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BUSINESS AND ECONOMY - March 2024

Mar 2024

Mar 06, 2026

World Engineering Day 2026 celebrated; UNESCO WFEO theme unveiled

World Engineering Day for Sustainable Development 2026 was celebrated from 3 to 4 March 2026 under the theme Smart engineering for sustainable future through innovation and digitalization. UNESCO and WFEO highlighted global engineering achievements and youth engagement through events and hackathons. International partners, including Indian firms such as Adani, showcased engineering innovations supporting sustainable infrastructure, renewable energy, and digital technologies. The celebration emphasized engineering’s role in achieving United Nations SDGs and fostered cross-border collaboration to advance sustainable development goals worldwide.

WED 2026 celebrated with UNESCO and WFEO.
Theme: Smart engineering for sustainable future through innovation and digitalization.
Indian firms highlighted in global engineering showcase.
Focus on SDGs and international collaboration.

Adani Group named official partner for UNESCO World Engineering Day 2026

On 5 March 2026, the Adani Group was named an official partner for World Engineering Day for Sustainable Development (WED) 2026, an international observance organized by UNESCO and delivered by the World Federation of Engineering Organizations (WFEO). This marks the first time an Indian organization has been selected as partner for WED. The partnership highlights Indian engineering capabilities in sustainable infrastructure, renewable energy, and digital transformation, and aims to showcase innovations supporting the United Nations Sustainable Development Goals. WFEO and UNESCO emphasised collaboration to promote engineering’s role in sustainable development globally.

Adani Group designated official partner for WED 2026.
UNESCO and WFEO jointly coordinate World Engineering Day.
First Indian organization to receive this partner status.
Focus on sustainable infrastructure, renewables and digitalization.

Mar 05, 2026

India’s FY26 GDP Growth Forecast at 7.6% (MoSPI via IBEF)

India’s economy is projected to grow 7.6 percent in FY26, with nominal growth around 8.6 percent, according to MoSPI data reported by the India Brand Equity Foundation (IBEF) on 2 March 2026. The revised estimates follow a new GDP base year (2022-23) and reflect strong momentum across industry, services, and domestic demand. The upgrade signals resilience amid global uncertainties and supports continued investment and consumption growth. Analysts caution that external shocks could affect momentum, but the new national accounts framework aims to improve measurement accuracy and international comparability.

FY26 GDP growth projected at 7.6%; nominal growth ~8.6%
Source: MoSPI; reported by IBEF on 2 March 2026
New GDP base year: 2022-23 base adopted
Driven by industry, services, domestic demand
Outlook: robust but risks from global conditions

Mar 03, 2026

India to host Bharat Steel 2026 summit in New Delhi from 16 April

India will host the Bharat Steel 2026 summit in New Delhi from 16 April 2026. The two-day event will bring together leaders from steel, technology, mining, and trading companies to discuss the next-generation steel ecosystem. External Affairs Ministry Secretary Sudhakar Dalela described the summit as a global platform for policy-business dialogue to shape the steel sector’s future. The event aims to promote sustainable industrial growth and showcase India’s growing strength in steel to international partners. Organisers expect government and industry to exchange ideas on capacity expansion, technology adoption, and green steel initiatives, with policy-makers, executives, and investors in attendance.

Bharat Steel 2026 summit to be held in New Delhi from 16 April 2026.
Two-day event bringing together steel, tech, mining, and trading leaders.
Described as a global policy-business platform by Sudhakar Dalela.
Focus on sustainable growth, capacity expansion, and green steel.
Expected high-level participation from government and industry.

Mar 02, 2026

Deepak Gupta takes over as GAIL chairman; tenure to 2029

Deepak Gupta assumed charge as Chairman and Managing Director of GAIL (India) Limited on 1 March 2026, succeeding Sandeep Kumar Gupta who retired on 28 February 2026. Gupta brings decades of experience in natural gas transmission, LNG infrastructure and project management to India’s largest gas transmission and marketing company. His tenure will run until 28 February 2029. The leadership change aligns with ongoing energy sector expansion, pipeline development and efforts to strengthen domestic gas supply chains. GAIL’s strategic role in India’s energy security is expected to influence gas-based industry growth and regional connectivity.

Gupta appointed CMD on 1 March 2026; tenure until 28 February 2029
Succeeds Sandeep Kumar Gupta who retired on 28 Feb 2026
Extensive background in gas transmission and LNG
Lead role in expanding pipelines and domestic gas supply
Impact on energy security and industrial growth

Air India to levy fuel surcharge from March 12 due to rising ATF prices

Air India and Air India Express announced a phased fuel surcharge on tickets from 12 March 2026, citing sharp rises in aviation turbine fuel prices driven by the West Asia conflict. The surcharge, initially modest, is part of a three‑phase plan to offset higher operating costs. Airlines indicated that the increase would apply to domestic and international bookings and could affect travel prices in coming weeks. Industry experts see the surcharge as a short‑term measure to maintain service levels amid geopolitical volatility and cost pressures in the aviation sector.

Policy: Phased fuel surcharge by Air India group
Effective date: 12 March 2026
Reason: rising ATF prices due to West Asia conflict
Scope: domestic and international flights
Impact: potential rise in ticket prices and cost pressures

IndiGo CEO Pieter Elbers resigns; Rahul Bhatia to take interim charge

IndiGo parent InterGlobe Aviation announced on 10 March 2026 that Chief Executive Officer Pieter Elbers has resigned with immediate effect. Rahul Bhatia, Managing Director of IndiGo, will assume interim management until a new chief is appointed. The resignation follows the airline’s recent operational challenges and is expected to prompt leadership and strategic realignment. Market observers anticipate continued focus on restoring schedules, reliability and customer experience as the carrier navigates post‑crisis recovery and competitive dynamics in Indian aviation.

Executive change: Pieter Elbers resigns as IndiGo CEO
Effective: close of business 10 March 2026
Interim leader: Rahul Bhatia takes over
Context: post‑crisis recovery in Indian aviation
Market impact: leadership transition amidst competition

39th India International Leather Fair opens in Chennai

The 39th India International Leather Fair began in Chennai for a three‑day run, showcasing leather products, machinery, and allied technologies. The fair highlights cutting‑edge technologies such as additive manufacturing, AI in design, data analytics, software and augmented reality applications, and digital enterprises. The event underscores India’s growing presence in the leather sector in the global market and ties to industrial policy with broader economic ties, including export growth and investment within the sector aligned to national development priorities.

Event: 39th India International Leather Fair
Location: Chennai, Tamil Nadu
Duration: three days
Focus: leather products, machinery, digital tech (AI, AR, additive manufacturing)
Impact: supports export growth and investment in leather sector

Mar 01, 2026

IndiGo CEO Pieter Elbers resigns; Rahul Bhatia to oversee operations

IndiGo announced that Chief Executive Officer Pieter Elbers has resigned from the post with immediate effect for personal reasons. The board appointed Rahul Bhatia, a former group promoter, as interim chief executive to oversee day-to-day operations while a search for a permanent replacement proceeds. The move follows a phase of flight cancellations and regulatory scrutiny that affected the airline’s performance. The interim leadership will focus on stabilizing operations, restoring passenger confidence, and maintaining service quality. No timeline was provided for selecting a new CEO, and further updates are expected as the company conducts its global leadership search.

Executive change: Pieter Elbers resigns as IndiGo CEO.
Interim leadership: Rahul Bhatia named interim CEO.
Context: ongoing recovery from flight cancellations and scrutiny.
Focus: stabilize operations and restore customer confidence.
Next steps: search for permanent replacement; timelines not disclosed.

Hindustan Oil Exploration Company names Baroruchi Mishra as CEO, effective 1 April 2026

Hindustan Oil Exploration Company (HOEC) announced a leadership transition with Baroruchi Mishra named the new Chief Executive Officer, effective 1 April 2026. The board approved the change as part of its succession plan and strategic roadmap for growth in oil and gas exploration. The appointment is expected to bolster management focus on production performance, operational efficiency, and long‑term energy expansion. Mishra will steer ongoing projects and potential partnerships while ensuring continuity of operations. The company stated that the transition aligns with its goals for sustainable growth and enhanced stakeholder value during a period of industry volatility and price cycles.

CEO appointment: Baroruchi Mishra, effective 1 April 2026.
Organization: Hindustan Oil Exploration Company (HOEC).
Reason: part of board-approved succession planning.
Focus areas: production, efficiency, energy expansion.
Implication: aims for continuity and future growth in exploration.

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