds over the new 0.02% Merchant Discount Rate (MDR) on UPI transactions for capital-market payments, capped at Rs 300 per transaction from October 15. Brokers argue that MDR on entire fund flows, regardless of trading activity, may make UPI usage in broking prohibitively expensive.

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SEBI to review concerns regarding new UPI charges: Tuhin Kanta Pandey

Interglobe Aviation Ltd.

SpiceJet Ltd.

IndiGo remains India’s largest airline in September with a 50% market share and 11.3 million seats, despite a 4.5% capacity drop. Air India follows at 14% share. Low-cost airlines dominate with 69% market share. Mumbai–Delhi is the busiest domestic route. The UAE is the top international destination, while capacity to Italy surged by 194%.

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IndiGo has maintained its dominance as India’s largest airline by capacity, holding more than half of the market share, according to data from leading global travel data provider OAG. In September, the carrier’s seat capacity stood at 11.3 million, despite a 4.5 percent year-on-year decline, equivalent to 525,600 fewer seats.Air India, operated by the Tata Group, followed as the country’s second-largest airline with 3.2 million seats and a 14 percent market share. However, Air India also saw a notable drop in its capacity, with 8.8 percent fewer seats (309,000 seats) compared to the same month last year. Air India Express, the Tata Group’s budget arm, similarly cut its September seat supply by 2.6 percent from the prior year.Hybrid and full-service players were not alone in trimming capacity. Among low-cost carriers, SpiceJet posted the steepest reduction, shrinking its available seats by 45.2 percent in September (215,000 fewer seats over the year). In contrast, Akasa Air bucked the trend as the only Indian airline to expand its footprint, registering a 5 percent capacity increase. Outside India, Emirates was the only other airline to add capacity in September, growing by 0.3 percent from a year earlier.Low-cost airlines collectively continued to command the Indian skies, accounting for 69 percent of the nation's total scheduled airline capacity in September with 15.7 million seats. This marked a 4 percent decrease from the previous year. Full-service carriers, accounting for the balance, offered 7 million seats in the domestic market, representing a year-on-year decline of 5.4 percent.The most popular domestic air route in India remained Mumbai to Delhi, with 677,300 seats available in September, followed by routes from Bengaluru to Delhi and Bengaluru to Pune. In terms of airports, Delhi was the busiest domestic hub, handling 2.7 million seats. Mumbai and Bengaluru airports ranked second and third, with 1.7 million and 1.5 million seats, respectively. On a statewide basis, Delhi led with 3.8 million seats (20.7 percent of the country’s total), followed by Maharashtra with 3.6 million seats (19.7 percent).On the international front, the United Arab Emirates retained its position as the top destination for Indian travelers. Although seat capacity to the UAE shrank by 5 percent to 1.1 million in September, it still captured 28 percent of India’s total international market. Saudi Arabia followed, accounting for 9 percent of the outbound market, with its traffic growing 12 percent year-over-year to 336,000 seats.Capacity to Thailand saw a significant drop of 23 percent to 238,000 seats, while Malaysia and Singapore experienced declines of 13 percent and 12 percent, respectively. In contrast, capacity to the United Kingdom rose by 16 percent to 200,000 seats, making it the sixth-busiest international market. Notably, seat supply to Italy surged by 194 percent to 42,000 in September.The overall trends indicate a cautious approach to capacity by major Indian airlines through September, with low-cost carriers still dominating but largely reducing seats, and a few international routes showing sharp year-over-year swings.

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September stats: How Air India, IndiGo, & SpiceJet stack up in India's skies

India’s clean-energy surge met all electricity demand growth between H1 2024 and H1 2026, with coal-fired generation flat for the first time in over 50 years despite a 7% rise in consumption, according to CREA. Solar, wind, hydro, and nuclear supplied 70 TWh extra electricity, marking India’s largest-ever non-fossil power increase, even as coal capacity expanded.

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India’s power sector is witnessing a striking transformation as growth in coal-fired electricity generation has flattened for the first time in more than 50 years, even as overall electricity demand has continued to rise. According to a new analysis by the Centre for Research on Energy and Clean Air (CREA) for Carbon Brief, between the first half of 2024 and the first half of 2026, India’s electricity generation climbed 7 percent, or about 63 terawatt-hours, entirely from non-fossil sources such as solar, wind, hydro, and nuclear. This marks the largest two-year increase in non-fossil power generation in Indian history, highlighting a pivotal shift as demand for electricity intensifies with growing urbanisation, industrial activity, and digital infrastructure.Despite this significant progress in renewables, coal remains the mainstay of India’s power grid. The country added 8.5 gigawatts of coal-fired capacity during the two-year window and had around 43 gigawatts under construction by June 2026, CREA found. However, the rise in renewable generation has allowed coal plants to operate more flexibly, running for fewer hours or adjusting output depending on renewable availability. CREA points to an emerging need for these plants to become more responsive, reducing output when conditions favour solar or wind and ramping up when required.Solar energy is leading India’s clean-energy push. The country’s installed solar capacity surged to 164.59 GW by July 2026, up from 2.8 GW in 2014, according to the government. Solar accounted for an additional 44 TWh of electricity through the two-year period, while wind (13 TWh), hydro (8 TWh), and nuclear (7 TWh) collectively contributed to a total clean power surplus exceeding the overall increase in demand. The government is accelerating solar adoption through initiatives such as the PM-Surya Ghar scheme, benefiting over 5.1 million households with rooftop installations and introducing the Pradhan Mantri Surya Sarovar Yojana to develop 5,000 MW of floating solar projects.However, the rapid buildout of renewables is exposing new challenges, particularly regarding transmission capacity, energy storage, and grid integration. Solar generation remains concentrated during daylight hours, often out of sync with evening demand peaks, while wind generation can fluctuate. CREA estimates that renewable projects totaling 5.3 GW have missed deadlines, and curtailment - where available renewable energy cannot be absorbed by the grid - is becoming a material concern. Energy storage is now central to policy planning, with the government moving to mandate two-hour battery storage for new public solar and wind projects from June 2027. As of May 2026, tenders have covered about 272 GWh of projected storage capacity, compared to a projected need of 82 GWh by 2026-27 and 411 GWh by the early 2030s.The transition varies considerably between states. CREA identified Gujarat as recording both the largest increase in clean-generation and the sharpest decline in fossil generation, with Rajasthan, Tamil Nadu, Maharashtra, and Telangana also showing substantial shifts. Other states offset fossil reductions mainly by importing electricity rather than expanding local renewables.Even with a plateau in power-sector emissions, India’s overall carbon output rose 3.7 percent year-on-year in the first half of 2026, mainly due to gains in industrial output, particularly from steel and cement. These two sectors accounted for about 23 percent of national CO2 emissions, each growing output by 8 to 9 percent. With electricity making up only 17 percent of industrial energy use, broad electrification in heavy industry remains a complex and unresolved challenge.Meanwhile, oil consumption in India fell 1.3 percent year-on-year in the first half of 2026, a rare trend supported by drops in LPG and petcoke use, though petrol and diesel usage continued to climb. The Hormuz crisis, which disrupted fuel markets, also prompted industrial users to turn to alternative fuels like coal and furnace oil.India’s current energy landscape is defined by parallel expansion in renewables and coal, as the government seeks to balance energy security with its clean energy ambitions. While non-fossil installed capacity surpassed 300 GW by July, coal still supplies over 70 percent of electricity generation. Government efforts continue to expand coal’s role beyond power, including a Rs 37,500-crore scheme to promote coal/lignite gasification.Looking ahead, the pace of solar, wind, hydro, and storage additions, alongside crucial investments in grid infrastructure, will determine how successfully India can meet rising energy needs while containing emissions from its power sector. Coal may remain central in the near term, but the country’s clean-energy push is already reshaping the contours of Indian electricity.

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India achieves 50-year 1st: Coal power capacity remains flat amid green shift

Tata Trusts chairman Noel Tata may challenge N Chandrasekaran’s five-year extension as Tata Sons Chairman, after the Tata Sons board approved Chandrasekaran’s reappointment amid changing regulatory circumstances. This follows the Reserve Bank of India’s recent rejection of Tata Sons’ bid to relinquish its NBFC status, raising renewed pressure for a potential stock market listing.

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Tata Sons is facing a fresh wave of internal uncertainty following Thursday’s board decision to extend N Chandrasekaran’s term as chairman for another five years. The move comes at a pivotal moment for the group, as the Reserve Bank of India recently rejected Tata Sons' request to relinquish its status as a non-banking financial company (NBFC). According to a Reuters report, Noel Tata, who currently serves as chairman of Tata Trusts, is likely to challenge Chandrasekaran’s reappointment, adding to tensions at the top of one of India’s most influential conglomerates.Chandrasekaran’s reappointment was formally approved by Tata Sons’ board on Thursday. This decision comes just weeks after Chandrasekaran reportedly told board members he was not seeking a third term, hinting that regulatory pressures and ongoing changes at the group’s holding company had prompted a shift in plans. The group has been under heightened scrutiny in light of regulatory developments, particularly as the RBI’s recent refusal to allow Tata Sons to surrender its NBFC registration has renewed focus on its future corporate structure.One of the key issues at stake is the looming question of a public listing for Tata Sons, the group’s main holding firm. The RBI’s stance means the company cannot shed its NBFC designation, which in turn could subject it to stricter regulatory standards and raise expectations for a stock market debut. Tata Sons has long resisted calls to list, instead opting to reduce its borrowings in an effort to ease regulatory pressure. Over the past year, the company has repaid more than ₹21,000 crore in debt, reflecting its commitment to avoid a compulsory listing.The reported challenge by Noel Tata to Chandrasekaran’s extension adds a new layer of complexity to the group’s governance. Tata Trusts holds a majority stake in Tata Sons, which gives the Trusts substantial sway over board decisions and leadership appointments. While details of Noel Tata’s potential challenge remain unclear, the mere prospect of a leadership dispute could have significant implications for the Tata group’s strategic direction.The developments at Tata Sons come at a critical time, as the holding company navigates regulatory demands and manages succession planning at the top. With the RBI’s decision blocking a shift away from financial regulations, and leadership dynamics coming under renewed scrutiny, the next few weeks will be crucial for India’s largest business house.This story is developing, and further updates are expected as more information emerges about intra-group discussions and the implications for Tata Sons’ future leadership and strategic path.

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Tata Trusts chairman plans to contest N Chandrasekaran's Tata Sons extension

Azad Engineering Ltd.

Azad Engineering Ltd, a small-cap aerospace and turbine component manufacturer with a market cap of Rs. 17,078 crore, has seen its shares rally 77% in six months. The company is expanding into aerospace and defence, reporting strong revenue growth and new capacity plans, but trades at a high P/E of 123, raising questions about sustaining this valuation.

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Shares of Azad Engineering Ltd, a small cap company specializing in manufacturing aerospace components and turbines, have surged nearly 77 percent over the last six months, drawing significant attention from investors. With a current market capitalization of Rs. 17,078 crore, the company's shares were trading at around Rs. 2,644 apiece, which represents an 11 percent discount from their 52-week high of Rs. 2,987. Despite the rapid rally, Azad Engineering is trading at a lofty price-to-earnings (P/E) ratio of 123, well above the industry average P/E of 33.The company is in the midst of a strategic shift, moving from its conventional business of precision component manufacturing into higher-value areas within aerospace and defense. Recently, Azad Engineering delivered India’s first indigenously developed expendable turbojet engine to the Gas Turbine Research Establishment (GTRE), Defence Research and Development Organisation (DRDO), and the Ministry of Defence. According to company management, this marks its initial foray into integrated propulsion systems, opening new opportunities in the defense market and enabling the firm to leverage scale in future production.Azad Engineering is also ramping up its manufacturing capacity in response to rising customer demand. At its Tuniki Bollaram plant, the company has established eight customer-specific units, each capable of generating Rs. 150-180 crore in revenue at full utilization. Management highlighted plans for a new facility at the same site, targeting a potential output of Rs. 1,200 crore in annual revenue upon completion of civil works by fiscal year 2027. This expansion is expected to improve production scalability, strengthen customer relationships and meet increasing demand from the aerospace and defense sectors.Growth in these segments remains robust. In the first quarter of fiscal year 2027, Azad Engineering’s Aerospace &amp; Defence division posted a year-on-year revenue growth of 24.7 percent, while its Energy and Oil &amp; Gas business reported an increase of 26.7 percent. The company has reiterated its long-term guidance of more than 25 percent annual revenue growth, a trend that management expects will be further supported as it brings new production capacity online and expands into high-value products and integrated systems.Azad Engineering is also pursuing opportunities in the development of “hot-section” capabilities for aircraft engines. Management noted growing interest from major original equipment manufacturers (OEMs) in this area, emphasizing that relatively few global players possess such expertise. Establishing these capabilities could open new revenue streams for the company, which is still a newcomer to the propulsion market and broader aerospace manufacturing space.Despite its impressive stock performance and aggressive growth plans, Azad Engineering faces the challenge of delivering sustained earnings expansion to justify its premium valuation. As the company navigates its move into new markets and scales up its integrated propulsion offerings, the industry will be watching closely to see if its ambitious targets translate into commensurate financial performance.

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Is Azad Engineering’s 123x PE Ratio Warranted by Its Defence Sector Growth?

Carlyle Group is raising its first India-focused private equity fund after cutting global fundraising targets. The move reflects a shift toward country-specific funds to tap India’s fast-growing market. It comes as global private equity fundraising faces challenges from cautious investor sentiment and a slower deal-making environment, prompting firms to target markets selectively.

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Carlyle’s four-year investment in India set to deliver disappointing returns

India is unlikely to reduce Russian oil imports soon despite the US House passing a bill authorizing up to 100% tariffs on buyers of Russian energy, possibly including India. Russian crude constituted 1.9 million b/d of India's 4.6 million b/d imports in August. Alternatives are scarce and costly, making diversification, not replacement, India's preferred strategy.

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India is unlikely to significantly reduce its imports of Russian crude oil in the near future, despite new US legislation that raises the possibility of punishing tariffs on nations maintaining strong energy ties to Moscow. The US House of Representatives on September 16 passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 by a vote of 262-159, sending it to President Donald Trump for final approval. If signed into law, the act would grant the US president authority to impose tariffs of up to 100 percent on imports from countries that remain major buyers of Russian oil and gas, potentially putting India in the crosshairs given its heavy reliance on Russian supplies.According to Abu Dhabi-based commodity analyst Natalia Katona, India currently imports 1.9 million barrels per day of crude from Russia, accounting for nearly half of India’s total crude imports of 4.6 million barrels per day as of August figures. Katona told Moneycontrol that “there is no possibility of fully replacing those barrels, even if there were the political will to do so, especially when alternatives are scarce.” Senior Vice President at Icra, Prashant Vasisht, echoed this view, noting that India would face significant challenges in diversifying away from Russian oil, particularly in the short-term. “If it is about tariffs, then India will try to bargain or at least not immediately be able to cut off Russian oil. In the past also, India has withstood 50 percent tariff. India will let it become uncompetitive for some time, but at least your energy security will be there,” Vasisht said.The critical role of Russia as a supplier is underscored by the fact that India depends on imports for around 88 percent of its total oil consumption. With global oil markets already tight amid ongoing disruptions in the Middle East, Russian crude remains an important hedge for India’s energy security and commercial competitiveness, analysts noted.Alternative sources of oil are either scarce or come at a steep premium. Indian refiners are already paying $130 to $140 per barrel, and even at a premium of $8 a barrel to ICE Brent, Russian Urals crude is still the cheapest option available. Meanwhile, oil from the UAE, India’s second-largest supplier, has been trading at a premium of $10 to $15 per barrel to Dubai crude, which itself is priced at $127 per barrel. Katona noted that while increased supplies from the UAE could partially offset Russian volumes, they would be much more expensive.Saudi Arabia, India’s third-largest supplier with 315,000 barrels per day shipped in August, faces its own logistics challenges after the suspension of operations on the East-West pipeline, forcing cargoes to be loaded within the Gulf and increasing risk for Indian buyers.Analysts suggest that if India is pressured to cut Russian purchases, it will not be able to replace them with a single supplier. Instead, the country would look to expand its oil portfolio, turning to Iraq, Saudi Arabia, the UAE, and selectively to Venezuela, Brazil, West Africa, and the United States to fill gaps, according to Praveen Rai, Director at Grant Thornton Bharat.While the sanctions bill has crossed a significant legislative hurdle, it still requires the president’s signature to become law and would merely give the White House the authority to levy such tariffs rather than automatically imposing them. Katona predicted that Washington would use the prospect of tariffs as a bargaining chip in trade negotiations, rather than moving immediately to implement sweeping restrictions, given the risk of global price spikes and market volatility.India’s Ministry of External Affairs responded by affirming that it is prepared to take “all necessary measures” to protect its trade and economic interests. The ministry reiterated that India’s choices around sourcing energy would continue to be guided by the need to ensure security through diversified supplies and adapting to evolving market dynamics.

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India to maintain Russian oil imports as US sanctions raise cost of others

Orange Health Labs, an on-demand diagnostic and healthcare services startup, is focusing on expanding its offline sample collection centers to drive short- and medium-term growth. The company also plans to enter radiology and wearables as new verticals. This strategic move aims to broaden its service offerings and strengthen its market presence, according to a top executive.

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