INS Malwan delivered to Indian Navy as second ASW shallow water craft.
[Cochin Shipyard Limited, Indian Navy]
Key Updates:
- Cochin Shipyard Limited (CSL) delivered INS Malwan on 31 March 2026.
- Malwan is the second of eight Anti-Submarine Warfare Shallow Water Craft (ASW SWC) under a Ministry of Defence-approved programme.
- The vessel is about 80 metres long, displaces around 1,100 tonnes and uses a waterjet propulsion system.
- Over 80% of the ship’s content is indigenous and it is built to DNV classification rules.
- Malwan is named after the coastal town of Malwan in Maharashtra associated with Chhatrapati Shivaji Maharaj’s maritime legacy.
- The craft carries lightweight torpedoes, anti-submarine rockets, advanced sonar and radars for littoral operations.
- Besides anti-submarine warfare, the ship can conduct mine-laying, coastal patrol and low-intensity maritime operations.
- The eight-vessel series includes Mahe, Malwan, Mangrol, Malpe, Mulki, Munroe, Makkah and Mandavi.
Similar Coverage
- Goa Shipyard Limited (GSL) launched INS Shachi (Yard 1280), a Next Generation Offshore Patrol Vessel (NGOPV), for the Indian Navy.
- GSL delivered Indian Coast Guard Ship (ICGS) Achal (Yard 1274) to the Indian Coast Guard on the same day.
- INS Shachi incorporates around 76 percent indigenous components.
- ICGS Achal has been built with over 65 percent indigenous content.
- GSL has launched 14 vessels in the past 600 days, averaging one vessel every 40–43 days.
- INS Malwan, the second of eight anti-submarine warfare shallow water craft (ASW SWC), was delivered on 31 March 2026.
- Built by Cochin Shipyard Limited (CSL), Kochi, the vessel has over 80% indigenous content.
- Length: ~80 metres; Displacement: ~1,100 tonnes; Propulsion: waterjet system.
- Armed with lightweight torpedoes and anti-submarine rockets; fitted with advanced sonar and radar sensors.
- Designed for littoral operations including anti-submarine warfare, mine-laying, and coastal surveillance.
- Named after Malwan town in Maharashtra, associated with Chhatrapati Shivaji Maharaj’s maritime legacy.
- Part of an eight-vessel series: Mahe, Malwan, Mangrol, Malpe, Mulki, Munroe, Makkah, Mandavi.
- Programme approved by Ministry of Defence to replace older Abhay-class corvettes.
- Director General of the Indian Coast Guard (ICG), DG Paramesh Sivamani, inaugurated the Waterjet Production and Testing Facility of Marine Jet Power (MJP) India in Goa.
- India has become the third country globally, after the United States and South Korea, to host such a specialised production and testing capability.
- The facility was commissioned under a Manufacturing and Transfer of Technology (ToT) framework to establish a domestic supply chain for waterjet propulsion systems.
- The ICG currently operates over 100 MJP waterjet propulsion systems across its fleet, with 42 additional systems planned for ships under construction.
- The new facility will serve as a regional hub for South Asia and adjoining regions while enhancing indigenous repair and overhaul capabilities.
- DG ICG reviewed the progress of six indigenously built Air Cushion Vehicles (ACVs) at Chowgule and Company Private Limited.
- The ACV project is India’s first indigenous programme of its kind, featuring approximately 50 per cent indigenous content with the first delivery scheduled for May 2026.
- The Indian Navy inducted 'Agray', the fourth Anti-Submarine Warfare Shallow Water Craft (ASW SWC), from Garden Reach Shipbuilders and Engineers (GRSE) on 30 March 2026.
- 'Agray' is designed for shallow coastal waters and carries over 80% indigenous content under the Aatmanirbhar Bharat initiative.
- The vessel uses waterjet propulsion, making it the largest Indian naval warship with this technology.
- It is equipped with Lightweight Torpedoes, Indigenous Rocket Launchers, and advanced shallow water SONAR systems.
- The ASW SWCs are built in compliance with classification standards of the Indian Register of Shipping (IRS).
- 'Agray' is the fourth of eight ASW SWCs planned under the programme to enhance coastal defence in the Indian Ocean Region.
Insurance Regulatory and Development Authority of India (IRDAI) retains LIC, GIC Re, New India Assurance as D-SIIs for FY26
[IRDAI, LIC, GIC Re, New India Assurance]
Key Updates:
- Insurance Regulatory and Development Authority of India (IRDAI) has retained Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re), and The New India Assurance Company Ltd. as Domestic Systemically Important Insurers (D-SIIs) for FY 2025-26.
- The list remains unchanged from FY 2024-25 following IRDAI's annual assessment.
- D-SIIs are insurers whose distress or failure could significantly disrupt the domestic financial system.
- IRDAI mandates these insurers to strengthen corporate governance standards, enhance risk identification processes, and promote a robust risk management framework.
- The identified insurers will continue to be subject to enhanced regulatory supervision.
Similar Coverage
- Insurance Regulatory and Development Authority of India (Irdai) issued final regulations for transition to Indian Accounting Standards (Ind AS) effective 1 April 2026.
- Insurers may request forbearance until 30 April 2026 if unable to comply with Ind AS; forbearance can be granted for one year.
- Parallel reporting under Ind AS alongside existing Indian Generally Accepted Accounting Principles (IGAAP) framework permitted for two years.
- Multi-stakeholder expert committee proposed with representatives from Institute of Chartered Accountants of India (ICAI), Institute of Actuaries of India, Securities and Exchange Board of India (Sebi), and National Financial Reporting Authority (NFRA).
- IRDAI approved the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026.
- All insurers — life, general, stand-alone health insurers and reinsurers — must prepare financial statements under Indian Accounting Standards (Ind AS) effective 1 April 2026.
- Parallel reporting under Ind AS and the existing accounting framework will continue for two years or as specified by IRDAI.
- Insurers unable to shift immediately may receive a one-year forbearance, during which they must still submit Ind AS-based information to IRDAI.
- The Institute of Chartered Accountants of India (ICAI) and the Institute of Actuaries of India (IAI) welcomed the adoption and pledged support to insurers and professionals.
- CA P. V. Narayana Rao has been appointed as a Co-opted Member of the Sustainability Reporting Standards Board (SRSB) of the Institute of Chartered Accountants of India (ICAI) for the term 2026-27.
- He qualified as a Chartered Accountant in 1987 and secured a Gold Medal as University Topper in Bachelor of Commerce (B.Com) from Kakatiya University.
- He served as Chairman of the ICAI Warangal Branch in 2015 and as Co-opted Member of the Public Relations Committee of ICAI (Central Council) in 2016.
- He is currently the Vice President of the Telangana & Andhra Pradesh Tax Bar Association.
- The Sustainability Reporting Standards Board (SRSB) was established by ICAI in February 2020 to develop sustainability reporting standards aligned with the United Nations Sustainable Development Goals (SDGs) 2030.
- India has issued 3,561 Internationally Recognised Certificates of Compliance (IRCCs) under the Nagoya Protocol, accounting for over 56% of the global total of 6,311.
- The Access and Benefit Sharing (ABS) framework of the Nagoya Protocol ensures fair sharing of benefits from the use of biological resources with local communities and farmers.
- Out of 142 countries registered on the ABS Clearing-House, only 34 have issued IRCCs; India is followed by France (964), Spain (320), Argentina (257), Panama (156), and Kenya (144).
- IRCCs serve as official evidence that prior informed consent has been obtained and mutually agreed terms established between users and providers of genetic resources.
Mahanadi Coalfields Limited (MCL) and Bharat Coal Gasification and Chemicals Limited (BCGCL) sign land lease for 2,000-tonnes per day coal-to-ammonium nitrate project.
[Brahmaputra Cracker and Polymer Limited, Mahanadi Coalfields Limited]
Key Updates:
- Mahanadi Coalfields Limited (MCL) and Bharat Coal Gasification and Chemicals Limited (BCGCL) signed a land lease agreement for a coal-to-ammonium nitrate project at Lakhanpur in Jharsuguda district, Odisha.
- The agreement was signed in New Delhi on Wednesday in the presence of Union coal and mines minister G Kishan Reddy.
- The project will have a capacity of 2,000 tonnes per day and will come up on 350 acres.
- The project has received support of Rs 1,350 crore.
- The project will use indigenous technology developed by Bharat Heavy Electricals Limited (BHEL).
- Two major contracts have been awarded to BHEL and two others to Larsen & Toubro.
- The Centre has approved an outlay of Rs 8,500 crore to promote coal gasification.
- Seven coal gasification projects have been finalised, including three where groundbreaking ceremonies have been completed.
Similar Coverage
- India achieved the landmark of 1 billion tonne (BT) coal production on 20 March 2026.
- This achievement marks the second consecutive year that the country has reached the 1 BT coal production milestone.
- The Ministry of Coal (MoC) reported that the sustained output has supported the power sector in maintaining record coal inventories at thermal plants.
- The production milestone aligns with the national vision of Viksit Bharat 2047 to enhance domestic production capabilities and drive sustainable economic development.
- The landmark was achieved despite heightened uncertainties in global energy markets resulting from the West Asia crisis.
- India and Canada signed a Joint Statement on Energy Cooperation on the sidelines of India Energy Week 2026 in Goa.
- The Joint Statement was signed after a bilateral meeting between Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Canada’s Minister of Energy and Natural Resources Timothy Hodgson.
- The meeting marked the first high-level participation of a Canadian Cabinet Minister at India Energy Week.
- The renewed India–Canada Ministerial Energy Dialogue was launched during the meeting.
- Directions for the engagement were given by the Prime Ministers of India and Canada during their interaction on the sidelines of the G7 Summit in June 2025 in Kananaskis, Canada.
- Canada aims to become an energy superpower in clean and conventional energy through expanding LNG projects, increased crude oil exports via the Trans Mountain Expansion pipeline, and growing LPG exports from its west coast.
- India is the world’s third-largest oil consumer, fourth-largest LNG importer, and a major refining hub expected to account for over one-third of global energy demand growth over the next two decades.
- Both countries agreed to deepen bilateral energy trade, including Canadian LNG, LPG, and crude oil supply to India and export of refined petroleum products from India to Canada.
- Canada noted accelerated energy project approvals and India highlighted ongoing reforms and investment opportunities worth nearly USD 500 billion across the energy value chain.
- Areas identified for collaboration include renewable energy, hydrogen, biofuels, sustainable aviation fuel, battery storage, critical minerals, electricity systems, energy supply chain resilience, and artificial intelligence in the energy sector.
Reserve Bank of India (RBI) approves Emirates NBD's 60% stake acquisition in RBL Bank
[Reserve Bank of India, Emirates NBD, RBL Bank]
Key Updates:
- Reserve Bank of India (RBI) has approved Emirates NBD Bank's proposed acquisition of a 60% stake in RBL Bank.
- Emirates NBD Bank will acquire the stake for approximately Rs 26,853 crore, marking the largest takeover of an Indian lender by a foreign financial institution.
- The transaction includes amalgamation of Emirates NBD's India operations with RBL Bank, subject to regulatory clearances.
- Emirates NBD will launch a mandatory open offer to acquire up to 26% of RBL Bank's expanded voting share capital at Rs 280 per share, covering around 415.58 million shares.
- The open offer is expected to commence as early as next week, pending approval from Securities and Exchange Board of India (Sebi).
Similar Coverage
- Royal Challengers Bengaluru (RCB) was acquired for $1.78 billion (around ₹16,600 crore) by a consortium led by the Aditya Birla Group and The Times of India Group, along with Bolt Ventures and Blackstone.
- The franchise is being acquired from United Spirits Limited (USL), a subsidiary of Diageo plc.
- The transaction is subject to approvals from the Board of Control for Cricket in India (BCCI) and the IPL Governing Council.
- After the 2026 IPL season, Aryaman Vikram Birla will become chairman and Satyan Gajwani of The Times of India Group will serve as vice-chairman of RCB.
- United Spirits had originally bought the Bengaluru franchise in 2008 for $111.6 million (around ₹485 crore).
- RCB won the Women’s Premier League (WPL) title in 2024 and its maiden IPL trophy in 2025.
- Reserve Bank of India (RBI) has deferred the effective date of the Amendment Directions on Capital Market Exposures by three months to 1 July 2026.
- The central bank revised the framework after stakeholder feedback, modifying the definition of acquisition finance to include mergers and amalgamations.
- Acquisition finance is now limited to acquiring a non-financial entity and can be availed by the acquiring company for on-lending to an India- or overseas-incorporated subsidiary.
- Refinance of acquisition finance is permitted only after the acquisition is fully concluded and control of the target company is established, with the refinance used solely to retire the original debt.
- A corporate guarantee from the acquiring company is mandatory when acquisition finance is extended to its subsidiary or special purpose vehicle.
- The guidelines also aim to rationalise banks’ lending limits to individuals against shares, REIT units, InvIT units, and introduce a principle-based framework for lending to capital market intermediaries.
- Reserve Bank of India (RBI) approved SBI Mutual Fund’s proposal to acquire up to 9.99% of the paid-up share capital or voting rights in Bandhan Bank.
- RBI communicated the approval through a letter dated 25 February 2026.
- The approval is subject to compliance with the Banking Regulation Act, 1949; RBI (Commercial Banks’ Acquisition and Holding of Shares or Voting Rights) Directions, 2025 dated 28 November 2025; Foreign Exchange Management Act, 1999; and Securities and Exchange Board of India regulations.
- If SBI Mutual Fund fails to acquire the major shareholding within one year from RBI’s letter date, the approval will stand cancelled.
- SBI Mutual Fund’s aggregate holding must not exceed 9.99% of Bandhan Bank’s paid-up share capital or voting rights at any time.
- If SBI Mutual Fund’s aggregate holding falls below 5%, prior RBI approval is required to raise it back to 5% or more.
- Bandhan Bank shares closed 1.77% higher at ₹186.11 on NSE on Thursday.
- The Reserve Bank of India (RBI) granted final approval on 13 February 2026 for the acquisition of up to 41.66 per cent of the paid-up equity capital of Manappuram Finance by Bain Capital.
- The acquisition will be executed through Bain Capital affiliates, BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd.
- Bain Capital committed to an investment of approximately ₹4,385 crore to acquire an initial 18 per cent stake through preferential allotment of equity shares and warrants at ₹236 per share.
- The transaction includes a mandatory open offer for an additional 26 per cent stake from public shareholders at ₹236 per share, as per the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Upon completion, Bain Capital will be classified as a promoter and will jointly control Manappuram Finance with the existing promoters.
- The existing promoters will retain a 28.9 per cent stake in the gold loan financier on a fully diluted basis post-investment.
- V P Nandakumar serves as the Managing Director (MD) and Chief Executive Officer (CEO) of Manappuram Finance.
Rebate of State and Central Taxes and Levies (RoSCTL) Scheme Extended till 30 September
[World Trade Organization]
Key Updates:
- The Ministry of Textiles extended the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for apparel, garments, and made-ups until 30 September.
- The extension, effective from 1 April, follows the conclusion of the scheme’s previous validity on 31 March.
- The RoSCTL scheme refunds embedded taxes and levies, including Value Added Tax (VAT) on fuel, mandi taxes, and electricity duties, which remain outside the Goods and Services Tax (GST) framework.
- Benefits are provided through transferable duty credit scrips or e-scrips via a digitised customs ledger system to be used for paying basic customs duty.
- A committee led by the Department of Expenditure, including representatives from the Department of Revenue, Department of Commerce, and the Ministry of Textiles, will conduct quarterly reviews of the scheme.
- India’s readymade garment (RMG) exports rose to approximately $16.01 billion in FY25 from $14.55 billion in FY24.
- The Indian Council for Research on International Economic Relations (ICRIER) reported that India’s share in global apparel exports is 3%, while Bangladesh and Vietnam hold 7% and 6% respectively.
Similar Coverage
- Tamil Nadu exported textiles worth $7,997.17 million in 2024-25, accounting for 21.84% of India’s total textile exports.
- India’s overall textile exports stood at $36,610 million during 2024-25.
- Gujarat ranked second with textile exports of $5,646.01 million, followed by Maharashtra at $3,831.28 million.
- Uttar Pradesh, Madhya Pradesh and West Bengal occupied the next positions in the export rankings.
- Tamil Nadu’s textile exports rose from $6,193.39 million in 2020-21 to $7,997.17 million in 2024-25, an increase of $1,803.78 million (≈29%).
- The Government of India introduced the Resilience & Logistics Intervention for Export Facilitation (RELIEF) scheme with a total budget outlay of ₹497 crore.
- The Export Credit Guarantee Corporation (ECGC) will implement the scheme to support exporters affected by disruptions from the West Asia conflict.
- The RELIEF scheme covers export consignments to approximately 17 countries where global reinsurers have reduced coverage, including routes through the Strait of Hormuz.
- The scheme provides enhanced insurance coverage of up to 100% for losses in eligible cases, compared to the standard 70-80% risk cover currently provided by the ECGC.
- The package includes automatic extensions of export obligations and logistical support to assist smaller exporters facing high freight rates and limited working capital.
- The intervention applies to both shipments already dispatched during the disruption window and upcoming exports.
- Ministry of Tribal Affairs (MoTA) launched 'RISA: Timeless Tribal' brand at Sunder Nursery to position tribal crafts in premium global markets.
- Brand name 'RISA' is derived from 'Risa', a traditional handwoven textile of Tripura.
- First phase covers 10 clusters featuring Eri and Muga silk of Assam, Santal cotton of Jharkhand, Changpa Pashmina of Ladakh, Kotpad cotton of Odisha, Dongria and Toda embroidery of Odisha and Tamil Nadu, and handicrafts Dokhra metal art, Longpi pottery, and Turtuk brassware.
- Designers Abu Jani Sandeep Khosla, Manish Tripathi, Anju Modi, Gaurav Jai Gupta, and Sameera Dalvi onboarded to reposition tribal products in luxury markets.
- Initiative includes design intervention, capacity building with skill training, infrastructure development of weaving clusters and finishing units, and eco-friendly premium packaging designed by National Institute of Design (NID) Haryana.
- Giriraj Singh holds the post of Union Minister of Textiles.
- He launched Bharat Tex, a global textile event aimed at positioning India as a leading textile, apparel, and fashion hub.
- Bharat Tex brings together manufacturers, exporters, designers, buyers, and technology providers across the textile value chain.
- The event showcases India’s capabilities in textile manufacturing, technical textiles, and sustainable fabric and apparel production.
- It aims to foster industry-wide innovation, international research partnerships, and business linkages for Indian textile exporters.
CBSE AI & Computational Thinking Curriculum for Classes 3-8 from 2026-27
[Central Board of Secondary Education]
Key Updates:
- Union Education Minister Dharmendra Pradhan launched the CBSE curriculum on Computational Thinking (CT) and Artificial Intelligence (AI) for Classes 3-8, to be introduced from the 2026-27 academic session.
- The initiative is themed 'AI for Education, AI in Education' and aims to build foundational digital and analytical skills among young learners.
- The curriculum includes structured modules, teacher handbooks, and a defined assessment framework.
- For Classes 3-5, computational thinking will be integrated across subjects like mathematics, languages, and environmental studies through activity-based learning using puzzles, games, and storytelling.
- In Classes 6-8, students will be introduced to foundational AI concepts alongside computational thinking.
- The curriculum has been developed by the Department of School Education and Literacy in alignment with the National Education Policy (NEP) 2020 and the National Curriculum Framework for School Education (NCF-SE) 2023.
- Support material will be made available through platforms such as DIKSHA.
Similar Coverage
- Indian Institute of Management Ahmedabad (IIM-A) inaugurated the Krishnamurthy Tandon School of Artificial Intelligence on 27 March 2026.
- The school was established through a Rs 100 crore endowment pledged by Grammy winner and IIM-A alumna Chandrika Tandon (PGP 1975).
- The endowment will fund three strategic pillars: translational research, curriculum innovation, and industry engagement.
- New programmes include a two-year MBA specialization in AI-enabled Management and executive-education short courses integrating ethics and governance.
- The school released its inaugural research report 'Navigating the Future Trap with AI Value Compass' in collaboration with Persistent Systems.
- The AI Value Compass framework addresses six dimensions: risk assessment, governance, data readiness, operating model redesign, workforce preparedness, and value measurement.
- Key initiatives include an AI Ethics Lab, a Policy-Engagement Forum, and annual Responsible AI Challenge competitions.
- Education Minister Dharmendra Pradhan launched Teacher App 2.0, an upgraded artificial intelligence (AI) powered digital platform for schoolteachers in New Delhi.
- The platform was developed through a collaboration between the Bharti Airtel Foundation and the CK-12 Foundation.
- The application covers the entire National Education Policy 2020 (NEP 2020) curriculum from class 1 to 12, providing subject-wise materials and lesson plans.
- The upgraded platform features more than 45 AI-enabled tools designed to assist in lesson preparation, student engagement, and classroom assessments.
- The current version expands upon the earlier iteration launched in 2024, which was restricted to early grades only.
- Prime Minister Narendra Modi unveiled the MANAV vision for Artificial Intelligence (AI) at the India AI Impact Summit 2026 held in New Delhi on 19 February 2026.
- The MANAV vision stands for Moral and ethical systems, Accountable governance, National sovereignty, Accessible and inclusive, and Valid and legitimate.
- Moral and ethical systems (M) signify that AI development should be based on ethical guidance.
- Accountable governance (A) refers to the implementation of transparent rules and robust oversight.
- National sovereignty (N) emphasizes data rights, specifically whose data, his right.
- Accessible and inclusive (A) aims to ensure AI acts as a multiplier rather than a monopoly.
- Valid and legitimate (V) ensures that AI systems are lawful and verifiable.
- IIT Madras Global Research Foundation will establish its inaugural Applied Artificial Intelligence Innovation Centre at Dubai CommerCity.
- MCA Gulf is the partner for the centre.
- The centre will initially onboard six early-stage applied AI startups backed by IIT Madras Global.
- The combined valuation of the six startups is estimated near USD 118 million.
- Projections indicate nearly USD 281 million in revenue over five years.
- Details of the centre’s formation were announced during WORLDEF Dubai 2026.
- Prof. Raghunathan Rengaswamy, dean of Global Engagement at IIT Madras, stated the facility will scale academic research into industry adoption and advance responsible, people-oriented AI design.
- The centre will focus on local product development, solution deployment, intellectual property creation, and collaboration with government entities, industry stakeholders, and innovation ecosystem partners.
- Amna Lootah, Director-General of Dubai CommerCity and Dubai Airport Freezone, said the partnership reinforces Dubai’s role as a digital trade and advanced technologies hub.