FOLLOW US: @TheStatesmanLtd @thestatesmanltd thestatesman1875 www.thestatesman.com People’s Parliament, Always in Session India’s National Newspaper since 1818 | Pages 12 | ` 5.00 | KOLKATA | NEW DELHI | MUMBAI | BHUBANESWAR | LUCKNOW | Sanctions Waiver | Tuesday, 24 March 2026 SPORTS WORLD EDITORIAL SILIGURI Iran war energy shock ‘worse than 1970s crisis’, warns IEA NATION No one will be spared in Kharat case, says Devendra Fadnavis Page 9 Page 6 Page 5 Kohli reflects on emotional RCB title triumph after 18-year wait Page 12 PM flags ‘worrisome’ W. Asia crisis, Trump says US held ‘productive talks’ with warns of economic, security risks Iran, postpones strikes on power plants STATESMAN NEWS SERVICE P rime Minister Narendra Modi on Monday said that the escalating conflict in West Asia has become “worrisome” and is posing serious economic, security, and humanitarian challenges for India, even as his government moves to safeguard critical supplies and protect Indian citizens abroad. Addressing the Lok Sabha, Mr Modi said the crisis, now stretching beyond three weeks amid escalating tensions involving the United States, Israel and Iran, is already having a “very adverse impact on the global economy and people’s lives,” while creating “unprecedented challenges” for India. “The current situation in West Asia is worrying…This crisis has now lasted for more than three weeks. It is affecting the entire world,” he said, calling for an urgent resolution through dialogue. Oil prices fall by over 13 per cent after Trump’s announcement: Indian markets plunge: New Delhi, 23 March The Prime Minister’s remarks came against the backdrop of heightened global anxiety over disruptions to energy supplies and shipping routes, particularly through the Strait of Hormuz, a key artery for India’s imports of crude oil, gas, and fertilisers. Mr Modi underlined that attacks on commercial vessels and disruptions in such international waterways are “not acceptable,” adding that India is closely monitoring maritime corridors to ensure the uninterrupted flow of essential goods. “Our effort is that ships carrying oil, gas, and fertilisers reach India safely,” he said, while noting that despite the turmoil, supplies of petrol, diesel, and cooking gas have remained stable. Framing the crisis as a multidimensional challenge, Mr Modi told lawmakers that India’s deep economic linkages with the region amplify its exposure. He pointed out that a significant share of India’s energy needs is sourced from West Asia and that the region also serves as a vital trade route. New Delhi: The Indian stock market came under intense selling pressure on Monday, with the Nifty slipping below the 22,500-mark intraday for the first time since April 9, 2025. At the close, the Sensex plunged 1,836.57 points, or 2.46 per cent, to settle at 72,696.39, while the Nifty dropped 601.85 points, or 2.60 per cent, to 22,512.65. The Nifty midcap and small cap indices also declined sharply, falling nearly 4 per cent each. The overall market capitalisation of BSE-listed companies dropped to Rs 414.75 lakh crore, compared to Rs 429.11 lakh crore on Friday. All sectoral indices ended in the red. Realty, capital goods, consumer durables, metals, telecom, and PSU banks declined by 4–5 per cent. Page 10 UNITED NEWS OF INDIA New Delhi, 23 March US President Donald Trump said the United States and Iran have held "very good and productive" discussions over the past two days aimed at resolving hostilities in the Middle East, and announced a temporary pause on planned military strikes. Donald Trump's message was his most conciliatory since the launch of Operation Epic Fury, though it leaves several key questions unanswered. New Delhi: Oil prices plunged by over 13 per cent after US President Donald Trump announced that he had instructed the Department of War to postpone strikes against Iranian power plants and energy infrastructure for five days, stating that conversations continue for “total resolution of our hostilities” in West Asia. Brent crude futures had fallen around USD 17, or 15 per cent, to a session low of USD 96 a barrel by 1108 GMT while US West Texas Intermediate (WTI) had fallen USD 13, or about 13.5 per cent, to a session low of USD 85.28, Al Jazeera reported. The report said oil prices fell by over 13 per cent. Page 10 In a social media post, Mr Trump said he had instructed the department of war to postpone "any and all" military strikes on Iranian power plants and energy infrastructure for five days, citing the positive tenor of ongoing talks. He said the discussions were "in depth, detailed and constructive" and would continue throughout the week, with the pause in strikes subject to the outcome of the negotiations. The development comes amid heightened tensions in the region, with the USA and Iran engaged in a prolonged standoff involving attacks on key infrastructure and strategic assets. Mr Trump did not provide details on the nature or location of the talks but expressed optimism about a "complete and total resolution" of hostilities. This comes after Iran on Monday warned it would mine key communication routes in the Persian Gulf if its coastline or islands are attacked. Corporate Laws (Amendment) Bill introduced in LS, aims to ease compliance, modernise rules STATESMAN NEWS SERVICE New Delhi, 23 March World Bear Day Union Minister of Environment, Forest and Climate Change Bhupender Yadav tweeted this picture on World Bear Day to reaffirm the country’s commitment to conserving the bear species in India through the recently launched Project Sloth Bear, on Monday. AGENCIES The Corporate Laws (Amendment) Bill, 2026 was introduced in the Lok Sabha on Monday, proposing wide -ranging changes to India’s corporate regulatory framework with a focus on improving ease of doing business and reducing compliance burdens for companies. The Bill, moved for introduction by Finance Minister Nirmala Sitharaman, seeks to amend the Companies Act, 2013 and the Limited Liability Partnership Act, 2008. It incorporates key recommendations of the Company Law Committee’s 2022 report and is intended to address regulatory gaps, simplify procedures, and align corporate governance standards with evolving business requirements. According to available details, the proposed amendments focus on reducing compliance requirements, shifting certain offences from criminal to civil categories, and rationalising penalties for procedural violations. The Bill also promotes wider use of digital processes in corporate filings, continuing the government’s push toward digitisation of regulatory systems. A key component of the legislation relates to Corporate Social Responsibility (CSR) provisions. Based on recommendations of the highlevel committee on non-financial regulatory reforms led by Rajiv Gauba, the Bill is expected to introduce relaxations, including exemptions for certain Bengal 2026: Owaisi-Kabir alliance sparks ‘vote split’ fears akin to Bihar VIBHA SHARMA New Delhi, 23 March Asaduddin Owaisi on Sunday announced an alliance between his party, the All India Majlis-eIttehadul Muslimeen (AIMIM), and Humayun Kabir’s Aam Janata Unnayan Party (AJUP) for the upcoming 2026 West Bengal Assembly elections, reigniting political debate over whether such alliances fragment opposition votes, potentially benefitting the BJP in the state. The two leaders are expected to outline their electoral strategy in Kolkata later this week. Mr Kabir, a former minister in the ruling Trinamul Congress, had earlier drawn attention for a controversial proposal to build a mosque in Murshidabad modeled on the Babari Masjid. The proposal led to tensions within the TMC and remains a key talking point. Making the announcement Mr Owaisi targeted rivals saying: “We want to strengthen the AIMIM and ensure that our candidates in every corner of the country succeed and raise the voice of the poor and oppressed in the assembly. In West Bengal, 5 lakh backward category certificates have been cancelled, majority of which belong to Muslims. There are many stories of oppression as well. They secure votes in the name of secularism but when the Majlis advocates for share and representation, they don’t like it.” Observers say there are many ways to look at this alliance. While one of them may be AIMIM’s renewed attempt to establish a foothold in West Bengal after failing to win any seats in the 2021 West Bengal Assembly elections, there are other facets as well. Congress leaders are questioning the rationale behind the alliance and so are members of the ruling TMC. BJP leaders have also criticised the move, accusing the two leaders of divisive politics and alleging that the alliance would harm community interests, analysts point to the benefit the saffron party may accrue due to this get-together. The argument is based on simple arithmetic ~ the AIMIM-AJUP partnership is expected to split the anti-BJP votes, affecting the TMC and the Left-Congress bloc. Muslims constitute roughly 27–30 per cent of Bengal’s electorate, and form a crucial support base for the TMC, Even a modest shift of minority votes has the potential to influence outcomes in closely contested seats and multi-angle contests. Mr Owaisi’s presence can also trigger counter-polarisation, consolidating Hindu votes in favour of the BJP in certain constituencies. At the same time, they also point to the danger of overestimating this impact, saying that “voters are smart enough to understand the aim of this alliance.” Besides TMC supremo Mamata Banerjee's strong ground presence will not allow the repeat of what happened in the Bihar Assembly elections. In both 2020 and 2025 Bihar Assembly elections, the AIMIM significantly harmed the RJD-Congress and their Mahagathbandhan alliance by splitting their traditional “Muslim-Yadav” vote bank. In several constituencies, its vote share is said to have been more than the margin of victory between the ruling NDA and the opposition Mahagathbandhan, contributing to the losses. Mr Owaisi has consistently rejected allegations that his party acts as “B team” for the BJP, stating that AIMIM seeks to provide an independent political voice for Muslims and Other Backward Classes. But as West Bengal heads toward a high-stakes election, the electoral impact of the new venture will be watched closely. categories of companies from mandatory CSR obligations. This is aimed at easing compliance pressure, particularly for smaller firms and businesses with limited operational capacity. The proposed law also seeks to revise CSR thresholds and spending norms, indicating a broader restructuring of how corporate contributions to social development are regulated and monitored. The Union Cabinet had approved the Bill on 10 March 2026, clearing the way for its introduction in Parliament. The reforms are part of an ongoing policy approach that prioritises decriminalisation of minor business-related offences, building on initiatives such as the Jan Vishwas framework, which aims to promote trust-based governance and reduce regulatory burden on businesses. Closely following developments: Reacting to Mr Trump's announcement of a pause to US military strikes on Iran's energy infrastructure for five days, the MEA said it is 'closely monitoring' the evolving situation. Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said: "We are closely following the developments. We are keeping a focused watch on all these activities." • Related reports: Page 9 SC dismisses Bengal plea against HC order on Metro work New Delhi: The Supreme Court on Monday dismissed the West Bengal government’s plea challenging a Calcutta High Court direction for blocking traffic on two consecutive weekend nights to enable construction of a 366-metre stretch of the city metro’s Orange Line at Chingrighata, making it clear that development work cannot be halted on the grounds of festivals or upcoming elections. A Bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M Pancholi found no infirmity in the High Court’s order and observed that the State’s stand reflected an obstinate attitude aimed at delaying and stalling the project. Page 3 EAM, Russian FM pledge to increase bilateral trade to $100 billion by 2030 STATESMAN NEWS SERVICE New Delhi, 23 March Amid the current geopolitical turbulence, External Affairs Minister S Jaishankar and his Russian counterpart Sergey Lavrov on Monday pledged to deepen the ‘’time-tested’’ India-Russia relationship and increase bilateral trade from the present $ 68.7 billion to $100 billion by 2030. Addressing virtually the “India and Russia: Towards a New Bilateral Agenda” conference, Lavrov said Russia is looking forward to Prime Minister Narendra Modi’s visit to Moscow in 2030. Mr Jaishankar was happy to note that in today’s evolving geo-political dynamic, the engagement between India and Russia continues to deepen, driven by regular high-level exchanges. He said the last visit of President Vladimir Putin to India in December 2025 broke new grounds, covering diverse and novel areas including mobility of skilled professionals, health and food safety, maritime cooperation, fertilisers, customs and commerce, academic and media cooperation". Talking about Russia's partnership in India's civil nuclear energy sector, he said: “Russia is our foremost partner in civil nuclear energy and the Kudankulam nuclear project is a stellar example. As India aims to increase its nuclear energy generation capacity to 100 gigawatt by 2047, I am confident that it will find a trusted and reliable partner in Russia for peaceful uses of nuclear energy.” The Indian minister also spoke about the depth of people-to-people ties based on a shared appreciation for art, yoga, ayurveda and culture and expressed confidence that the new consulates in Kazan and Ekaterinburg will further strengthen the economic, cultural and social bonds. Since India is the BRICS chairperson this year, he emphasised how the evolving multi-polar order necessitates greater cooperation between India and Russia, including through BRICS, SCO, G20 and the UN. He said India's chairmanship of BRICS would see humanity first and a peoplecentric approach that looks forward to closely working with Russia to address shared challenges in a balanced and inclusive manner.