IndiGo appoints former British Airways chief William Walsh as new CEO
William Walsh (File photo) NEW DELHI: IndiGo airlines on Tuesday announced the appointment of former British Airways chief William Walsh as new CEO. This comes after Pieter Elbers resigned earlier this month after major operational crisis faced by the aviation operator in December last year.“The Board of IndiGo announces the appointment of William Walsh as Chief Executive Officers National 31′ March, 2026: The Board of InterGlobe Aviation Limited (IndiGo) today appointed Mr. William Walsh as the Chief Executive Officer, subject to Regulatory approvals. Mr. Walsh’s tenure at IATA comes to a close on the 31″ of July, 2026, and he is expected to join no later than on the 3′ of August, 2026,” said IndiGo in an official statement.“I am delighted to have the opportunity to lead IndiGo. The airline has a strong foundation, a compelling vision and an exceptional reputation. What stands out most to me are its people, their passion, professionalism and commitment. The aviation landscape is evolving rapidly, and IndiGo is well-positioned to be at the forefront of this change. I look forward to partnering with colleagues across the organisation to build a culture of excellence, innovation, collaboration and sustainable value for all stakeholders,” said Walsh, reacting to the appointment.Adding to the announcement, Rahul Sheila, Managing Director of IndiGo said, “As we enter a new phase of transformation and growth, I am delighted to welcome Willie to IndiGo. He is an iconic and accomplished aviation leader and brings a rare combination of global perspective, operational expertise of having built strong customer-focused airlines, deep industry experience and a values driven leadership, making him exceptionally suited to lead IndiGo at this pivotal cusp of growth.“Walsh is succeeding Elbers who resigned from the airline on March 10 with immediate effect, three month after the airline’s unprecedented domestic schedule collapse that had left lakhs of passengers stranded at airports across its network. Airline founder & MD Rahul Bhatia became the interim CEO. Who is William Walsh? Willie Walsh, popularly known as Willie, is a veteran aviation executive with over four decades of experience in the airline industry. He began his career as a cadet pilot with Aer Lingus in 1979 and went on to hold senior operational and leadership roles, including chief operating officer, before becoming chief executive of the airline from 2001 to 2005. He later served as chief executive of British Airways from 2005 to 2011, where he led the carrier through the global financial crisis. Walsh subsequently became the founding Chief Executive of International Airlines Group (IAG), the parent company of airlines including Aer Lingus, British Airways, Iberia, Level and Vueling, serving in the role from 2011 until 2020. Since April 2021, Walsh has been the Director General of the International Air Transport Association (IATA), becoming the eighth person to hold the position. In this role, he has represented global airline industry interests on issues ranging from regulation and sustainability to post-pandemic recovery.
Your income tax changes from April 1, 2026! Top 10 things salaried taxpayers should know about new rules & tax regime choice
Revamp of the Income Tax Rules, 2026 is likely to have a meaningful impact on taxpayers. (AI image) April 1, 2026 not just signals the start of the new financial year 2026-27, but this time also brings with it a new set of income tax rules. The New Income Tax Rules 2026, based on the Income Tax Act 2025, have several changes that salaried taxpayers should be aware of. Your exemption limits are changing – hence the math behind the choice of the new and old income tax regime is also changing.Beyond that, the language of the Income Tax Act has been simplified and several common sections and forms have been renamed, which is important to know when filing tax returns.According to Kuldip Kumar, Partner, Mainstay Tax Advisors, the use of simpler language and the rearrangement of sections are expected to make the law more streamlined and less complicated for taxpayers. “Taxpayers will now need to familiarise themselves with renumbered sections such as 80C, 80D, etc., which they have long remembered by heart. Greater linkage of information in return forms, along with changes in various reporting requirements, is also set to tighten compliance,” Kuldip Kumar told TOI. The amendments introduced through the Finance Bill 2026, along with the revamp of the Income Tax Rules, 2026—where the limits for several exemptions and deductions have been enhanced—are likely to have a meaningful impact on taxpayers, depending on their individual circumstances, he added.He notes that several changes—such as the enhancement of the free meal limit and the extension of this benefit to those under the new regime, as well and the increase in reimbursement limits for car running and maintenance expenses for employees using their own cars for both official and personal purposes—are expected to reduce the tax burden for the salaried class in general.We take a look at top 10 things salaried taxpayers should know going into the new financial year 2026-27:1. Tax Slabs Remain the SameThe income tax slabs and income tax rates under both the new and old income tax regime remain the same. The old tax regime continues to offer several deductions and exemptions but with higher tax rates at lower income levels, and the new tax regime has almost negligible exemptions but much lower income tax rates at higher income levels. Income Tax Slab Income Tax Rate 0-2.5 lakh Nil 2.5-5 lakh 5% 5-10 lakh 20% Above 10 lakh 30% Old Tax Regime Slabs For Individuals Up To 60 Years of AgeBut while the tax slabs remain the same, several changes in the exemption limits under the old income tax regime may change your decision on which regime to opt for. In certain cases, with higher exemption limits under the new income tax rules, the old regime again becomes lucrative. Income Tax Slab Income Tax Rate 0-4 lakh Nil 4-8 lakh 5% 8-12 lakh 10% 12-16 lakh 15% 16-20 lakh 20% 20-24 lakh 25% Above 24 lakh 30% New Tax Regime SlabsWe explain that in detail at the end of this article, but first we take a look at the top changes2. Expansion of 50% HRA benefits to more citiesHouse Rent Allowance or HRA is a common exemption availed by taxpayers under the old income tax regime. How is HRA calculated? It’s the least of the three amounts; actual HRA received, rent paid minus 10% of salary, and 50%/40% of salary.So, what has changed under the new income tax rules? The list of metro cities that are allowed for the 50% of salary calculation has been expanded. Earlier, only those living in Delhi, Mumbai, Kolkata, and Chennai could avail the 50% limit. Now, the list includes Bengaluru, Hyderabad, Pune, and Ahmedabad.Parizad Sirwalla, Partner and Head – Global Mobility Services, Tax, KPMG in India calls the move a welcome step, particularly given the rise in housing costs across emerging urban cities. “By bringing cities such as Bengaluru, Hyderabad, Pune and Ahmedabad at par with traditional metros for HRA computation, the proposal provides meaningful tax relief to salaried individuals residing in these locations,” she tells TOI.The tax expert points out that the exemption will continue to be subject to existing conditions such as actual rent paid and salary structure. Taxpayers should therefore review their compensation structure and HRA claims to benefit from the revised provisions, proposed to take effect from 1 April 2026, she advises.Amarpal Chadha, Tax Partner, EY India tells TOI, “The revision in HRA exemption limits is a welcome move to keep pace with inflation. Extending the higher 50% HRA exemption to cities like Bengaluru, Pune, Hyderabad and Ahmedabad from the earlier 40% will meaningfully benefit salaried taxpayers opting for the old tax regime, where housing remains a significant expense.”3. Big Hike In Education, Hostel AllowanceThis one is a relief for parents – both in terms of an increase in education and hostel allowance. Effective FY 2026-27, the exemption limit for children education allowance has been increased from Rs 100 per month per child to Rs 3,000 per month per child.At the same time, for hostel expenditure, the exemption limit has been hiked from Rs 300 per month per child to Rs 9,000 per month per child. These two exemptions can be availed for up to two children.It’s important to note that these exemptions continue to be available only under the old income tax regime.4. PAN Card Quoting RequirementsUnder the new income tax rules, the requirement of quoting your PAN Card has undergone several changes. Below is a list of the changes that you should be aware of:Fundamentally, the changes to PAN usage and application signal a continued push by the government towards ease of compliance, targeted information collection and strengthening the digital tax ecosystem, says Parizad Sirwalla. By enhancing transaction limits and curtailing the scope of compulsory PAN quoting requirement, such as moving from daily to annual transaction thresholds (e.g. cash deposit/ withdrawal etc.) and increasing the limits for mandatory quoting in specified transactions (such as hospitality/event expenditures, purchase of motor vehicle/ property etc.), the aim
Could oil hit $200 a barrel? Experts warn of risks if Iran war drags on
As the Middle East crisis escalates, crude oil prices could surge to $150 or $200 a barrel if the near-closure of the Strait of Hormuz continues over the next six to eight weeks. The disruption is a result of the ongoing war involving the US, Israel, and Iran, which has already prompted Persian Gulf producers to cut millions of barrels of daily supply.According to energy-market consultancy FGE NexantECA, the impact on the global oil market could be enormous. “Every week, 100 million barrels of oil is not going through, and every month, 400 million barrels are not going through,” Chairman Emeritus Fereidun Fesharaki told Bloomberg on Tuesday. “So, within a period of time, these losses to the market will be astronomical,” he said. Fesharaki highlighted that the physical reality of supply disruptions would determine oil prices, rather than political statements.“The market will choke, and the prices will go up. It doesn’t matter what the president says on the political front,” he added. His statement comes as US President Donald Trump has earlier suggested possibility to end the conflict. Oil prices have already surged sharply this month amid the conflict, with Brent crude climbing above $110 per barrel and US West Texas Intermediate (WTI) crude trading above $100. Brent crude rose $2.26, or about 2 per cent, to $115.04 a barrel in early trade, after hitting its highest level since March 19 in the previous session. US WTI crude gained $3.10, or around 3 per cent to $105.96 a barrel, marking its highest level since March 9.Analysts warn that if the Strait of Hormuz remains effectively closed, the global oil market could face further shocks, potentially pushing prices even higher.
Big drop! Why bench strength of TCS, Infosys, Wipro & other IT companies has fallen by around 75,000 people
Historically, companies maintained a sizeable bench by hiring in anticipation of future projects. (AI image) Indian IT sector majors – Tata Consultancy Services (TCS), Wipro, Infosys, HCL Tech, and Tech Mahindra – have seen their bench strength drop by 25% in the last two years. Bench strength acts as a traditional reserve workforce with an aim to be a cushion during demand fluctuations. This buffer has contracted sharply, declining by roughly one-fourth over the past two years, and industry observers believe it may not return to earlier levels even if growth revives.Across major firms such as TCS, Infosys, Wipro, HCLTech and Tech Mahindra, the number of employees on the bench has dropped by around 75,000, falling from nearly three lakh to about 2.25 lakh, according to industry estimates cited by experts in an ET report.The proportion of unassigned employees has also narrowed considerably. “The bench across IT services is currently between 8-15% of the workforce compared to over 20% earlier,” said Pareekh Jain, CEO of EIIRTrend. Similarly, TeamLease Digital estimates the current range at 8-12%, down from 20-30% in previous years. Deeper Shift In IT Sector Bench Strength Trends Historically, companies maintained a sizeable bench by hiring in anticipation of future projects, ensuring that skilled personnel were readily available when demand materialised. This approach was viable during periods of rapid expansion. However, firms are now moving away from that model and tightening workforce utilisation.Companies that once operated with 4-5% of employees on the bench are now targeting significantly lower levels, often between 1% and 1.5%. In some cases, stricter policies have been introduced. For instance, in TCS bench duration has been capped at around 35 days annually, after which performance evaluations are initiated, and employees who remain unallocated may be asked to exit.Experts indicate that this shift is not merely cyclical but reflects a deeper structural change. “The concept of bench does not make sense unless an IT services firm can predict skill or role-based demand with 90% accuracy three months in advance,” said Gaurav Vasu, founder of UnearthInsight.Slower industry growth has been identified as the primary driver behind this contraction, rather than technological disruption. “Low growth is the bigger factor in bench reduction today. When growth returns, firms may not need to rebuild their bench because local hiring in different countries has increased significantly over the last five to six years,” Jain said.Over the past two years, hiring patterns have undergone a clear shift. Demand for traditional mid-level delivery roles has declined by roughly 20–30 per cent, while requirements for skills in artificial intelligence, generative AI, data, and cloud technologies have increased by about 30–40 per cent across the same firms, according to Neeti Sharma, CEO of TeamLease Digital.Global capability centres, however, present a more varied trend, with mid-level recruitment showing relatively greater resilience. “Leadership hiring has grown in line with overall demand, with the share of such roles increasing from around 15% in 2024 to around 20% in 2025. What has changed is the nature of these roles. Today, more than 50% of job demand is driven by emerging skills, especially in AI, cloud, and platform engineering,” said Kapil Joshi, CEO of IT staffing at Quess Corp. In contrast, hiring at the entry level has declined by around 30–35 per cent during the same period, he added.The changes are also affecting how quickly professionals are placed. The average time required to assign a benched engineer with 8–12 years of experience has lengthened to 60–90 days, compared with 30–45 days earlier, Sharma told ET. Salary Trends Compensation trends are diverging as well. Premiums for lateral hiring in non-AI roles have reduced to 10–20 per cent, down from 25–35 per cent in FY 2022–23. In contrast, professionals with AI capabilities continue to command premiums of 20–30 per cent and tend to secure offers more quickly, Sharma said. According to Quess data, premiums for generative AI roles range between 15–40 per cent depending on the position.The broader career structure within IT services firms is also evolving. “The people manager role is not disappearing, but its responsibilities are narrowing, shifting toward revenue expansion and profitability management away from headcount oversight,” Vasu said.
Bank holidays in April 2026: When will banks remain closed? Check state-wise list
April 2026 bank holidays: As April 2026 approaches, several banks across India will remain closed for national and state-specific holidays. Customers planning branch visits are advised to check holiday schedules in advance to avoid inconvenience. They should also plan for transactions like cheque clearances, large cash deposits, or demand drafts in advance. Banks will also remain closed on the second and fourth Saturdays of each month, as per Reserve Bank of India (RBI) guidelines. State-wise bank holidays in April 2026 April 1: Banks will be closed nationwide for year-end account finalisation, except in Mizoram, Sikkim, Nagaland, Jharkhand, Meghalaya and Himachal Pradesh. April 2: Banks in Kerala will remain closed on Maundy Thursday. April 3: Banks across the country will be closed for Good Friday, except in Tripura, Chandigarh, Assam, Rajasthan and Jammu & Kashmir. April 14: Banks will remain closed in Tripura, Gujarat, Maharashtra, Karnataka, Odisha, Tamil Nadu, Uttarakhand, Sikkim, Assam, Andhra Pradesh, Manipur, Rajasthan, Jammu & Kashmir, Kerala, West Bengal, Goa, Bihar, and Jharkhand, on account of Dr Babasaheb Ambedkar Jayanti, Maha Vishuva Sankranti, Biju/Buisu Festival, Tamil New Year’s Day, Bohag Bihu, Cheiraoba and Baisakhi. April 15: Banks will remain closed in Tripura, Assam, Manipur, Kerala, West Bengal, and Himachal Pradesh for Bengali New Year’s Day (Nababarsha), Bohag Bihu, Vishu and Himachal Day. April 16: Banks in Assam will remain closed for Bohag Bihu. April 20: Banks in Karnataka will remain closed on the occasion of Basava Jayanti and Akshaya Tritiya. April 21: Banks in Tripura will remain closed for Garia Puja. Digital banking services remain active Even though physical branches will be closed, customers can continue routine transactions through online banking, mobile apps, ATMs and UPI services. Fund transfers, bill payments and other standard digital operations will remain available.Services that require branch visits, such as cheque clearances, large cash deposits and demand draft issuance, will not be accessible on these dates. Customers are advised to plan transactions in advance and make use of digital banking to avoid inconvenience.
India Petrol Diesel Exports: Amid US-Iran war, India’s diesel exports see big 20% jump; petrol exports fall 33%
India’s petrol shipments dropped significantly in March, declining 33% to 8.31 million barrels. (AI image) US-Iran war impact: India’s diesel exports have climbed by 20% in March amid the ongoing Middle East conflict. The widening gap between crude oil prices and refined diesel prices have led India to ramp up diesel exports by about 20% month-on-month in March, even as total shipments of refined products declined by 8%, according to shipping data.Refiners typically alter their output mix to take advantage of favourable crack spreads and margins. The crack spread refers to the price difference between crude oil and the refined products derived from it, while margins represent the profits refiners earn after accounting for costs and operational efficiency.Although crude prices have surged amid the near shutdown of the Strait of Hormuz, the effect has differed across fuels. Crack spreads for diesel and jet fuel have climbed to new highs, whereas those for petrol have remained broadly stable. Diesel Exports Rise Amid Middle East Conflict Data from vessel tracking firm Kpler showed that diesel exports reached 12.90 million barrels between March 1 and 28, compared with 10.74 million barrels in February.“Higher diesel export volumes are likely supported by improved economics for middle distillate production. Geopolitical tensions in West Asia have tightened middle distillate balances, with diesel and jet fuel cracks strengthening more than gasoline (petrol),” Nikhil Dubey, senior research analyst at Kpler told ET.Also Read | LPG crisis eases: Operations back to normal in many factories as commercial LPG supplies improve; workers return“Geopolitical tensions in West Asia have tightened middle distillate balances, with diesel and jet fuel cracks strengthening more than gasoline (petrol),” Dubey added.Refiners continue to recalibrate their product slate to capitalize on these stronger spreads and profitability dynamics.Despite a sharp rise in crude oil prices triggered by the near shutdown of the Strait of Hormuz, the effect has not been uniform across refined fuels. Margins, measured through crack spreads, have surged to fresh highs for diesel and jet fuel, while those for petrol have largely remained within normal ranges.India’s petrol shipments dropped significantly in March, declining 33% to 8.31 million barrels. According to Dubey, the fall in gasoline exports is also linked to a strategic shift toward higher LPG output, with refiners diverting certain hydrocarbon streams away from petrol production and instead processing them into liquefied petroleum gas.Domestic LPG production has been ramped up sharply, rising 40% since the onset of the US-Israel conflict with Iran. This increase is aimed at offsetting supply disruptions from the Gulf region, which previously accounted for about 54% of India’s LPG consumption.In contrast, exports of jet fuel slipped 4% to 2.63 million barrels in March, even as global margins for the fuel reached record levels. However, this figure may be revised upward once complete shipping data is available, as exports classified under the broader ‘clean products’ category climbed 40% to 1.11 million barrels. This category includes jet fuel, naphtha, petrol and diesel, and is used when cargo details are not immediately specified.Also Read | US-Iran war impact: India’s crude imports from Russia near all time highs; will such high numbers continue?To ensure sufficient domestic availability, India has imposed export levies of Rs 21.5 per litre on diesel and Rs 29.5 per litre on jet fuel, discouraging outbound shipments by private refiners. Among exporters, Reliance Industries accounted for nearly 75% of the country’s total refined fuel exports during the month.Meanwhile, outbound shipments of fuel oil, commonly used in industrial operations and shipping, rose 27% to 1.71 million barrels as demand improved and margins strengthened. On the other hand, naphtha exports fell sharply by 44% to 2.93 million barrels.Overall, India’s total exports of refined petroleum products declined to 31 million barrels in March, down from 33.67 million barrels recorded in February.
Gold price prediction today: What levels of gold should investors watch out for on March 31, 2026 amid US-Iran war?
Gold price prediction today: Gold is trading as a risk asset and not a safe haven asset, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.
Asian stocks today: Markets trail as Middle East conflict deepens; Nikkei drops 0.9%, MSCI Asia Pacific slips 0.5%
Asian shares on Tuesday recorded their steepest fall since 2022, as the Middle East war completed a month, fuelling fears of higher inflation and slower economic growth.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.55 per cent and was on track for a monthly decline of more than 12 per cent, marking its worst performance since September 2022.Japan’s Nikkei dropped 0.93 per cent and was set to lose 12.6 per cent for the month, while South Korea’s Kospi was headed for a decline of over 17 per cent, its sharpest fall since 2008, according to Reuters. The sell-off capped a volatile month across global markets, with investors rattled by escalating tensions and repeated attacks in the Middle East involving the United States, Israel and Iran. “It appears markets have gone from just mechanically trading headlines into a little bit more of a fear mode, taking risk off the table,” said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho.Investor sentiment briefly improved after a report said US President Donald Trump was open to ending the military campaign against Iran even if the Strait of Hormuz remains largely closed. US futures recovered early losses, with Nasdaq futures rising 0.34 per cent and S&P 500 futures gaining 0.4 per cent.Despite this, oil prices remained elevated, with Brent crude hovering near $115 per barrel and on course for a record monthly surge of nearly 59 per cent.Rising energy prices have intensified inflation concerns, particularly for Asian economies that rely heavily on Middle East oil. Analysts warned that if oil prices remain elevated, the focus could soon shift from inflation risks to slowing growth.Bond markets also came under pressure as expectations of prolonged higher interest rates gained traction. The Federal Reserve is now widely expected to keep rates unchanged this year, compared to earlier bets on rate cuts before the conflict began. Poll Do you believe the ongoing conflict in the Middle East will lead to a global recession? Meanwhile, the US dollar strengthened, emerging as a key safe-haven asset amid the uncertainty, while gold prices also edged higher as investors sought refuge from market volatility.
Bank holiday today March 31: Are banks open or closed today for Mahavir Jayanti? Check state-wise list | India Business News
Bank holiday today: As March comes to a close, several banks across India are observing a holiday today on the occasion of Mahavir Jayanti.Customers planning visits to bank branches are advised to check the holiday schedule in advance to avoid inconvenience. States observing bank holiday Banks are closed today in the following states: Gujarat, Maharashtra, Tamil Nadu, Rajasthan, Uttar Pradesh, West Bengal, New Delhi, Bihar, Chhattisgarh, Jharkhand. Are all banks closed today? While the holiday is observed in many states, the Reserve Bank of India (RBI) has directed all agency banks (branches handling government receipts and payments) to remain open on March 31. These branches will process transactions related to the financial year-end, including government revenue, payments and settlements for FY 2025-26.RBI in a statement said: “The Government of India has made a request to keep all branches of the banks dealing with government receipts and payments open for transactions on March 31, 2026 (Tuesday-public holiday) so as to account for all the government transactions relating to receipts and payments in the Financial Year 2025-26 itself. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2026 (Tuesday).” Digital banking services Customers can continue to use online and mobile banking for transactions such as fund transfers and tax payments. However, it is recommended to check with individual banks for any specific instructions. What are agency banks? Agency banks are appointed under Section 45 of the RBI Act to conduct government transactions. Currently, all public sector banks and select private sector banks act as agents of the RBI. Only designated branches of these banks can carry out government-related banking business. Poll Do you think digital banking will eventually replace traditional banking? Customers visiting banks today should remember that non-agency branches may remain closed and agency banks may conduct only government-related transactions.
Stock market holiday today: Are BSE, NSE closed for trading on March 31, 2026?
Stock market holiday (AI image) Stock market holiday today: Indian equity markets are closed today in observance of Shri Mahavir Jayanti, with both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) marking the first of two trading holidays scheduled for the week.On the commodities front, the Multi Commodity Exchange of India (MCX) will not operate during the morning session from 9 am to 5 pm today due to the holiday. However, trading will resume in the evening session between 5 pm and 11:30 pm, according to its official schedule. The National Commodity & Derivatives Exchange (NCDEX) will remain closed for the entire day.Mahavir Jayanti, which marks the birth anniversary of Lord Mahavira, is being observed by Jain communities across the world today. Banks and post offices in several states are also likely to remain shut.The holiday comes at a time when global geopolitical tensions have heightened, leading to sharp declines in equity markets. Domestic markets have also been under pressure due to continued foreign investor selling, macroeconomic concerns and weakness in the rupee.This holiday is the fifth among the 16 market closures planned for 2026. Trading will remain suspended again on April 3 (Friday) for Good Friday, followed by another holiday on April 14 (Tuesday) to mark Dr. B.R. Ambedkar Jayanti.In the coming months, May will also have two trading holidays, on May 1 for Maharashtra Day and May 28 for Bakri Id. The markets will then be closed on June 26 for Muharram, after which there will be a two-month period without any scheduled trading holidays.In the latter part of the year, exchanges will remain shut on September 14 for Ganesh Chaturthi, October 2 for Mahatma Gandhi Jayanti, October 20 for Dussehra, November 10 for Diwali-Balipratipada, November 24 for Guru Nanak Jayanti, and December 25 for Christmas, as per the official calendar. The exchanges have indicated that any revisions to these dates will be communicated through separate notifications in advance.
