CONSUMER AFFAIRS
JSW Steel and POSCO form joint venture for steel plant in Odisha amid South Korean President's India visit
JSW Steel and South Korea's POSCO Group are partnering to build a new steel plant in Odisha. This joint venture will have a production capacity of 6 million tonnes per annum. The deal signifies deepening strategic ties between the two major steel producers. This collaboration aligns with JSW Steel's expansion goals.
Direct vs indirect taxes: Key differences and how they impact taxpayers and prices in India
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 99th part of this series, Riju Mehta explains the difference between the two types of taxes.
AT-1 case: Yes Bank does not expect material financial impact from Supreme Court ruling
The Supreme Court has officially concluded the hearings related to the Additional Tier-1 bond write-down of Yes Bank, with a verdict now on the horizon. This case follows the bank's dramatic near-collapse back in 2020, leading to an aggressive write-down of ₹8,415 crore in bonds, sparking a flurry of legal action from aggrieved investors.
Centre relaxes wheat procurement norms for Punjab to counter rain damage
The central government has eased wheat procurement rules for Punjab and Chandigarh for the Rabi Marketing Season 2026-27. This decision follows untimely rains that damaged crops. Relaxations include increased tolerance for lustre loss and shrivelled grains. Punjab officials are ensuring smooth procurement and timely payments to farmers. Opposition parties had criticized the state government for delays in seeking these relaxations.
Around 10.10 lakh passengers travelled to India since February 28 from region amid West Asia tensions, says Govt
India is ensuring smooth functioning across key sectors amidst the West Asia situation. The Petroleum Ministry guarantees uninterrupted fuel and LPG supply. Commercial LPG prioritizes essential services. Refineries operate at high capacity with adequate crude. Indian vessels and seafarers are safe. Flights continue to operate, with many passengers returning. The government is actively monitoring and coordinating efforts.
Faster insolvency process proposed with creditor-led resolution framework
A new Creditor-initiated Insolvency Resolution Process (CIIRP) aims to expedite debt resolution, allowing financial creditors with 51% debt share to initiate proceedings. This bypasses the NCLT admission process, with the tribunal's role limited to moratorium and plan approval. The entire process is targeted for completion within 150 days, a significant reduction from the current 330 days.
‘America’s petro-imperialism in Iran has already hiked US fuel cost by $20 billion’
Jeff D. Colgan highlights the economic toll of the Iran war on American households. He explains how US military actions against oil-producing nations are linked to global oil markets. The discussion covers 'petro-imperialism' versus 'petro-consumerism'. Profits from higher oil prices benefit some producers, while major oil companies face complex challenges. The shift in US oil export status influences foreign policy.
Seoul to Delhi, Asia’s new economic axis
South Korean President Lee Jae-myung's visit to India is a crucial moment. The two nations can build a strong strategic economic partnership. They can create a new axis of resilience in Asia. This partnership will focus on manufacturing, technology and defence. It aims to address global insecurity and fractured supply chains.
Seoul to Delhi, Asia’s new economic axis
South Korean President Lee Jae-myung's visit to India arrives at a critical juncture for global economic stability. The two Asian powers are poised to forge a strategic economic partnership, moving beyond traditional trade to co-build industrial capacity in semiconductors, green mobility, and advanced manufacturing.
Global growth needs unconstricted energy markets: Jaishankar on Hormuz disruption
India is pushing for safe passage for ships. Attacks on merchant vessels are unacceptable. Global growth needs open energy markets. India will work with partners to build strong supply chains. Japan launched a new initiative to help Asian countries facing fuel shortages. This plan offers financial aid to secure energy supplies and diversify sources.
IMF cautions countries against broad fuel subsidies to deal with war-driven energy shock
Global finances face new pressure from the Middle East conflict. Rising energy prices and interest rates strain economies. The IMF advises against fuel subsidies, favoring direct cash aid. Countries must manage higher energy costs to reduce consumption. Global government debt is projected to reach 100% of GDP by 2029, the highest since World War Two.
Attacks on merchant shipping completely unacceptable, says Jaishankar amid West Asia situation
India's External Affairs Minister S Jaishankar has strongly backed safe and unimpeded maritime shipping. He stated that attacks on merchant vessels are unacceptable. This comes as India engages diplomatically on the West Asia conflict. The minister also highlighted India's commitment to energy market supply chain resilience. India is closely monitoring developments in the region.
Acquisition count rises: Inside OpenAI's major deals in 2026
The AI major’s half a dozen deals in the first quarter underscore its push to strengthen its position across enterprise software, developer tools, and consumer AI applications.
Govt seizes 500 LPG cylinders as India intensifies energy security measures amid Israel-Iran war
The government is taking strong measures to address the LPG shortage and ensure fuel stability. Raids are underway to stop black-marketing, with over 2,950 conducted recently. New PNG connections are expanding, and efforts are made to increase supply of smaller cylinders. Domestic fuel prices are being managed. Repatriation of seafarers and travel for Indian nationals from West Asia are facilitated.
Lessons learned in 70s have made US, world economies less vulnerable to oil shocks
The world economy is experiencing a significant oil price surge reminiscent of the 1970s. However, countries are now better prepared. Decades of efforts have increased energy efficiency and reduced reliance on Middle Eastern oil. New energy sources and stockpiles provide a buffer. While challenges remain for consumers and businesses, the global economy is less vulnerable to this shock than before.
'Indian flagged vessel Green Asha safely reaches JNPA after crossing Strait of Hormuz': Union Shipping Ministry
"No incident involving Indian flagged vessels or Indian seafarers has been reported in the past 24 hours. The Indian flagged vessel Green Asha, which crossed the Strait of Hormuz on 5th of April, 2026, has safely reached JNPA earlier today...," he said.
CAG flags delay in finalisation of accounts of various PSUs, autonomous bodies in J&K
The CAG has flagged a massive backlog in the finalization of accounts for Jammu and Kashmir's PSUs and autonomous bodies, with many remaining in arrears for up to 14 years. This persistent delay undermines transparency and legislative oversight, prompting the CAG to urge strict adherence to submission timelines for improved financial discipline.
Counterfeit goods, expiry tampering a 'very huge problem', says Consumer Affairs Secretary
Counterfeit products and altered expiry dates present a significant challenge. Consumer Affairs Secretary Nidhi Khare highlighted the ongoing battle against fake goods. E-commerce platforms are actively removing counterfeit listings. Sophisticated fakes are difficult to detect. Consumers must remain vigilant and report suspicious products. The government is also addressing dark patterns and reforming legal metrology.
Enough rice, wheat stocks for emergency
Food prices remain steady across India. Essential items like grains, pulses, edible oils, and sugar are in good supply. The government assures sufficient buffer stocks for public distribution and emergencies. The FCI is prepared to release more foodgrain if needed to keep prices stable. Consumers can expect continued availability of these vital commodities.
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