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India waives import duty on 40+ petrochemicals

In a bid to shield domestic industries from rising costs and supply disruptions, the Indian government has temporarily removed customs duty on several key petrochemical products. The exemption will remain in effect until June 30, 2026.

The decision comes at a time when global supply chains are under stress due to ongoing tensions in West Asia, particularly involving Iran. These disruptions have led to higher shipping costs and increased prices of essential raw materials, impacting multiple industries in India.

The duty waiver covers more than 40 petrochemical products, many of which are critical inputs for sectors such as plastics, textiles, pharmaceuticals, packaging, and automobiles. By removing import duties, the government aims to ensure steady supply and reduce the cost burden on manufacturers who rely heavily on these materials.

Some of the key chemicals included in the exemption list are methanol, styrene, vinyl chloride monomer (VCM), monoethylene glycol (MEG), phenol, and toluene. These are widely used in producing everyday goods ranging from plastic products to synthetic fibres and industrial components.

Officials say the move is intended as a short-term measure to stabilise the domestic market. Lower import costs are expected to help companies manage rising input prices and avoid passing on the full burden to consumers. This could also help keep inflation in check in sectors dependent on petrochemical products.

The decision follows a series of steps taken by the government to manage the impact of global disruptions. India, which relies significantly on imports for petrochemical needs, has been particularly vulnerable to price fluctuations and supply shortages triggered by geopolitical developments.

Industry experts have welcomed the move, saying it will provide immediate relief and support production across key sectors. However, they also note that the situation remains uncertain, and much will depend on how global tensions evolve in the coming weeks.

Also Read: Gold jumps to ₹1.52 lakh, Silver rises to ₹2.55 lakh

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Gold jumps to ₹1.52 lakh, Silver rises to ₹2.55 lakh

Gold prices in India moved sharply higher on April 1, reflecting strong demand as investors turned cautious amid global uncertainties. Silver prices also edged up, although the trend remained less stable compared to gold.

In the domestic market, 24-carat gold prices climbed to around ₹1.52 lakh per 10 grams, marking a noticeable jump during the day. Similarly, 22-carat gold rose to nearly ₹1.38 lakh per 10 grams across major cities like Delhi and Mumbai. The increase was driven largely by global factors, including a softer US dollar and continued geopolitical tensions, which typically push investors towards safer assets like gold.

The rise in gold prices was not sudden but part of a broader upward trend. Over the past few days, bullion has seen steady gains, supported by expectations that global interest rates may remain stable and that economic uncertainties could persist. This has kept investor interest in gold strong, both globally and in India.

Silver, on the other hand, showed a mixed performance. In the physical market, prices rose slightly by about ₹100, taking the rate to around ₹2.55 lakh per kilogram. However, unlike gold, silver saw some fluctuations during the day, especially in futures trading, where prices moved up and down due to profit booking and changing global cues.

Market experts say that both gold and silver are currently being influenced by global developments, especially geopolitical tensions and movements in crude oil prices. While gold is benefiting more clearly from its safe-haven appeal, silver is reacting to both industrial demand and investment trends, making its movement less predictable.

Also Read: Sensex falls 1,500 points, Nifty slips below 22,250

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India boosts chip manufacturing with Gujarat

India has taken another step toward strengthening its semiconductor ecosystem with the inauguration of a new chip facility in Gujarat by Prime Minister Narendra Modi.

The unit, developed by Kaynes Technology in Sanand, will focus on assembling and testing semiconductor chips. This segment is critical in the chip value chain and helps prepare semiconductors for commercial use.

The project, valued at ₹3,300 crore, reflects the government’s broader plan to build local capacity in a sector that has traditionally relied heavily on imports.

India’s semiconductor demand is rising rapidly, driven by growth in consumer electronics, electric vehicles, and digital infrastructure. By investing in such facilities, the country aims to secure supply chains and reduce risks linked to global disruptions.

The inauguration also coincided with the launch of multiple infrastructure projects worth around ₹20,000 crore, underlining Gujarat’s growing importance as a manufacturing hub.

Also Read: UAE fuel prices surge sharply, diesel jumps over 70%

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India limits Chinese CCTV sales

India has introduced new rules from April 1 that limit the sale of many Chinese-made CCTV cameras. The decision is part of the government’s effort to improve cybersecurity and reduce reliance on foreign technology.

Under the new rules, all CCTV cameras that connect to the internet must get government approval before being sold. Companies whose products do not meet these standards will not be allowed to sell in India. Many Chinese brands are affected, as their devices have not received the required certification.

The main reason behind this move is concern over data safety. Officials worry that some imported cameras could have security risks, such as hidden access points that may allow outsiders to view or steal data.

For people who already have Chinese CCTV cameras installed at home or in offices, there is no need to worry immediately. These existing devices will continue to work as usual. The rules apply only to new sales and imports, not to cameras that are already in use.

However, there may be some problems in the future. As these companies reduce their presence in India, users might find it harder to get software updates, security fixes, or customer support. This could make the cameras less secure over time.

The new policy is expected to benefit Indian manufacturers, as it encourages the use of locally made products. Many domestic companies are likely to gain a larger share of the market as a result.

At the same time, experts say that fewer options in the market could lead to higher prices in the short term.

Also Read: Unilever–McCormick $65 billion food deal

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Premium petrol climbs to ₹160/litre

Fuel prices in India have seen a noticeable spike, with premium petrol now costing as much as ₹160 per litre in Delhi. The increase comes at a time when global oil markets are under pressure due to rising tensions in West Asia, affecting supply and pushing prices higher.

Indian Oil Corporation recently raised the price of its high-performance XP100 petrol by ₹11 per litre, taking it from ₹149 to ₹160. This type of fuel is mainly used in luxury cars and high-end motorcycles, so the impact will be felt most by niche consumers rather than the general public.

At the same time, jet fuel prices have seen an even sharper rise. Aviation turbine fuel (ATF), which airlines rely on heavily, briefly crossed ₹2 lakh per kilolitre, a record high. Although prices were later adjusted to around ₹1.04 lakh per kilolitre for domestic carriers, the cost remains significantly elevated.

This surge is closely tied to global crude oil prices, which have risen amid fears of supply disruptions. Key oil-producing regions and important shipping routes are under strain due to ongoing geopolitical conflicts, making fuel more expensive worldwide.

For airlines, this is a major concern. Fuel typically makes up a large share of their operating costs, sometimes as much as 40–45%. With such a sharp increase in ATF prices, airlines may have little choice but to raise ticket prices or cut back on certain routes to manage expenses.

Also Read: Commercial LPG gets costlier by ₹195.5

 

 

 

 

 

 

 

 

 

 

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₹195.5 hike in commercial LPG prices

Commercial LPG cylinder prices have been increased by ₹195.50 from April 1, bringing fresh cost pressures for businesses across India. The hike mainly impacts commercial users such as restaurants, hotels, and small-scale industries that depend on LPG for daily operations. In several cities, the price of a 19-kg cylinder has now gone beyond ₹2,000.

In contrast, domestic LPG cylinder prices have been left unchanged, offering relief to households. The move is seen as an effort to protect consumers from rising expenses and keep cooking fuel affordable amid broader inflation concerns.

The latest increase in commercial LPG rates comes against the backdrop of rising global energy prices. Ongoing geopolitical tensions, especially in the Middle East, have disrupted supply chains and pushed up fuel costs worldwide. As India relies heavily on LPG imports, these international developments have a direct impact on domestic pricing.

To ensure that supply remains steady, the government has increased the allocation of commercial LPG to 70%. This step is aimed at supporting key sectors and preventing disruptions in essential services and industrial activities.

Meanwhile, the Andhra Pradesh government has reassured citizens that there is no shortage of fuel in the state. Civil Supplies Minister Nadendla Manohar stated that adequate stocks of LPG, petrol, and diesel are available. He also urged the public to avoid panic buying or hoarding, emphasizing that the situation is under control.

Authorities have said strict monitoring is in place to prevent black marketing and ensure fair distribution of fuel.

Also Read: Gold tops ₹1.50 lakh, Silver slips below ₹2.50 lakh

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Gold tops ₹1.50 lakh, Silver slips below ₹2.50 lakh

Gold prices strengthened on April 1, 2026, climbing past the ₹1.50 lakh per 10 grams mark in the domestic market, while silver prices edged lower, highlighting a mixed trend in bullion.

On the MCX, gold futures traded in the range of ₹1.50–₹1.51 lakh per 10 grams, supported by a weaker US dollar and improving global sentiment. In the international market, prices remained firm near $4,700 per ounce, keeping the overall trend positive.

The rise in gold prices comes after recent volatility, as investors once again turned to the metal for safety. Expectations that geopolitical tensions in the Middle East may ease also helped stabilise sentiment, reducing fears of sharp inflation spikes and supporting bullion demand.

Silver, however, did not follow gold’s upward momentum. Prices on the MCX slipped to around ₹2.39 lakh to ₹2.45 lakh per kilogram, staying below the ₹2.50 lakh level. The decline is largely due to profit booking and concerns over industrial demand, which plays a significant role in silver pricing.

Market experts point out that gold and silver often move differently because of their distinct roles. Gold is primarily a store of value and safe-haven asset, benefiting during times of uncertainty. Silver, on the other hand, has a strong link to industrial activity, making it more sensitive to economic growth expectations.

The divergence seen in today’s trade reflects this contrast—investors are favouring gold for safety, while remaining cautious on silver due to demand concerns.

Looking ahead, analysts believe bullion prices may remain volatile. Factors such as global economic trends, currency movements, and geopolitical developments will continue to influence price direction in the coming sessions.

Also Read: Sensex rockets 1,800 points, Nifty at 22,750

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ONGC starts gas output from $1 bn Daman project

Oil and Natural Gas Corporation (ONGC) has started gas monetisation from its Daman Upside Development Project, marking a significant step in increasing India’s domestic natural gas production.

The company commenced gas flow from the offshore B-12-24P platform on March 29. The extracted gas is being transported to the Hazira plant in Gujarat, where it will be processed before being supplied to consumers.

Located in the Arabian Sea, the Daman project lies about 180 km off the Mumbai coast. It is part of ONGC’s broader strategy to enhance output from its western offshore assets and reduce reliance on energy imports.

Developed at an estimated cost of around $1 billion, the project has been completed in a relatively short time frame of under two years. ONGC attributed this to improved drilling methods and efficient project execution, including the use of advanced techniques to speed up development.

The start of gas monetisation signals the beginning of commercial production from the field. Output is expected to increase gradually as additional wells are brought into operation in phases over the coming months.

At peak levels, the project is expected to produce around 5 million standard cubic metres of gas per day. Overall, it is estimated to contribute significantly to India’s gas output over its lifecycle.

The development comes at a time when India is focusing on boosting domestic energy production to meet rising demand and reduce dependence on imports. Natural gas is seen as a key transition fuel in the country’s energy mix, supporting cleaner energy goals.

Also Read: Airtel raises $1 bn for Nxtra

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New tax rules from April 1

Starting April 1, 2026, new income tax rules will come into force, bringing several changes that directly impact salaried employees. The updated provisions aim to modernise the tax system, revise employee benefits and improve transparency in tax reporting.

One of the key changes relates to House Rent Allowance (HRA). The government has expanded the list of cities eligible for higher HRA exemption. Employees living in cities such as Bengaluru, Hyderabad, Pune and Ahmedabad can now claim up to 50% of their salary as exempt under HRA, compared to 40% for other locations. However, this benefit remains applicable only under the old tax regime, meaning those opting for the new regime will not be able to claim it.

Meal-related benefits have also been revised. Salaried individuals receiving meal vouchers, cards or coupons can continue to enjoy tax exemptions on these perks, with a standard limit of ₹200 per meal. A significant change is that this benefit will now also be allowed under the new tax regime, making it more attractive for employees who previously missed out on such exemptions.

The rules further update how perquisites, or employee benefits, are valued. This includes employer-provided facilities such as company cars, concessional loans and other allowances. The revised valuation method is designed to better reflect current market conditions, ensuring a more accurate calculation of taxable income.

Additionally, the new framework introduces stricter disclosure requirements. For example, employees claiming HRA may need to provide details about their landlord, including whether there is any relationship. This step is intended to reduce misuse of exemptions and improve compliance.

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Aluminium stocks rises 5% on Middle East tensions

Aluminium stocks in India climbed up to 5% in the latest trading session, supported by a sharp rise in global metal prices amid escalating tensions in the Middle East.

Shares of key players such as Hindalco Industries, National Aluminium Company, and Vedanta Ltd posted strong gains. The rally came even as the broader stock market showed weakness, highlighting sector-specific momentum in metal stocks.

The primary trigger for the surge was a significant jump in aluminium prices in global markets. Prices rose nearly 6%, nearing multi-year highs, as concerns grew over potential supply disruptions.

The spike follows reports of attacks affecting key aluminium production facilities in the Middle East. The region accounts for a notable share of global aluminium output, and any disruption to production has a direct impact on international prices.

Additionally, concerns over the safety of major shipping routes, including the Strait of Hormuz, have added to market uncertainty. This route is crucial for global commodity trade, and any disruption could further strain supply chains.

In India, the rise in aluminium stocks stood out against a subdued broader market. The metal sector showed resilience as investors reacted to improving global price trends and expectations of better earnings for producers.

Higher aluminium prices generally support margins for companies, particularly those with strong export businesses. As a result, Indian producers are seen as potential beneficiaries of the current global situation.

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