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. 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 Corporate Laws (Amendment) Bill, 2026 introduced in LS STATESMAN NEWS SERVICE New Delhi, 23 March 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 recomme- ndations 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 high-level committee on nonfinancial regulatory reforms led by Rajiv Gauba, the Bill is expected to introduce relaxations, including exemptions for certain 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. The government has said the changes are intended to make India a more attractive destination for investment by streamlining regulatory processes, reducing litigation risks, and encouraging entre preneurship, while maintaining safeguards for transparency, accountability, and corporate governance standards. EAM, Russian FM pledge to increase bilateral trade to $100 bn 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 Oil prices fall by over 13 per cent after Trump’s announcement: Indian markets plunge: New Delhi, 23 March 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. Mr Jaishankar also cited efforts by the two countries towards concluding an India-EAEU (Eurasian Economic Union) Free Trade Agreement (FTA), address non-tariff barriers and regulatory impediments and utilise the skilled Indian workforce. Mr Lavrov commended India’s global positioning, stating that New Delhi’s steadfast pursuit of an independent foreign policy, within the framework of its course towards strategic autonomy, and its consistent prioritisation of national interests command the deepest respect. 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. 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