UAE ensures stable supply of essential goods amid West Asia conflict

by Hansraj Agrawal | Mar 11, 2026 | Business

Recent price increases in onions and tomatoes are temporary and due to regional tensions, the ministry clarified.
| Photo Credit:
DANISH SIDDIQUI

The United Arab Emirates has announced that it has a six-month strategic stockpile of essential goods, amid the conflict in West Asia.

The country’s Ministry of Economy and Tourism said it has intensified its monitoring efforts at points of sale across markets nationwide to ensure price stability for goods and products and their availability in sufficient quantities to meet consumer needs, particularly considering the current increase in demand for essential consumer goods.

Daily inspections by teams

In a statement released by the official news agency Wam, the ministry explained that monitoring and field inspections are carried out daily by specialised inspection teams.

“This comes as part of close coordination and cooperation with the economic development departments across the country, within a joint national monitoring team that is unifying efforts to prevent unjustified price increases and unsound commercial practices, while enhancing the continuous monitoring of markets across the UAE,” it said.

High-level authority oversight

The ministry also pointed out that there is high-level coordination between the relevant authorities across all emirates to continuously monitor markets and ensure that points of sale and traders comply with consumer protection legislation and policies, particularly the pricing policy for essential consumer goods.

“This policy covers nine key commodities: cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat, whose prices cannot be increased without prior approval from the Ministry and the national committee formed for this purpose,” it added.

Temporary price rise explained

On the price rise observed in some food commodities, such as onions and tomatoes, over the past two days, the ministry clarified that these increases are temporary and limited, resulting naturally from the effects of the regional crisis.

It confirmed that additional quantities of the commodities that experienced price increases have already been supplied in abundant amounts to ensure a stable supply in the markets.

Published on March 11, 2026

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Jaishankar holds call with Iran’s foreign minister over West Asia crisis

by Hansraj Agrawal | Mar 10, 2026 | Business

External Affairs Minister S Jaishankar held a phone conversation with Iranian Foreign Minister Seyed Abbas Araghchi on Tuesday, marking their third discussion since joint US-Israel military strikes on Iran.
| Photo Credit:
ANI

External Affairs Minister S Jaishankar on Tuesday held a phone conversation with his Iranian counterpart Seyed Abbas Araghchi amid increasing concerns over the fallout of the West Asia crisis, especially on the energy supplies.

It was the third time that Jaishankar spoke to Araghchi since the US and Israel launched the joint military strikes on Iran.

“A detailed conversation this evening with Foreign Minister @araghchi of Iran on the latest developments regarding the ongoing conflict. We agreed to remain in touch,” Jaishankar said on social media.

The phone conversation between the two foreign ministers came amid increasing global concerns over disruptions in oil supplies in view of the crisis in West Asia.

Global oil and gas prices have surged after Iran has virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas).

Jaishankar conveyed to Araghchi India’s deep concern over the developments in Iran and the region.

Published on March 10, 2026

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India’s kharif, rabi foodgrain output pegged 3% up at 349 million tonnes in 2025-26

by Hansraj Agrawal | Mar 10, 2026 | Business

NEW DELHI, 30/04/2025: A farmer using farm machinery to harvest his wheat crop at an village in Gurdaspur district of Punjab. Photo: SHIV KUMAR PUSHPAKAR / The Hindu
| Photo Credit:
SHIV KUMAR PUSHPAKAR

India will likely harvest a record wheat, maize (corn) and mustard crops during the current season, while sugarcane harvest has also been estimated a record during the current crop year to June. Rice production is also headed for a record high after kharif output has been projected at a new high.

The country is estimated to have produced a record high 120.21 million tonnes (mt) of wheat, 11.79 mt of gram (chana) against 11.11 mt a year ago, 1.73 mt of lentil against 1.65 mt a year ago and 13.33 mt of mustard against 12.66 mt a year ago, according to the government’s second advance estimates of crops) released on Tuesday.

Wheat production is up by 2 per cent from previous high of 117.94 mt in 2024-25, government data showed on Tuesday. A flour industry source said wheat production will easily top 121 million tonnes as everything had rolled out in favour of a good crop.

Pulses to grow 7%

Total foodgrains of both kharif and rabi seasons is estimated to rise 3 per cent to 348.65 mt in 2025-26 from 338.63 mt a year earlier, the Agriculture Ministry said in a statement. The second advance estimate includes the first estimate of Rabi crops and revised estimate of Kharif crops.

Pulses output is projected to grow 7 per cent to 16.24 mt in the rabi season of 2025-26 from 15.23 mt a year ago, potentially helping India to cut the demand-supply gap as well as imports. However, winter-grown urad output is seen lower at 508,000 tonnes from 553,000 tonnes, and green gram (moong) at 87,000 tonnes from 100,000 tonnes.

Winter-sown groundnut output is seen higher at 797,000 tonnes from 678,000 tonnes, but sunflower production is estimated lower at 104,000 tonnes from 121,000 tonnes.

Despite lower price realisation, farmers have increased output of rabi maize to 15.90 mt from 14.75 mt, while rabi rice production is estimated slightly higher at 16.72 mt against 16.12 mt. Total coarse and nutri cereals output is pegged at 21.34 mt, up from 19.86 mt a year ago.

The rabi crop production is based on the average yield and is subject to change in the successive estimates, the Agriculture Ministry said.

Published on March 10, 2026

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Centre secures 1 mt LPG from US to bridge West Asian supply gap

by Hansraj Agrawal | Mar 10, 2026 | Business

The LPG deficit was around 40 very large gas carriers (VLGCs), of which arrangements have been made for the supply of 20 VLGCs, said a source

The government has arranged around one million tonnes (mt) of liquefied petroleum gas (LPG) cargoes, mostly from the US, to meet demand for the key cooking fuel used by more than 330 million consumers.

The proactive measures have accompanied top-level parleys on the emerging situation between Prime Minister Narendra Modi and senior Cabinet Ministers, including Finance Minister Nirmala Sitharaman, Petroleum Minister Hardeep Singh Puri, Commerce Minister Piyush Goyal and Foreign Minister S Jaishankar. The Prime Minister reportedly asked the ministers to coordinate and ensure that consumers do not suffer from the impact of the West Asia conflict on the supply and price of petroleum products, especially LPG, sources said

Import Dependence

India consumed over 33 mt of LPG in FY25, with more than half of the demand met through imports. West Asia accounted for nearly 90 per cent of India’s total LPG imports, which stood at 20.67 mt. Besides, it produced 12.79 mt during the year. Regular supplies of LPG are important for India as the country does not have strategic reserves for the key cooking fuel.

“The LPG situation is getting more comfortable as production is being ramped up. Besides, we have been out in the market sourcing as much as we can,” said a top government source.

India has also been seeking to boost imports from the US and Canada. Another source said that the LPG deficit was around 40 very large gas carriers (VLGCs), of which arrangements have been made for roughly 20 VLGCs. The cargoes are expected to arrive at Indian ports from the end of this month.

A single VLGC can carry up to 50,000 tonnes of LPG. A back-of-the-envelope calculation shows that the LPG deficit was around 2 mt, of which cargoes for roughly 1 mt have been arranged.

Anticipating disruption in domestic LPG supply, the government has been prioritising LPG production. For instance, India invoked emergency powers last week, directing refiners to maximise production of the critical cooking fuel.

Based on data from the Petroleum Planning and Analysis Cell (PPAC), India’s average per day production of LPG stood at around 34,613 tonnes in October 2025, which fell to 34,533 tonnes in November. However, the output rose to 35,968 tonnes in December 2025 and further to 37,355 tonnes in January this year. February 2026 numbers are yet to be published.

For the entire 2025 calendar year, India per day average LPG production stood at around 38,099 tonnes.

India also invoked the Essential Commodities Act late on Monday night to regulate natural gas supply. The order prioritises the supply of natural gas to the Domestic Piped Natural Gas supply (D-PNG), Compressed Natural Gas (CNG) for transport, LPG production, as well as pipeline compressor fuel and other essential pipeline operational requirements.

Published on March 10, 2026

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Bank of Baroda launches exclusive “Sapphire” savings account for women

by Hansraj Agrawal | Mar 10, 2026 | Business

Bank of Baroda (BoB) has launched an exclusive savings account for women – the bob Women Sapphire Savings Account, offering health and wellness benefits including a ₹10 lakh cancer care coverage plan, complimentary online doctor consultations for up to six family members and concessions on medicines & pathology tests. The monthly average balance for this account is Rs. 1 lakh.

The account comes with the bob Bhoomi RuPay Select Debit Card that provides lifestyle privileges such as access to domestic airport lounges, complimentary gym membership, health check-up, spa/salon session and OTT subscriptions, the public sector bank said in a statement.

Account holders will also receive a 50 per cent first-year fee waiver in the form of reward points on the BOBCARD Tiara Credit Card, a premium, women-centric credit card, it added.

Further, bob Women Sapphire Savings accountholders will get concession on locker charges and a 50 per cent waiver on home loan processing charges, among others.

Debadatta Chand, Managing Director & CEO, Bank of Baroda said, the new Savings Account reflects the Bank’s commitment to creating meaningful, women-centric financial solutions.

“...Our aim is to address the evolving aspirations of women, while strengthening our engagement with the growing high-value women’s deposit segment,” he said.

Published on March 10, 2026

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PSBs mopped up over ₹28,000 cr in 5 yrs through selling third party financial products

by Hansraj Agrawal | Mar 10, 2026 | Business

Finance Minister Nirmala Sitharaman recently asked the banks once again to focus on core business while saying that they are spending more time on selling insurance than core business

Public sector banks earned over ₹28,600 crore in five years through selling of third party financial products, Finance Ministry’s data presented in the Rajya Sabha on Tuesday showed. Such products include insurance (life and non-life), mutual funds, credit cards, demat accounts.

This data is critical as Finance Minister Nirmala Sitharaman recently asked the banks once again to focus on core business while saying that they are spending more time on selling insurance than core business. This trend is also referred to as mis-selling.

In a written reply, Minister of State in Finance Ministry Pankaj Chaudhary said that as per the Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) Directions, 2025, commercial banks, including public sector banks (PSBs) are permitted to act as an agent of a third-party product or service provider, to facilitate the sale of the latter’s financial products or services (e.g., insurance, mutual fund, pension fund, etc.) to its own customers.

The Minister presented public bank-wise data, which showed SBI was top earner followed by Punjab National Bank, Canara Bank, Bank of Baroda and Union Bank of India during last five years.

Furthermore, Chaudhary said the RBI has recently issued draft directions under Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Amendment Directions, 2026. These contain comprehensive instructions to all commercial banks, including, inter-alia, to ensure that their policies and practices neither create incentives for mis-selling nor encourage employees to ‘push’ the sale of products, along with to ensure that no incentive is directly/indirectly received by the employees engaged in marketing/sales of third-party products from the third-party.

“The Draft Directions also seeks commercial banks to put in place a comprehensive policy for marketing and sales of their own/ third-party financial products, while covering aspects related to criteria for determination of suitability and appropriateness of products offered to customers, and having a robust feedback mechanism,” he said. After consultation with stakeholders, the final directions will be issued.

Last month, complaints about more focus on selling other products drew ire from Sitharaman. “Banks should concentrate on their core business. My pet peeve has always been, you’re spending more time on selling insurance when it is not required, and conveniently, it fell between two stools (of RBI and IRDAI),” she said while addressing a press conference after customary post-Budget address to the central board of the RBI.

She expressed satisfaction over RBI’s draft proposal on checking the mis-selling. “The message should go to the banks that you cannot afford to mis-sell. Mis-selling is an offence,” she said. “Why should a customer asking for home loan with collateral, why should he take another insurance cover? Glad that RBI clarified to banks that they cannot mis-sell,” she added.

Published on March 10, 2026

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