Category: Business

New Delhi, Apr 13 (BNP): Small finance banks are likely to deliver a strong performance in the fourth quarter of FY26, supported by steady credit demand and improving operational efficiency, according to a recent report.

The report notes that while near-term business conditions remain supportive, the sector’s outlook for FY27 will largely depend on broader macroeconomic factors, including interest rate movements, inflation trends, and overall economic growth.

It adds that continued loan growth and better asset quality could help strengthen earnings in the coming quarters. However, external risks such as global uncertainty and domestic liquidity conditions may influence future performance.

Analysts suggest that small finance banks remain well-positioned for growth, but caution that sustainability will depend on how macroeconomic trends evolve in the next fiscal year.

Dubai, UAE, 13^th April 2026:  FIA President Mohammed Ben Sulayem has paid tribute to the thousands of volunteers who make Formula One racing possible, after a landmark study by the Fédération Internationale de l’Automobile revealed the true scale, value and dedication behind the crucial role they play.

Conducted by the FIA University, the Federation’s academic arm, the first-of-its-kind research reveals that a minimum of 20,112 trained volunteers are required to staff all 24 rounds of the Formula One World Championship calendar each season.

An average of 838 volunteers operating at each individual race weekend represents a ratio of 42 for every F1 driver competing on track, the highest volunteer-to-competitor ratio of any global sport.

With each volunteer committing approximately 48 hours of dedicated service to each race weekend, that amounts to a remarkable 965,376 hours contributed to the world’s premier racing series across the full season.

FIA President Mohammed Ben Sulayem said: “The FIA Formula One World Championship relies on volunteers, they are the backbone of our sport – without them we simply could not go racing. They ensure our competitions are safe and fair. They act with professionalism and pride, and they support drivers, teams and fans. 

“The FIA deeply values their contribution and this landmark report not only delivers vital insights into their role but recognises our significant investment and helps the FIA continue to provide support in the most effective ways. 

“Together with our Members, and our volunteers around the world, we are powering the FIA Formula One World Championship.” 

From flag marshals to observers, incident officers to extrication teams, volunteers are the race makers who keep motor sport safe and create the unmistakable spirit of camaraderie, teamwork and unity present at every round of the Championship.

The report highlights the depth of their commitment, with 65% of volunteers taking annual leave or unpaid time off to serve at events.

As the global governing body for motor sport, the FIA continues to invest in the sport’s long-term development, ensuring each race is supported by trained and dedicated personnel. The study estimates that training and development programmes delivered by the FIA and its member clubs equate to more than €11 million annually.

Retention remains a key strength. Two-thirds of Formula One volunteers have been active for more than five years, reflecting a strong and positive culture across race weekends. This consistency has proved essential as volunteer workloads have increased by 20% during the same period alongside the sport’s global expansion.

Volunteering also offers a unique opportunity for race fans to play an active role in their home F1 Grand Prix. Many see it as a meaningful recreational activity alongside their careers, with the total replacement labour value of their contribution estimated at €13.2 million annually.

These figures underline both the economic importance of volunteers and the FIA’s commitment to supporting them.

The new report, the first of its kind in the FIA’s history, sets out a series of recommendations to further enhance the volunteer experience and maintain a healthy retention rate. The FIA is proposing a dedicated Centre of Excellence to act as a learning hub, recruiting and training volunteers and officials using world-leading innovation and global best practice.

Alongside this, an expanded FIA Officials Department, including a new volunteer charter, would outline the minimum standards required to support and value volunteers during a Formula One World Championship round.

Mumbai, Apr 13: CRISIL Ratings Limited, ICRA Limited, and India Ratings & Research have upgraded the long-term credit rating for Bank loan facilities, Non-Convertible Debentures, Subordinated Debt, and Fixed Deposit Programmes of Shriram Finance Limited (SFL), the flagship company of the Shriram Group and one of India’s leading non-banking financial companies, to AAA with a Stable outlook — the highest rating on each agency’s respective scale. These upgrades, effected on April 9 and April 10, 2026, also resolved the ratings from ‘Watch with Positive Implications’.

Powered by the MUFG Bank Partnership

The upgrades follow the completion of MUFG Bank Ltd.’s strategic investment in SFL on April 8, 2026, through which MUFG Bank acquired a 20% equity stake on a fully diluted basis, with a total investment of Rs. 39,618 crore. The agencies noted that the transaction has significantly strengthened SFL’s capital profile, with the Company’s networth surpassing Rs. 1 lakh crore post-transaction. The agencies also recognised that the association with the globally reputed long-term strategic investor -MUFG Bank, is expected to benefit SFL’s liability franchise through access to funds at lower cost and further diversify its borrowing profile from both domestic and global stakeholders. SFL is expected to leverage MUFG Bank’s experience across various facets including technology, risk management and governance. The ratings also factor in the company’s diversified portfolio and its long-demonstrated risk management capability across economic cycles while maintaining an adequate risk-return trade-off.

Comment from Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited “The MUFG partnership has been a pivotal moment, and these rating upgrades are a reflection of that. For us, it translates directly into lower borrowing costs and a stronger ability to serve our customers. We are grateful to our investors, partners, and most importantly, our customers for their continued trust.”

Robust Fundamentals Recognised by the Rating Agencies

The Rating upgrade of AAA (stable) across all the Domestic Credit Rating Agencies anchors the highest level of Domestic creditworthiness marking a key inflection point in SFL’s credit journey. The upgrades reflect a structural strengthening of the credit profile, supported by SFL’s leadership position in the NBFC ecosystem, healthy earnings profile, improving asset quality along with credit costs and diversified resource base as key drivers underpinning the upgrade. The Stable outlook reflects the expectation that SFL will maintain strong capitalisation and a healthy earnings profile while scaling its operations and continues to focus on existing segments. 

New Delhi, Apr 13 (BNP): India has received a significant share of regressive tax-related recommendations from the International Monetary Fund (IMF) between 2022 and 2024, according to a report by Oxfam.

The analysis, released ahead of the IMF and World Bank Spring Meetings in Washington, alleges that the IMF has shown inconsistency in its policy advice. It claims that while wealthier countries are often guided toward more progressive taxation, developing nations are more frequently advised measures that could widen inequality.

The report states that around 59% of IMF tax advice given to low- and lower-middle-income countries is considered regressive. It also highlights concerns that such policy guidance may have implications for inequality and economic fairness.

The findings have sparked discussion on the need for more balanced and equitable global financial policy recommendations.

New Delhi, Apr 13 (BNP): Foreign portfolio investors (FPIs) have continued their aggressive selling in Indian equities, pulling out around ₹48,213 crore (about $5.14 billion) during the first 10 days of April, according to market data.

The sustained outflow is being driven by rising geopolitical tensions and broader global economic uncertainty, which have reduced investor appetite for riskier assets like emerging market equities.

This follows a massive withdrawal of ₹1.17 lakh crore in March, marking the steepest monthly outflow on record. In contrast, February had seen strong inflows of ₹22,615 crore, the highest in 17 months, indicating a sharp shift in investor sentiment.

Market experts say the volatility highlights the sensitivity of foreign capital flows to global developments, with investors quickly adjusting positions based on changing risk conditions.

New Delhi, April 13: Union Law and Justice Minister Shri Arjun Ram Meghwal on Saturday highlighted the Government’s focus on strengthening institutional arbitration, decriminalising minor offences, and modernising legacy laws to align with constitutional values and ease of doing business.

 Addressing the valedictory session on the concluding day of  International Conference on “Arbitration in the Era of Globalisation”  organised by the Indian Council of Arbitration (ICA) in the national capital, the Minister stressed the growing importance of structured dispute resolution systems in a rapidly evolving global economy.

Emphasising a shift in approach, Shri Meghwal said, “Instead of ad-hoc arbitration, there should be institutional arbitration. We agree with this approach, and when we agree, you can be assured that the Government will work decisively in this direction, strengthening dispute resolution mechanisms and building greater trust in the system.”

He noted that reforms relating to arbitration frameworks, including provisions concerning appointment of arbitrators and commercial law processes, are under active consideration, with committees already examining key aspects.

Highlighting the Government’s reform agenda, the Minister said that nearly “1000 offences have been decriminalised,” describing it as a major step towards improving regulatory efficiency. “Nearly 1000 offences have been decriminalised. There were situations where a fine of 100 rupees required a process costing 10,000 rupees. Such provisions needed rationalisation, and our effort is to make laws practical, efficient, and supportive of ease of doing business,” he said.

Shri Meghwal also referred to efforts to remove outdated and discriminatory provisions from colonial-era laws, including changes to the Indian Succession Act, 1925. “Some provisions in older laws were discriminatory and did not reflect the principle of equality. Our Constitution stands on equality, liberty, fraternity, and justice, and it is our responsibility to ensure that every law aligns with these foundational values,” he said.

The Minister also drew attention to broader systemic reforms, including significant changes in the criminal justice framework, and underlined their importance alongside civil and commercial law reforms.

Referring to legislative developments, he said that a Public Trust Bill has been passed during the ongoing Budget Session after detailed scrutiny by a Joint Parliamentary Committee.

He also highlighted the increasing role of technology in the legal sector, including artificial intelligence and virtual hearings, as key enablers of efficient dispute resolution.

Drawing from India’s traditional systems, Shri Meghwal referred to the concept of “Panch Parmeshwar,” noting its emphasis on neutrality, impartiality, and binding decisions, and its relevance to modern arbitration practices.

The Minister further informed that India will host a BRICS conference in Ahmedabad, bringing together justice ministers and officials from ten countries to strengthen international legal cooperation.

He reiterated that ongoing legal and institutional reforms are integral to India’s broader economic vision and its journey towards becoming one of the world’s leading economies.

New Delhi, Apr 13 (BNP): Union Finance Minister Nirmala Sitharaman on Sunday dismissed allegations made by Tamil Nadu Chief Minister M. K. Stalin regarding paddy cultivation incentives, calling them “factually baseless” and a “deliberate distortion.”

Pic Credit: Pexel 

Responding to the remarks, she clarified in a post on X that the Centre had not directed states to stop incentives for farmers. Instead, she said the suggestion was aimed at encouraging states to align their bonus and support policies with broader national agricultural priorities.

These priorities, she noted, include promoting crop diversification and strengthening self-sufficiency in key crops such as pulses, rather than continuing excessive focus on a single crop.

The exchange comes amid ongoing political debate over agricultural policy and Centre–State coordination in farmer support measures.

New Delhi, Apr 13 (BNP): The Government of India has lifted restrictions on wheat exports after a gap of four years, opening the door for increased international demand as several countries line up to purchase Indian wheat.

 Pic Credit: Pexel

Countries including Egypt, Indonesia, Myanmar, and Bangladesh have shown strong interest in importing wheat from India. The Directorate General of Foreign Trade (DGFT) is expected to soon issue export quotas to facilitate shipments.

Officials and trade experts believe geopolitical uncertainties, along with adequate domestic stocks, are supporting export opportunities this year. India had earlier allowed limited exports, including around 2.5 million tonnes of grain and an additional 0.5 million tonnes of processed wheat in February.

Export prices to Bangladesh are estimated at around $275–$280 per tonne, which traders say remains competitive and profitable even after including freight costs.

India’s wheat production has remained strong, supported by record output and sufficient government reserves. The Food Corporation of India (FCI) currently holds about 22 million tonnes of wheat, well above the buffer requirement of 7.46 million tonnes, helping maintain stability in domestic markets where average prices stand at around ₹30.81 per kg.

For the 2025–26 season, wheat production is projected to rise to around 120 million tonnes, according to the Agriculture Ministry, aided by expanded cultivation area. However, officials have noted that unseasonal rains have caused some crop damage, particularly affecting wheat quality in certain regions.

Despite these challenges, India remains the world’s second-largest wheat exporter after China, and the government is targeting procurement of 30 million tonnes this year from key producing states such as Punjab, Haryana, Uttar Pradesh, Rajasthan, and Madhya Pradesh.

The move is expected to strengthen India’s position in global grain markets while ensuring adequate domestic supply remains stable.

Mumbai, Apr 13 (BNP): The Indian rupee weakened significantly in early trading on Monday, falling by 49 paise to 93.32 against the US dollar, as global tensions and rising oil prices weighed heavily on the currency.

The decline comes amid renewed instability in West Asia, particularly after recent US–Iran talks failed to produce a clear outcome. Concerns over potential disruptions in the Strait of Hormuz—a crucial route for global oil shipments—have pushed crude oil prices higher, adding pressure on oil-importing countries like India.

At the same time, the US dollar remained strong, further dragging down the rupee. Market participants noted that foreign investors have been pulling funds out of Indian equities, intensifying the currency’s fall.

The combination of geopolitical uncertainty, elevated crude prices, and capital outflows has created a cautious mood in the currency markets, with traders closely monitoring global developments for further direction.