Lower maize prices may see Indian farmers switch back to oilseeds, pulses this kharif

Lower maize prices may see Indian farmers switch back to oilseeds, pulses this kharif


The pan-India average price of maize was ₹1,781/quintal on March 18, according to Agmarknet portal
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APPALA NAIDU T

A section of Indian farmers is likely to return to cultivating oilseeds and pulses in the upcoming kharif season as growers have realised lower prices this year. The government is confident that there may be some change in the kharif season.

However, the sowing decision will depend mainly on guaranteed price for oilseeds and pulses as the procurement has highly been insignificant compared with FCI’s purchase of rice and paddy, a senior official said.

During the kharif harvest season (October-December) in 2025-26, when farmers sold their maximum produce, the all-India average maize price was ₹1,684/quintal, down by 30 per cent from the minimum support price (MSP) of ₹2,400. Still, in the hope of a better price, farmers expanded the area in the rabi season to 30.18 lakh hectares (lh) from 27.80 lh in 2024-25.

Record high output

The pan-India average price of maize was ₹1,781/quintal on March 18, according to Agmarknet portal. In its second advanced estimates, the government projected maize production a record high for the kharif season at 302.47 lakh tonnes (lt) and in the rabi season at 159.03 lt.

“Oilseeds and pulses production plan will be discussed with States in the annual kharif conference, and accordingly, an action plan will be prepared based on the targets set by their respective mission. Prices will be a key factor, and recently Madhya Pradesh announced bonus of ₹600/quintal on summer season’s urad as more and more farmers were going for moong crop in the Zaid (summer crop) season. Such intervention may help influence the sowing decision of farmers,” the senior official said.

Earlier, it was expected that there would be demand for maize from ethanol since over 2,000 crore litres of capacity have been created by distilleries. However, the oil marketing companies bought only about 1,000-1,100 crore litres to meet the 20 per cent blending target, resulting in under utilisation of plants. Besides, the government also allotted rice for ethanol, limiting the scope for grain-based plants. The sugar industry also make ethanol and sell to OMCs, though its share was low this year.

Grains’ procurement soon

The Economic Survey also mentioned the point that as per policy decision it was expected that rice farmers would shift to maize, but while rice area increased, maize area too increased because of shifting from pulses and oilseeds.

Meanwhile, Agriculture Minister Shivraj Singh Chouhan on Friday said that government purchase of wheat and paddy would commence shortly, noting that rabi crop production has been exceptionally high this season.

He said agencies including NAFED and NCCF would procure tur, masur and urad, and whatever farmers wished to sell entire quantity would be bought so that market prices do not fall below MSPs.

He also directed officials to coordinate with State governments for accurate assessment of crop losses after unseasonal rainfall and hailstorms damaged standing rabi crops, including wheat in some states.

Chairing a review meeting, Chouhan said the adverse weather had hit several States at a time when crops were ripe and ready for harvest. “Not only did it rain, but many areas also experienced hailstorms, resulting in damage to the crops,” he told reporters after the meeting.

The minister directed officials to immediately establish contact with state governments to identify specific locations where crop damage has occurred due to hailstorms and excessive rainfall, which often leads to crops lodging or flattening on the ground.

“If a farmer has suffered losses, the damage must be assessed accurately and scientifically so that insurance claims can be processed effectively,” he said.

Published on March 20, 2026



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Norges Bank sells 0.6% stake in Zee Entertainment for ₹44.4 crore

Norges Bank sells 0.6% stake in Zee Entertainment for ₹44.4 crore


Norges Bank Investment Management, acting for the Government Pension Fund Global, sold a 0.6% stake in Zee Entertainment Enterprises Ltd, offloading 60.98 lakh shares at ₹72.32 each for ₹44.4 crore.
| Photo Credit:
Dado Ruvic

Norges Bank Investment Management sold 60.98 lakh shares, or a 0.6 per cent stake, in Zee Entertainment Enterprises Ltd at an average price of ₹72.32 on Friday, for a total value of ₹44.4 crore.

Norges acted on behalf of the Government Pension Fund Global, which held 3.99 per cent of the company’s shares in December. Norges Bank acts as the overseer of the world’s largest sovereign wealth fund, the Government Pension Fund Global. Earlier, Norges had supported Zee’s proposal to issue convertible warrants on a preferential basis to its promoters.

Zee consolidated net profit in the December-ending quarter fell 5 per cent, primarily due to muted advertising revenue, while revenue grew 15 per cent, driven by positive growth in subscriptions and other sales and services. The broadcaster reported a net profit of ₹ 154.8 crore on revenue of ₹2,280 crore in the third quarter. The EBITDA margin stood at 10.5 per cent.

Zee’s share price fell by 1.51 per cent as per the BSE closing on Friday evening.

Published on March 20, 2026



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India secures LPG supplies from Russia and Japan; cargoes expected by mid-April

India secures LPG supplies from Russia and Japan; cargoes expected by mid-April


The government is actively sourcing cargoes from Russia, Japan, and the United States while prioritising domestic use over commercial supply. West Asia disruptions have tightened global LPG availability, forcing India to diversify its import routes.
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As the conflict in West Asia intensifies, throttling 60 per cent of India’s consumption, the government is scouting for cargoes of the key cooking fuel from Russia and Japan, while also depending on the United States for a major share of the lost cargoes.

Besides prioritising domestic liquefied petroleum gas (LPG) consumption over commercial use, sources said that India has also intensified diplomatic efforts to secure cargoes of the critical commodity—the main cooking fuel for more than 33 crore consumers.

Talks underway with Russia and Japan

“Cargoes are being sought from Russia, which are expected to start from next month. Talks are ongoing. Deliberations are also on to explore LPG from Japan, albeit the quantities will be low. Japan cargoes, if fixed, should reach India by mid-April. At this point the objective is to arrange as much as possible from wherever possible,” said one of the sources.

On Thursday, Randhir Jaiswal, spokesperson for the Ministry of External Affairs, said that India aims to secure LPG from all available sources, including Russia, to meet domestic fuel needs.

Global LPG market tight amid Middle East disruptions

The global LPG market is facing cargo scarcity, as disruptions in the West Asia have temporarily sidelined a region that represents roughly 30 per cent of worldwide LPG availability, squeezing the spot cargo pool and tightening overall supplies, S&P Global Energy analysts said.

“The silver lining is the ongoing diplomatic dialogue between Iran and India. This engagement helped enable Indian-flagged LPG carriers to transit the region, setting a positive precedent,” said Charles Kim, associate director for LPG at S&P Global Commodities at Sea.

Continued cooperation could support the passage of additional Indian-linked ships, keeping vital supply routes workable for India and offering some relief to the broader market, he added.

US-origin LPG to supplement domestic demand

Besides, India is already in talks with the US to procure more propane cargoes. The world’s second-largest importer procured nearly 480,000 tonnes of US-origin LPG in the first two months of 2026, corresponding to around 11 very large gas carriers (VLGCs).

Besides, it has already secured a term tender for 2.2 million tonnes of US-origin LPG for 2026—equivalent to about four VLGCs per month, S&P said.

Import data shows shift from Middle East

According to S&P Commodities At Sea (CAS), India’s weekly LPG imports fell to 265,000 tonnes in the week to March 19, from 322,000 tonnes on March 5. West Asia inflows to India declined to just 89,000 tonnes in the week to March 19, representing only 34 per cent of total imports, the lowest share since January.

Alternative regional supplies increased to 176,000 tonnes in the week to March 19, up from zero the previous week when the West Asia accounted for 100 per cent of imports, CAS data showed.

LPG prices rise amid supply disruptions

LPG prices have also risen amid persistent supply disruptions. Platts, part of S&P Global Energy, assessed FOB AG propane and butane cargoes $9 per tonne higher day over day at $648 per tonne and $642 per tonne, respectively, on March 18, following deals concluded on the Intercontinental Exchange during the end-of-day trading window.

The International Energy Agency (IEA) has said that the war in West Asia is creating the largest supply disruption in the history of the global oil market.

Published on March 20, 2026



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RBI’s Central Board assesses emerging global and domestic economic scenario

RBI’s Central Board assesses emerging global and domestic economic scenario


Economists say the economy faces challenges on imported inflation via the energy route, possibility of widening current account deficit and rising fiscal deficit
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FRANCIS MASCARENHAS

The Central Board of Directors of the Reserve Bank of India on Friday assessed the emerging global and domestic economic scenario, including the evolving geopolitical developments and their impact on financial markets, along with associated challenges.

The meeting comes in the backdrop of Brent crude oil prices vaulting over the $100 per barrel mark amid the West Asia war and the rupee depreciating beyond the 93 per US dollar level.

Given the aforementioned backdrop, economists say the Indian economy faces challenges on three-fronts – imported inflation via the energy route, possibility of widening current account deficit and rising fiscal deficit.

The Central Board of Directors approved RBI’s budget for the accounting year 2026-27 and also the bank’s Medium Term Strategy Framework (Utkarsh 3.0) for the 2026-29. The Board met in Patna under the Chairmanship of Sanjay Malhotra, Governor.

Abhishek Bisen, Head of Fixed Income, Kotak Mahindra AMC, said the rupee breaching the 93-mark against the US dollar reflects a sharp rise in external vulnerabilities amid heightened geopolitical tensions.

“Disruption to global energy supplies following the escalation in the Middle East has pushed up Brent crude oil price and is currently close to $108 (peaked at $119 on March 19, 2026) per barrel, adversely impacting India’s terms of trade. Since the onset of the US-Iran conflict, the rupee has depreciated nearly 2 per cent, driven by a stronger dollar, risk-off sentiment and higher import costs.

“Sustained elevation in oil prices could pose challenges to India’s growth-inflation dynamics leading to pressures in the current account deficit and complicating monetary policy trade-offs,” he said.

Published on March 20, 2026



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India's crude imports took a big hit due to the West Asia Crisis: Systematix Research

India's crude imports took a big hit due to the West Asia Crisis: Systematix Research


MUMBAI, 12/03/2026: A crude oil tanker ‘Shenlong’ that passed through the Strait of Hormuz has arrived at Mumbai Port, becoming one of the first vessels to reach India via the critical route amid escalating tensions in the Middle East in Mumbai
| Photo Credit:
EMMANUAL YOGINI

India’s crude oil imports saw a sharp decline in early March amid disruptions in West Asia, noted a report by Systematix Research, highlighting the impact of the ongoing regional crisis on energy supplies.

“India’s import volume also nosedived to just 1.9 million bbls at week ended 6th Mar vs 25mn bbls per week in Feb’26 and 35mn bbls per week in Mar’26,” the report said.

The report attributed the sharp fall in imports to weakening crude supply from the Middle East, which has been affected by the ongoing tensions and disruptions in the region.

“Drop is largely attributed to lower volume from Middle East,” it said, noting that key suppliers like Saudi Arabia, Iraq and the UAE saw significant declines in export volumes.

“Saudi Arabia dropped to 26mn bbls and 12 mn bbls in the 1st and 2nd week of March vs avg of 42 and 33 mn bbls per week in Feb’26,” the report said.

The report pointed to broader supply disruptions across the Gulf region and expects further rise in prices and disruption in supply chain.

“With the recent strike at energy facilities, including upstream and refining assets across the Gulf countries, we might see further rise in prices and disruption of volume,” it said.

These developments come at a time when India is already facing risks to its energy security due to disruptions in gas supplies.

The Systematix report also highlighted that global LNG flows have been hit due to the same crisis. “Drop is largely attributed to lower volume from Qatar which dropped from 1.7mmt to 0.06mmt,” it said.

The situation has been aggravated by attacks on energy infrastructure in Qatar. Iranian strikes have damaged key facilities, affecting 17 per cent of the Qatar’s liquefied natural gas (LNG) export capacity, posing a risk to India which imports about 47 per cent of its gas from Qatar.

The report warned that the ongoing situation could continue to impact countries dependent on energy imports.

“We might see further rise in prices and disruption of volume which may have a significant impact on energy deficient countries like India,” it said.

The report maintained a cautious outlook on the sector. “Due to uncertainty on the escalation of West Asia War, we keep a cautious view on the sector,” said the report. The sharp fall in crude imports, coupled with rising prices, is expected to widen India’s trade deficit.

“Estimated trade deficit on crude oil and petroleum products is estimated to be widened by $4 billion+ MoM in Mar’26,” the report said.

With continued disruptions in both crude and LNG supplies from West Asia, the report indicates that India may face sustained pressure on its energy imports and costs in the near term.

Published on March 20, 2026



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IFSCA issues 60 warnings in FY26 as capital market intermediaries breach compliance norms

IFSCA issues 60 warnings in FY26 as capital market intermediaries breach compliance norms


IFSCA has initiated regulatory action against the non-compliant intermediaries and issued a broader advisory to all market participants to ensure strict adherence to regulatory requirements
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cueapi

The International Financial Services Centres Authority (IFSCA) has issued 60 warnings to capital market intermediaries (CMIs) operating in GIFT City this fiscal year for lapses including unattended offices during business hours, absence of key personnel, weak operational infrastructure and use of remote access software for trading.

The unified regulator, which has been conducting a series of market intelligence visits to assess operational “substance” among registered entities, found that several intermediaries were either non-functional during business hours or lacked key managerial personnel at their registered offices. In multiple instances, neither the Principal Officer nor the Compliance Officer was present, raising concerns over governance and accountability standards.

IFSCA also pointed out structural weaknesses, including inadequate infrastructure to support core business activities and instances where the same individual was handling both compliance and trading roles — highlighting potential conflicts of interest. The regulator further noted the use of remote access tools such as AnyDesk and UltraViewer for trading activities, practices that are inconsistent with the regulatory framework governing operations within the IFSC.

Action initiated

IFSCA officials told the businessline that in FY 26 (till date), warnings have been issued in 60 cases and 10 cases have been referred to enforcement. In 51 cases, IFSCA has also issued advisories. “In some CMIs, one common person was appointed both as Principal Officer and Compliance Officer. In a few cases, these instances were repeated despite the issuance of Warnings/Advisories by the Authority to the CMIs…. In some cases, IFSCA officials also observed that the compliance officer was also handling the trading desk, which is a conflict of interest,” IFSCA stated.

“In some CMIs, the designated Principal Officers and Compliance Officers lack adequate awareness of the regulatory framework applicable to Capital Market Intermediaries. Additionally, it was observed that in some cases, only back-office staff were present during inspections,” it added. There are over 175 capital market intermediaries functioning out of GIFT IFSC which includes broker dealers (92) and clearing members (24). There are also smaller number of credit rating agencies, custodians, debenture trustees, depositary participants, distributors of capital market products and services, Global Access Providers, Investment Advisors, Investment Bankers and Research Entities who fall in this category.

These findings by IFSCA point to breaches of key provisions under the IFSCA Capital Market Intermediaries Regulations, 2025, particularly those relating to the physical presence of key management personnel and maintenance of operational infrastructure. Despite prior warnings and advisories in some cases, certain entities were found to be repeat offenders.

Following the inspections, IFSCA has initiated regulatory action against the non-compliant intermediaries and issued a broader advisory to all market participants to ensure strict adherence to regulatory requirements.

Published on March 20, 2026



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