Economy

On March 28, 2026, the Reserve Bank of India (RBI) said it is seriously studying the idea of introducing electronic cheques (e-cheques) as part of its plan to modernise the country’s payment system. The central bank is carrying out a full review of how cheques are designed and secured so that they can combine the trusted features of old paper cheques with the speed and safety of digital payments. This step is aimed at meeting the changing needs of businesses and common people who want quicker and paperless options.

On March 27, 2026, the Union government reduced the special additional excise duty on petrol and diesel by Rs 10 per litre each to shield consumers and oil marketing companies from rising global oil prices caused by the West Asia conflict. At the same time, it imposed an export levy of Rs 21.5 per litre on diesel and Rs 29.5 per litre on aviation turbine fuel (ATF) to discourage exports and ensure enough supply remains in the domestic market. Retail pump prices of petrol and diesel will not change, but the move will help reduce losses of public sector oil companies.

On March 27, 2026, the Organisation for Economic Co-operation and Development (OECD) released its interim economic outlook that looks at how the ongoing West Asia conflict (US-Israel military campaign against Iran) is affecting global economies. The report clearly shows winners and losers in terms of growth and inflation. India is among the strong performers with only a small downward revision in its 2026 GDP growth forecast, while Europe and the UK face sharp slowdowns. This comes almost a month after the conflict began and highlights India’s economic resilience amid rising oil prices and global uncertainty.

On March 27, 2026, the government released the Periodic Labour Force Survey (PLFS) data for the full calendar year 2025. The numbers show that women saw higher year-on-year wage growth than men in all three major job types — salaried, self-employed and casual labour — even though women continue to earn less overall. This is the first time such a clear trend has appeared across every category, and it comes at a time when the government is focusing on improving women’s participation in the workforce.

The ongoing West Asia conflict, which began on February 28, 2026, with US-Israel strikes on Iran, has led to the effective shutdown of the Strait of Hormuz, halting crude oil supplies from key West Asian countries to India. This disruption prompted a 50% surge in India's Russian oil imports in the first 11 days of March 2026, reaching 1.5 million barrels per day (bpd), as refiners sought alternative sources to maintain supply stability. External Affairs Minister S Jaishankar also engaged in diplomatic talks with Russian and EU counterparts to address the crisis.

The Indian government is set to reduce the funding for its key rural tap water program, the Jal Jeevan Mission, by almost 60% in the revised estimates for the 2025-26 financial year. This decision comes as the Ministry of Jal Shakti waits for Cabinet approval to extend the scheme until 2028, and amid reports of slow spending and past irregularities in how the program was carried out. The news highlights challenges in executing large-scale public schemes and raises questions about achieving full rural water coverage.

The Pro-Active Governance and Timely Implementation (PRAGATI) platform has successfully helped commission 43 out of 53 power sector projects reviewed by Prime Minister Narendra Modi, totaling Rs 3.02 lakh crore. This update highlights how regular monitoring has resolved delays in key energy infrastructure, improving India's power availability and supporting national development goals.

The Securities and Exchange Board of India (SEBI) has introduced a revised framework that lets stock brokers offer services usually handled by other regulators like the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI). This step is meant to help brokers grow their business by providing more financial services through one platform, while keeping the right regulator in charge of each part.

The release of October 2025 GST collection data shows an overall 4.6 percent year-on-year growth to Rs 1.96 lakh crore, driven by festive spending, but highlights concerns as 20 states and Union Territories experienced revenue declines, underscoring persistent gaps where post-GST revenues lag behind pre-GST levels for most states, as revealed in recent analyses of state finances.

The Madras High Court has made a landmark ruling by recognizing cryptocurrency as "property" under Indian law, providing legal protection to digital assets for the first time in a judicial decision. This came in a case where an investor's XRP holdings on the WazirX exchange were frozen after a 2024 cyberattack, allowing the court to grant interim relief and assert jurisdiction over such assets. The decision boosts investor confidence in a market where crypto is already taxed as virtual digital assets, but lacks full regulatory clarity, amid growing adoption in India with over 100 million users.

The United States has imposed direct sanctions on two of Russia's largest oil companies, Rosneft and Lukoil, escalating its pressure campaign to force Moscow to end the Ukraine war. This move, announced on October 22, 2025, by the Trump administration, freezes assets of these firms and bars US entities from dealing with them, while carrying the implicit threat of secondary sanctions on third-country buyers like India. As India's top oil supplier—accounting for over 35% of its crude imports this year—these sanctions could sharply reduce Russian oil flows to Indian refineries, prompting a swift reassessment of energy procurement strategies amid ongoing US-India trade negotiations strained by earlier 25% tariffs on Indian goods.