India should bring household gold stock into financial system, say experts
India must accelerate efforts to channel large household gold holdings into financial instruments, former Union minister P P Choudhary and senior market participants said, warning that continued physical hoarding limits the metal’s broader economic contribution, PTI reported.Speaking at an Assocham event, Choudhary, a member of the Parliamentary Standing Commission on Finance, said deeper financialisation of gold could help reduce the country’s reliance on bullion imports and ease pressure on the current account deficit.He noted that the gems and jewellery sector contributes around 15 per cent to India’s merchandise exports and provides employment to nearly 5 million people.India’s households and temples together hold an estimated 50,000 tonnes of gold — valued at about USD 10 trillion — largely outside the formal financial framework, said Sriram Krishnan, chief business development officer at the National Stock Exchange.“We have the platform, we have the capability, we have the technology,” Krishnan said, calling for policy measures to remove barriers to dematerialising gold through Electronic Gold Receipts (EGR).EGR, a Securities and Exchange Board of India-backed mechanism, allows individuals to deposit physical gold and trade it on stock exchanges in a manner similar to shares. However, a 3 per cent GST levied when gold is surrendered under the EGR framework remains a key obstacle to wider adoption, he said, adding that the NSE has submitted a white paper suggesting possible solutions.The push for financialisation comes at a time when gold prices have surged about 30 per cent in each of the past two fiscal years, said Jitin Makkar, senior vice-president at ICRA Ltd.Despite the rally, jewellery demand has remained firm, with major retailers reporting double-digit revenue growth and expanding store networks by roughly 20 per cent in both FY25 and FY26.Gold loan exposure by banks and non-banking finance companies has also increased significantly, rising from around Rs 1 lakh crore to Rs 4 lakh crore in recent years, Makkar added.He said regulatory initiatives such as mandatory hallmarking and the introduction of Indian Good Delivery Standards have strengthened trust in domestically produced bullion and helped moderate import dependence to some extent.
India’s future is in manufacturing, deep tech, and skills building: Himanshu Shah
When it comes to India’s economic future, few are as optimistic — and as candid — as Himanshu Shah. For the North Carolina investor, the country’s greatest opportunity lies not in rhetoric, but in execution. Speaking at a panel during the Indiaspora Forum 2026 on the outskirts of Bengaluru on Monday, the founder of Raleigh-based Shah Capital argued that India’s real promise can be seen in the industrial and skills infrastructure taking shape beneath the surface, even if the broader picture remains uneven. Pointing to massive manufacturing clusters and the government’s growing support for new industrial zones, Shah said the deeper story is one of capacity building. “India is full of ideas. It’s the execution of it… that is going to play a bigger role over here,” Shah said. “You also have just amazing improvement going underneath on the skills improvement. Because again, a lot of manufacturing has not been in India.” He linked that manufacturing gap to India’s continued colossal dependence on Chinese imports, even as its entrepreneurial energy and young workforce continue to grow. India, he said, still runs a significant trade deficit of over $100 billion with China despite China’s 5X higher per capita income, a sign of the skill and production advantages China has built over time. At the same time, Shah stressed that India is making progress. There “is an amazing improvement going on that front,” he said, adding that even if “it doesn’t look great on the surface, but underneath, I’m very excited.” The panel, moderated by Indiaspora founder M.R. Rangaswami, also featured Ravneet Mann, Partner at Stride Ventures, and Sridar Iyengar, Founder of 360plus. Speaking about capital allocation and public policy, Shah argued that India’s government should think much more aggressively about seeding future industries through targeted public-private partnerships. “First of all, let’s talk about the fund that was set up by the Indian government in 2016. It was a billion-dollar fund, and that resulted in over 200,000 start-ups in India. Recently, another billion-dollar plus fund was set up for AI and Deep Tech,” Shah said. “Frankly, Indian government should be setting up 10 to 20 of that. Marine technology, space, drones, machine tools, material science, the list goes on and on.” For Shah, such investments are not just about financial returns. They are also a way to create structured collaboration between the state, private capital, and the Indian diaspora.“And bringing that public and private partnership on that, the diaspora can truly contribute, including myself,” he said. He also highlighted what he described as an “industrial renaissance” at the state level, with some Indian states using land incentives and sector-specific support to attract manufacturing projects. Bihar, Uttar Pradesh, Odisha, and Gujarat, he said, are among the states beginning to experiment with such models. To illustrate the scale of the opportunity, Shah pointed to titanium dioxide, a material used in products such as paint and coatings. He gave an example of a potential large company to show how India could replace imports with domestic production if the economics and policy support aligned. Shah noted that “India’s demand for titanium dioxide is 400,000 metric tons. And … the country only produces 70,000-80,000 [tons]. And by the way, it imports the rest from China, if you look at the cost of making that today assuming you have a free land in some of these states that I’ve mentioned, the project becomes very economical and interesting.” That example, he suggested, offers only a small glimpse of what could be possible if India becomes truly more supportive of entrepreneurs and manufacturers. “So, this is just a slip of what is possible in India if the government starts really working for the entrepreneurs instead of being an obstacle,” he said. But Shah’s optimism came with a familiar caveat. He acknowledged that India’s bureaucracy remains a major drag on enterprise, and he did not soften that criticism. “It is still there,” he said. “It is very frustrating. You need ~27 forms to open a bank account in India still today in 2026. Doesn’t make any sense. So, there are a lot of things that this country needs to work on. But I see the signs of it.” In the closing part of the discussion, Shah widened the lens beyond investing and manufacturing to the broader role of the diaspora. Asked what he would want overseas Indians to do in engaging with India, he pointed to remittances, philanthropy, and early-stage investment, but returned most strongly to one theme: skills. He suggested that India should actively draw on the expertise of older, often retired engineers and professionals across the diaspora to help upgrade the country’s industrial base.“I think one area, and philanthropy, actually, on top of that, there’s job skills. And I really want to go back to that,” Shah said. “If there is a public and private partnership, maybe as a 2047 initiative, that you can actually bring those people and give, you know, whether it’s in engineering, in science, in manufacturing.” He added that many Indians who moved abroad built technical careers and now have precisely the experience India needs if it wants to manufacture more sophisticated products at home.“A lot of these people that moved out of India were engineers. And there are a lot of them in their 50s, 60s, and 70s are retired and looking for something to do,” he said. “Because this country needs that skill set to make good quality products.” For Shah, the future of India’s growth story will depend not only on government policy or investor appetite, but also on whether the country can connect capital, skills, and execution. Events that bring together diaspora leaders, investors, and policymakers, he suggested, can help make that happen. “And I think an event like this will play a big role in making something happen on that front,” he said, referring to the Indiaspora Forum 2026.(By arrangement with The American Bazaar, www.americanbazaaronline.com)
Cabinet extends IVFRT 3.0 scheme for 5 years to make immigration faster, safer and more efficient
The Union Cabinet has approved continuation of the Immigration, Visa, Foreigners Registration and Tracking (IVFRT) scheme for another five years from April 1, 2026, with a budget outlay of Rs 1,800 crore, in a move aimed at strengthening border management and improving services for legitimate foreign travellers, the government said.The extension — not a fresh approval of the project — seeks to build on an existing digital immigration platform that interlinks visa issuance, immigration clearance and foreigners’ registration functions within a secure and integrated framework. The initiative, first cleared in 2010 and extended in subsequent phases, is intended to modernise immigration processes in line with evolving travel demands and emerging security challenges, officials said.According to the government, the next phase will focus on expanding the scope and capacity of the system by adopting “state-of-the-art technological solutions” and revamping infrastructure while maintaining a strong security architecture. The continuation follows the enactment of the Immigration and Foreigners Act, 2025, which has increased the need for a more resilient and technologically advanced immigration ecosystem.The scheme will concentrate on three broad areas — emerging technology innovations, transformation of core infrastructure and optimisation of technology-enabled service delivery. Officials said the modernisation will involve mobile-based services, self-service kiosks, unified digital platforms and upgraded data centres to ensure seamless passenger movement and real-time data sharing among authorised agencies.The government said IVFRT has already brought measurable improvements in visa processing and immigration clearance over the past decade. “The system has enabled a 100% contactless and faceless visa process with online appointment scheduling and payment facilities,” it noted, adding that over 91% of e-visa applications have been processed within 72 hours in recent years.Average passenger clearance time at immigration checkpoints has fallen to about 2.5-3 minutes, including biometric verification, compared with around five to six minutes under earlier manual processes. At selected airports, automated e-gates under the Fast Track Immigration-Trusted Traveller Programme have further reduced clearance time to about 30 seconds for eligible travellers, the government said.Coverage under the platform has expanded steadily. The system now spans 117 immigration posts, 15 Foreigners Regional Registration Offices and 854 district-level registration authorities across the country, enabling wider digital integration of immigration-related services.Officials said the continuation of IVFRT is expected to have broader economic implications by facilitating international mobility and improving ease of doing business. Enhanced service delivery and security assurance are likely to benefit sectors such as tourism, aviation, hospitality, trade and medical travel.The government emphasised that the modernisation drive is “not just a technical upgrade, but a strategic transformation” aimed at promoting a world-class immigration and visa system while supporting economic growth and employment generation.Over time, the platform has evolved from offering only a handful of digital services to providing more than 30 immigration-related services, reflecting the growing scale and sophistication of India’s immigration management framework. The extended phase is expected to deepen this transition by further integrating processes and enhancing user experience without compromising national security objectives, the government said.
Cabinet approves UDAN 2.0 at Rs 28,840 crore to expand regional air connectivity
The Union Cabinet has approved a modified UDAN (Ude Desh ka Aam Nagrik) scheme worth Rs 28,840 crore aimed at strengthening regional air connectivity through new airport infrastructure, enhanced financial support for airlines and operational assistance for smaller aerodromes.Under the revamped programme, 100 new airports will be developed in challenge mode, with an estimated average cost of Rs 100 crore per airport. The government has provided budgetary support of Rs 12,159 crore for this component to improve connectivity in remote and underserved regions.The scheme also proposes the development of 200 modern helipads, particularly to improve access in Himalayan, North-Eastern and island regions, as well as aspirational districts. A budgetary allocation of Rs 3,661 crore has been earmarked for helipad construction.In addition, the modified UDAN framework includes support for the acquisition of Made-in-India aircraft, backed by budgetary assistance of Rs 400 crore, with the objective of strengthening domestic aviation manufacturing capabilities.To improve route sustainability, the government will provide Viability Gap Funding (VGF) support ranging from 80 per cent to 90 per cent for airlines operating under the regional connectivity scheme. This assistance will be tapered over a five-year period, with an overall budgetary outlay of Rs 10,043 crore.The Cabinet has also approved operation and maintenance (O&M) support for RCS aerodromes for three years, recognising the higher operating costs faced by aircraft operators and airport developers in low-traffic regions. The scheme provides for an annual ceiling of Rs 3 crore per airport and Rs 90 lakh per heliport, supported by a budgetary allocation of Rs 2,577 crore.Government said the updated UDAN scheme aims to deepen regional connectivity, improve accessibility in difficult terrains and support balanced economic development by integrating smaller towns and remote regions into the national aviation network.
Bank holiday on Ram Navmi: Are banks open or closed on March 26 and 27; check state-wise list
Planning a bank visit this week? It’s worth double-checking the holiday schedule before you step out, as branch closures can vary from one region to another. In India, bank holidays are a mix of national and state-specific observances, which means branches may not follow a uniform opening schedule across the country. This week, banks in many regions will remain closed due to the festival of Ram Navmi. When and where will banks remain closd this week? March 26: Banks will remain shut in Mizoram, Maharashtra, Karnataka, Tamil Nadu, Uttarakhand, Rajasthan, Uttar Pradesh, Chandigarh, West Bengal, Madhya Pradesh, Mumbai, Nagpur, Jharkhand, Himachal Pradesh on the occassion of Shree Ram NavamiMarch 27: Madhya Pradesh, Odisha, Sikkim, Telangana, Bihar, Andhra Pradesh will see bank closures for Shree Ram Navami (Chaite Dasain). Upcoming holidays in March March 31: Gujarat, Maharashtra, Karnataka, Madhya Pradesh, Tamil Nadu, Arunachal Pradesh, Uttar Pradesh, West Bengal, Delhi, Bihar, Chhattisgarh, Jharkhand will see bank closures due to Mahavir Janmakalyanak / Mahavir Jayanti. Several branches are expected to remain shut during the week due to festivals and state-level holidays. Alongside these, closures will also apply on the second and fourth Saturdays of March, in accordance with Reserve Bank of India (RBI) guidelines. Given these scheduled interruptions, customers are encouraged to organise their banking requirements ahead of time. Transactions that require branch access, such as large cash deposits, cheque processing, and similar services, should ideally be completed before the holiday dates. Despite the physical branch closures, banking operations will continue through digital platforms. Customers can still carry out everyday transactions using online banking services, mobile applications, ATMs, and UPI, including fund transfers and bill payments. However, services that depend on in-branch operations, such as cheque clearances, demand draft issuance, and large cash deposits, will not be available on the days when branches are closed. Customers are therefore advised to plan accordingly and make use of digital channels during this period.
Stock Market Bank Holiday On Ram Navmi: Stock market holiday on March 26: Will NSE, BSE remain shut for trading on Ram Navmi?
March is inching closer to its end and many investors are concerned whether the stock market will remain closed on March 26 or March 27 on account of Ram Navmi. As per the Exchange’s official holiday calendar, Dalal Street is scheduled to remain closed on March 26 for the festival, offering participants an early pause in the trading week.Being aware of stock market holidays can help investors organise their trading plans more effectively. It further helps in coordinating related activities such as fund transfers and settlement processes that depend on trading days. Overall, having clarity on the holiday schedule supports smoother planning and reduces the chances of missing important opportunities due to market closures. Upcoming holidays in the year: 31 March 2026 (Tuesday) — Shri Mahavir Jayanti 03 April 2026 (Friday) — Good Friday 14 April 2026 (Tuesday) — Dr. Baba Saheb Ambedkar Jayanti 01 May 2026 (Friday) — Maharashtra Day 28 May 2026 (Thursday) — Bakri Id 26 June 2026 (Friday) — Muharram 14 September 2026 (Monday) — Ganesh Chaturthi 02 October 2026 (Friday) — Mahatma Gandhi Jayanti 20 October 2026 (Tuesday) — Dussehra 10 November 2026 (Tuesday) — Diwali-Balipratipada 24 November 2026 (Tuesday) — Prakash Gurpurb Sri Guru Nanak Dev 25 December 2026 (Friday) — Christmas Equity markets operate on all days except Saturdays, Sundays and holidays declared by the exchange. The pre-open session is conducted between 09:00 hrs and 09:08 hrs, during which orders can be entered and modified, with a random closure in the final minute before pre-open order matching begins. The main trading session for both normal and limited physical market segments runs from 09:15 hrs to 15:30 hrs.After the close of regular trading, the closing session is held from 15:40 hrs to 16:00 hrs. Block deal transactions are carried out in two separate windows each trading day, with the morning window scheduled from 08:45 AM to 09:00 AM and the afternoon window from 02:05 PM to 02:20 PM.
UAE remote work policy amid rains and storm: Private sector weather guidelines explained
Rain Chaos in UAE But Are You Allowed to Work From Home? As heavy rain, thunderstorms and strong winds sweep across the UAE, a pressing question has surfaced among residents and professionals alike: Is remote work mandatory for private sector employees during unstable weather? The answer, as it turns out, sits at the intersection of safety, flexibility and legal nuance and reflects how the UAE balances business continuity with worker wellbeing in times of disruption. Storms in UAE disrupt routines but not the rulebook The UAE’s latest bout of unstable weather has brought more than just flooded roads and delayed commutes. It has reignited a familiar concern of whether employees are required or entitled to work from home when conditions turn severe. In recent days, authorities have issued weather alerts urging caution, particularly for those working outdoors or commuting during heavy rain and strong winds. Can You Skip Office During UAE Storms? Here’s What the Law Actually Says The Ministry of Human Resources and Emiratisation (MoHRE) has stepped in with clear guidance but not a blanket mandate. Instead of enforcing remote work across the board, the ministry has called on private companies to prioritise worker safety, especially in high-risk environments such as construction sites and outdoor operations. Not mandatory but strongly encouraged WFH for UAE employees Contrary to widespread assumptions, remote work is not automatically mandatory for private sector employees during adverse weather conditions in the UAE. Legal frameworks make this clear: Employees do not have an automatic right to work from home Employers are not required by default to shift operations remotely Any alternative work arrangement must be mutually agreed upon between employer and employee However, that is only part of the picture. Authorities have increasingly encouraged flexibility, urging companies to: Introduce remote or hybrid work where feasible Adjust working hours Ensure safe transportation and protective measures Minimise exposure to hazardous conditions This approach reflects a broader philosophy: guidance over enforcement. One reason for the confusion lies in how differently the UAE treats its public and private sectors during emergencies. Government employees are often given direct remote work instructions during severe weather events but private sector workers fall under employer discretion and are guided but not mandated, by federal authorities.In previous weather disruptions, some emirates and government entities swiftly moved to work-from-home policies, while private companies adopted a mix of full remote work, flexible hours and reduced on-site staffing. The result is a patchwork of responses, shaped by industry, operational needs and risk levels. Safety over structure: The real priority of UAE employers At the heart of the policy lies one consistent message: worker safety comes first. MoHRE has emphasised that companies must: Protect employees on-site and during commutes Adhere strictly to occupational health and safety standards Reassess operations in hazard-prone conditions For outdoor workers in particular, this could mean temporary work stoppages, adjusted schedules and enhanced protective measures. In essence, while remote work may not be mandatory, doing nothing is not an option. When remote work does happen in the UAE Interestingly, there have been instances where remote work was formally advised or implemented for the private sector but typically for limited periods and under specific conditions. For example, authorities previously advised private companies to adopt remote work for several days during severe weather spells. These advisories were time-bound and situational, not permanent legal requirements. This highlights a key pattern that remote work in the UAE is reactive, not automatic and triggered by risk levels rather than fixed rules.For employers, the challenge lies in balancing employee safety, operational continuity and legal compliance. Many companies, especially multinationals and corporate offices, have increasingly leaned into flexible work models, particularly after the pandemic but for sectors like construction, logistics, retail and manufacturing, remote work is often not practical, making on-ground safety measures even more critical.For workers, the situation can feel uncertain. Without a universal rule, some employees may be asked to continue working on-site while others may be granted remote work or flexible hours. Importantly, refusing to work without employer approval can have consequences, including disciplinary action under UAE labour law. This makes communication key and employees are advised to: Discuss concerns with employers Seek formal approval for remote work Follow official advisories closely A flexible future of work for UAE The UAE’s approach reflects a modern and adaptive labour model, one that avoids rigid mandates in favour of context-driven decision-making. Rather than imposing a one-size-fits-all rule, authorities are: Setting safety expectations Encouraging corporate responsibility Allowing businesses to respond dynamically It is a system built on trust but also accountability. So, is remote work mandatory in the UAE? The short answer is no, remote work is not mandatory for private sector employees during unstable weather in the UAE. However, employers are strongly urged to offer flexibility and ensure safety and in many cases, remote work becomes the most practical solution. As storms roll across the UAE and daily routines are disrupted, the country’s labour response reveals a nuanced reality. There is no blanket rule forcing offices to close and there is no automatic right to stay home but there is a clear expectation, from both authorities and society, that safety should never be compromised for routine.In a landscape shaped by both desert extremes and modern workplaces, the future of work in the UAE is proving to be not just flexible but weather-aware.
60 million barrels of Russian crude booked by Indian refiners amid global supply strain
Indian refiners have stepped up purchases of Russian crude as they lock in supplies for the coming month, with around 60 million barrels secured, according to people aware of the developments. The move comes as disruptions linked to the ongoing Middle East conflict continue to affect global oil flows.The cargoes have reportedly been contracted at premiums ranging between $5 and $15 per barrel over Brent, people told Bloomberg, speaking on condition of anonymity. The overall volume is similar to the purchases made for the current month, while majorly surpassing the levels seen in February, based on estimates from data intelligence firm Kpler.The latest buying activity comes after a waiver issued by the US, after which India has turned towards imports of Russian oil, already been loaded onto vessels before March 5. The measure was introduced to help address supply constraints arising from the effective closure of the Strait of Hormuz, and was later broadened to include additional countries, with updates permitting crude already at sea before March 12 to be purchased.India, which depends heavily on imports to meet its energy needs, had emerged as a major destination for discounted Russian crude following the Russia-Ukraine conflict in 2022. However, purchases were scaled back amid pressure from the United States, prompting refiners to source more oil from Saudi Arabia and Iraq. A large portion of those shipments subsequently remained within the Persian Gulf after the escalation of the current conflict.Officials in New Delhi are expecting the US waiver to continue as long as disruptions in the Hormuz route persist, according to the people cited. Refining companies such as Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd, which had stayed away from Russian supplies since December, have now resumed participation in the market.At the same time, Indian refiners are broadening their sourcing strategy to manage uncertainty in global supplies. Imports of Venezuelan crude for April delivery are projected at about 8 million barrels, the highest level since October 2020, according to Kpler. Venezuela is thus playing a larger role in India’s diversification efforts.Russia, meanwhile, is benefiting from the renewed demand and higher pricing environment, with the Kremlin seeing elevated earnings from crude exports, marking its strongest performance since March 2022, shortly after the conflict in Ukraine began.Earlier this month, Reliance Industries Ltd. reportedly purchased 5 million barrels of Iranian crude, following adjustments in sanctions policy that enabled such transactions. This comes after US administration gives a 30-day waiver for Iranian oil already in transit. The exemption covered cargo loaded on or before March 20, including shipments on sanctioned vessels, provided delivery and discharge were completed by April 19.
Gold price today (March 25, 2026): How much 24K and 22K gold cost in your city; check rates for Delhi, Mumbai & more
Gold futures traded higher on Wednesday tracking firm global cues and sustained buying interest in commodity markets. The overall tone in bullion remained positive as investors positioned ahead of key macroeconomic signals and currency movements.On the Multi Commodity Exchange (MCX), gold contracts across near- and far-month expiries posted gains. The June contract was trading around Rs 1,47,372 per 10 grams, up by about Rs 5,177 or 3.64 per cent, while the April contract quoted near Rs 1,43,924 per 10 grams, higher by Rs 5,012 or 3.61 per cent. The August contract also remained firm at about Rs 1,50,890 per 10 grams, reflecting continued strength in investor sentiment and steady participation in futures trading.Here is how gold prices stand across key cities today: Gold price in Delhi today In the national capital, 24K gold was quoted at Rs 14,682 per gram, up Rs 376, while 22K gold rose Rs 345 to Rs 13,460 per gram. Gold price in Mumbai today Mumbai markets also saw higher retail rates, with 24K gold priced at Rs 14,667 per gram, up Rs 376, and 22K gold at Rs 13,445 per gram, higher by Rs 345. Gold price in Chennai today Chennai recorded a sharper increase, where 24K gold stood at Rs 14,837 per gram, up Rs 646, while 22K gold climbed Rs 600 to Rs 13,600 per gram. Gold price in Kolkata today In Kolkata, 24K gold was selling at Rs 14,667 per gram, gaining Rs 376, while 22K gold rose Rs 345 to Rs 13,445 per gram. Gold price in Hyderabad today Hyderabad bullion markets reflected a similar trend, with 24K gold priced at Rs 14,667 per gram, up Rs 376, and 22K gold at Rs 13,445 per gram, higher by Rs 345. Gold price in Bangalore today In Bangalore, 24K gold was quoted at Rs 14,667 per gram, up Rs 376, while 22K gold increased Rs 345 to Rs 13,445 per gram. Gold price in Ahmedabad today Ahmedabad traders quoted 24K gold at Rs 14,672 per gram, up Rs 376, while 22K gold rose Rs 345 to Rs 13,450 per gram. Gold price in Lucknow today In Lucknow, 24K gold stood at Rs 14,682 per gram, up Rs 376, and 22K gold was priced at Rs 13,460 per gram, higher by Rs 345. Gold price in Patna today Patna markets also recorded gains, with 24K gold at Rs 14,672 per gram, up Rs 376, while 22K gold moved up Rs 345 to Rs 13,450 per gram. Gold price in Jaipur today In Jaipur, 24K gold was selling at Rs 14,682 per gram, up Rs 376, while 22K gold increased Rs 345 to Rs 13,460 per gram.
Amid US-Iran war, Nayara plans 35-day shutdown for maintenance; 8% of India’s refining capacity may take a hit
The company had postponed maintenance work at its 20 million tonnes-per-year Vadinar refinery in Gujarat. (AI image) Russia’s Rosneft-backed Nayara Energy is planning to halt operations for around 35 days starting early April, a move that could temporarily take nearly 8% of India’s refining capacity offline and tighten domestic fuel availability, according to people familiar with the matter. The maintenance work comes at a time when the US-Iran war and Middle East conflict has reduced oil and gas availability. Imports of crude oil, natural gas and LPG are already under pressure due to the Iran conflict.The company had postponed maintenance work at its 20 million tonnes-per-year Vadinar refinery in Gujarat, the country’s second-largest, last year following European Union sanctions. Key European vendors, including suppliers of chemicals and catalysts, had declined to support the refinery after the sanctions were imposed. Having now completed most of the preparatory work for the turnaround, Nayara is set to move ahead with the shutdown, sources told ET.Also Read | After Trump’s sanction waiver, Reliance Industries procures 5 million barrels of Iran crude oil: ReportA large portion of the refinery’s output is sold within the domestic market, with exports having declined after the sanctions last year. A considerable share of production is supplied to state-run refiners that market more fuel than they produce, while the remaining volumes are distributed through Nayara’s network of nearly 7,000 fuel retail outlets.A person familiar with the matter said the company has sufficient buffer and product reserves during the shutdown period to ensure that fuel stations remain adequately supplied without any disruption.While refinery shutdowns are routine and other refiners typically adjust operations to maintain supply, the current situation could be more challenging. An industry executive noted that with crude imports down by about one-fifth and LPG supplies described as “worrisome,” the temporary closure of a large refinery may put pressure on domestic availability.At the same time, global prices of refined products such as aviation turbine fuel (ATF), petrol and diesel have increased, even as retail fuel prices in India have remained unchanged. This has resulted in losses for both state-run and private refiners, which are facing higher crude procurement costs.Also Read | Fragile footing: How India, China face sizeable economic damage prospects from US-Iran war; outlook has grown more daunting
