The Confederation of Indian Industry (CII) urged the government to focus on institutional reforms and fiscal consolidation in the upcoming 2026-27 budget to maintain India’s growth momentum. The industry body presented these recommendations on Thursday, emphasising debt sustainability, fiscal transparency, revenue collection, and spending efficiency as key areas for improvement.“India has achieved a rare convergence of high growth, low inflation, and improving fiscal indicators. The next Union Budget must continue this momentum through disciplined fiscal management and deeper institutional reforms,” said CII Director General Chandrajit Banerjee, as quoted by PTI.The CII wants the government to use better technology to catch tax cheaters. Right now, India’s tax collection is only 17.5 per cent of GDP when you combine central and state taxes. The group suggests connecting tax returns to big purchases and using smart computer programs to spot tax dodgers in real-time.To keep debt under control, CII stressed following the government’s plan to keep debt at 50 ±1% of GDP by 2031. They also want a 3-5 year plan for money coming in and going out, making it easier for everyone to plan ahead.The industry body proposed selling government-owned companies in non-essential sectors over three years. They intitially suggested cutting government ownership to 51 per cent, then eventually to 26-33 per cent, while still pushing for complete privatisation of some companies.CII also highlighted problems with nation’s food distribution system, which serves 813 million people but faces issues with old data and waste. They want the government to focus more on education, health, job training, and climate protection, using digital tools to track how money is spent.For better fiscal management, CII recommended creating a scoring system to rate how well states and the central government handle public money. States that manage money well and make good reforms would get more funds as a reward.

NEW DELHI: Demand for industrial and logistics spaces hit an all-time high this year, with leasing volumes rising nearly 19 per cent to 76.5 million square feet across 24 major cities in India, according to Savills.Real estate consultant Savills India data showed that the manufacturing sector took on lease 29 per cent of spaces, followed by third-party logistics firms (28 per cent) and e-commerce players (12 per cent).“India’s Industrial and Logistics sector continued its strong post-pandemic growth trajectory in 2025, recording its highest-ever annual absorption of 76.5 million sq ft,” Savills India said.In the 2024 calendar year, leasing of industrial and logistics spaces stood at 64.5 million square feet.Out of the total leasing this year, the consultant said that eight tier-I cities — Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR, and Pune — saw 20 per cent growth in leasing to 59.5 million square feet this year from 49.7 million square feet in 2024.Delhi-NCR remained the best performer, with leasing of 13 million square feet this year compared to 9.8 million square feet in 2024.Leasing activities in tier-II and tier-III cities grew 14.5 per cent in the 2025 calendar year to 17 million square feet from 14.8 million square feet in the preceding year.These 16 Tier II and Tier III cities are Guwahati, Bhubaneshwar, Patna, Hosur, Coimbatore, Rajpura, Lucknow, Jaipur, Nagpur, Surat, Indore, Kochi, Hubli, Vizag, Belgaum and Anantapur.Savills India expects both supply and absorption of industrial and logistics spaces to surpass 80 million sq ft next year. PTI

Prashant Sreekumar (Image/X@yegwave)

Prashant Sreekumar, a 44-year-old Indian-origin man died after waiting for hours in the emergency room of Edmont Hospital.He began experiencing intense chest pain while at work. A client drove him to Grey Nuns Hospital in southeast Edmonton, where he was registered at triage and asked to wait in the emergency room. His father, Kumar Sreekumar, arrived at the hospital shortly afterwards. “My son told me, ‘Papa, I cannot bear the pain,” Kumar recalled, as reported by Canadian news channel Global News.

According to the family, Prashant described his pain as “15 out of 10” and informed hospital staff about the severity of his condition.An electrocardiogram (ECG) was conducted to assess his heart, but the family said he was told that nothing serious was detected and that he would need to continue waiting. He was also offered Tylenol to manage the pain.As the hours passed, Kumar said nurses periodically checked his son’s blood pressure, which kept rising. “It went up, up, and up. To me, it was through the roof,” he said.More than eight hours later, Prashant was finally called into the treatment area. Kumar said his son had been seated for only a few seconds when he suddenly stood up, clutched his chest and collapsed.“Nurses called for help, but it was too late,” Kumar said. Prashant died of an apparent cardiac arrest.Prashant is survived by his wife and three children, aged 3, 10 and 14. Family members said he was deeply devoted to his children and known for his cheerful, playful nature. The family often travelled together and shared a close bond.“He lived for his family and his kids,” his father said. “Anyone who knew him would say they had never met someone as kind as him.”Friends and relatives are now seeking answers, questioning how someone reporting severe chest pain could remain untreated for so long in an emergency room.Family friend Varinder Bhullar, who had also used Prashant’s accounting services, said the death has deeply shaken the local Indian-origin community in Edmonton.“This is a huge loss,” Bhullar said. “We expect better from the hospital and from the health-care system.”Grey Nuns Hospital is operated by Covenant Health. In a statement, the organization said that the case has been referred to the Office of the Chief Medical Examiner.“We offer our sympathy to the patient’s family and friends. There is nothing more important than the safety and care of our patients and staff,” the hospital said in a statement.As the family mourns Prashant’s death, they say they are struggling to come to terms with how he died and without being seen by a doctor. “They took my baby for nothing,” his father said.

India’s IPO street is gearing up for one of the most bustling years ahead as 2026 is expected to see a wave of big-ticket listings. These initial public offerings will range from telecom and fintech to consumer internet and financial services. Regulatory data cited by ET shows that 84 companies have already received clearance from Sebi to tap the primary market, collectively seeking to raise about Rs 1.14 lakh crore. A further 108 companies are still awaiting approvals and together plan to raise nearly Rs 1.46 lakh crore, taking the potential fund mobilisation to over Rs 2.5 lakh crore from more than 190 issuers.Here are the most watched IPOs to look out for in 2026:

Reliance Jio

At the centre of market attention is Reliance Jio. The telecom and digital business of Reliance Industries is widely expected to make its public market debut in 2026, with estimates placing its valuation between Rs 11 lakh crore and Rs 12 lakh crore. If launched, the offering would be the largest IPO ever in India and is expected to have a significant impact on market liquidity and investor positioning.

National Stock Exchange

Another closely tracked candidate is the National Stock Exchange of India or the NSE. The exchange has stepped closer to listing after setting aside around Rs 1,300 crore to resolve pending issues with the regulator. Market participants are now watching for a no-objection certificate from Sebi, which could unlock one of the most anticipated IPOs in the country’s capital market history.

Flipkart

India’s consumer internet and technology space is also likely to contribute several large offerings. Flipkart is preparing for a listing in 2026 and is said to be eyeing a valuation of $60 billion to $70 billion. The Walmart-backed e-commerce platform, with a strong domestic footprint, is expected to be among the biggest tech IPOs to come out of India.

PhonePe

In the fintech space, PhonePe has already taken a step forward by filing confidential draft papers with Sebi. The company is planning a $1.5 billion IPO at an estimated valuation of $15 billion, marking a key moment for the digital payments segment as it tests investor appetite in public markets.

OYO

Hospitality firm OYO is also back on the IPO track. The SoftBank-backed company has begun groundwork for an issue that could raise up to $800 million. The move comes as OYO focuses on business stability and profitability, following delays to earlier listing plans caused by market volatility.

SBI Mutual Fund

SBI Funds Management, backed by State Bank of India and Amundi, is considering raising as much as $1.2 billion through an IPO in the first half of 2026, according to Bloomberg. As the country’s largest asset manager by assets, the listing would give investors a play on the expanding mutual fund industry.

Hero Fincorp

Hero Fincorp is also planning to tap the market with an IPO of Rs 3,668.13 crore. The issue will comprise a fresh issue of Rs 2,100 crore along with an offer for sale by existing shareholders, with investor focus likely to be on the company’s performance amid caution around unsecured lending.

Navi Technologies

Navi Technologies is targeting a public listing in the second half of FY26. Founded by Sachin Bansal, the company has been scaling its businesses across personal loans, home loans and insurance, and is expected to draw attention as one of the few large fintech players of its kind to approach the market.

Zepto

Quick-commerce firm Zepto is also gearing up for the public markets and is preparing to refile its draft offer documents. The company aims to raise between $450 million and $500 million, or about Rs 4,000 crore to Rs 4,440 crore, through a mix of fresh equity and investor exits as competition in the segment intensifies, ET reported.

Boat

Consumer electronics brand boAt is also lining up a listing. The company has appointed ICICI Securities, Goldman Sachs and Nomura as its bankers and is targeting a fundraise of $300 million to $500 million at a valuation exceeding $1.5 billion, with final details expected to be firmed up closer to the filing.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

Magnus Carlsen and R Praggnanandhaa

World No. 1 and five-time World Chess Champion Magnus Carlsen has shared his thoughts on the players competing in the 2026 Candidates Tournament. According to the former world champion, Indian Grandmaster R Praggnanandhaa is the third strongest contender to win the event.

Carlsen believes that Praggnanandhaa has a good chance, but still ranks him behind two American players. The Candidates Tournament is very important in chess. The winner earns the right to challenge the current World Champion. This time, the champion is India’s D Gukesh. Eight top players will take part in the tournament, and Praggnanandhaa is the only Indian among them.The 2026 Candidates Tournament will begin on March 28 in Cyprus. Carlsen feels that Americans Hikaru Nakamura and Fabiano Caruana are the top favourites. After them, he places Praggnanandhaa. He also said that there is a clear gap between these three and the rest of the field. “Just like last time, probably the Americans are the favourites. Then we got Pragg as the third favorite, and then probably a pretty big drop off after that. Wei Yi is really good, but I don’t think he’s capable of winning enough games to win the Candidates. So it will be interesting to see,” Carlsen told Chess.com in an interview. Apart from Nakamura, Caruana, and Praggnanandhaa, the tournament will include Anish Giri from the Netherlands, Matthias Bluebaum from Germany, Javokhir Sindarov from Uzbekistan, Wei Yi from China, and Andrey Esipenko from Russia. Carlsen also spoke about players who missed out on qualifying. He feels that some strong names deserved a place in the Candidates. “I would have loved to see some more big names in the field, but then again, if you didn’t qualify, you didn’t qualify. Maybe this system should kind of account for somebody like Vincent Keymer, who was really close to qualifying a lot of times and has the highest rating of anybody who’s not there. He certainly deserved to be there, but I guess he and Arjun and a few others will have to await their returns. It’s always interesting to follow,” Carlsen added.

Many Indians looking to transfer money overseas are facing tightened scrutiny from high street banks, demanding to provide detailed proof behind the origin of the funds. This comes as rupee continues to slide against the US dollar and many rush to move their funds abroad. Over the past month, at least two Mumbai-headquartered private sector banks have asked high net worth individuals (HNIs), non-resident Indians (NRIs) and even a film production company to submit chartered accountant-certified testimonials validating the source of funds proposed to be remitted abroad, according to an ET report. In several instances, customers were also told that the certification must come from accountants empanelled with the bank, rather than a CA of their choice.

Rules for overseas fund transfers

These checks come even though the regulatory framework already lays out clear limits and conditions. Under the Reserve Bank of India’s liberalised remittance scheme (LRS), resident individuals can remit up to $250,000 annually for overseas investments, property purchases, travel and other permitted purposes, according to ET. NRIs are allowed to repatriate up to $1 million a year after selling assets or property in India. Separately, businesses are permitted to make outward remittances from current accounts to pay overseas vendors and service providers, such as a movie producer transferring funds to cover hotel stays and shooting expenses in foreign locations. “Under the RBI regulations, only own funds can be remitted under LRS,” Rajesh P Shah, partner at Jayantilal Thakkar & Co told ET.

Restrictions are particularly tight when it comes to remittances from non-resident ordinary (NRO) accounts, where borrowed funds cannot be used.NRO accounts are rupee-denominated accounts maintained by NRIs to manage income earned in India. Besides interest on fixed deposits, rental income and dividends, proceeds from redeemed mutual funds and property sales in India are typically credited to these accounts. According to Pankaj Bhuta, founder of CA firm P R Bhuta & Co, recent enforcement action may be influencing banks’ approach. He pointed to a penalty imposed on a leading bank by an appellate tribunal, noting that authorised dealer banks cannot act only as middlemen for outward remittances and must carry out due diligence to ensure the transaction complies with FEMA rules. Under RBI rules, outward remittances from NRO balances must be sourced only from legitimate receivables in India and cannot come from borrowings or transfers from other NRO accounts. “So, an authorised dealer bank may feel obliged to verify the source of funds before processing such remittances. However, a peculiar challenge arises in cases involving a change in residential status from ‘resident’ to ‘non-resident’ upon emigration. Savings bank accounts [which are subsequently redesignated as NRO accounts] often contain balances accumulated over several years, making it difficult to precisely identify the source of funds. In certain instances, despite initially furnishing income tax returns, our clients have been additionally required to provide salary certificates dating back several years to establish that the funds originated from their own income,” Bhuta said. The situation is different for corporate remittances. While LRS and NRO-related transfers prohibit the use of borrowed money, businesses face no such restriction when paying overseas vendors. These payments do not have an upper limit and can be made from working capital, including bank borrowings, provided banks verify the authenticity of invoices raised by foreign suppliers. Even so, practitioners say banks questioning the source of funds in such cases is unusual. “But assessing fund sources in such cases is strange,” said another practitioner. For years, many wealthy Indians have been shifting a portion of their assets overseas, setting up companies and trusts, transferring money to NRI relatives, and spreading wealth across currencies and jurisdictions. This strategy is often driven by diversification goals and long-term planning for the next generation, many of whom settle abroad. With the rupee hitting new lows, the urge to remit more funds has only intensified. Against this backdrop, banks’ heightened caution is being felt most acutely now, as customers pushing more money overseas encounter growing compliance hurdles.

Problems with regulations

Shah said that banks seem to be layering additional compliance requirements on top of what the rules already mandate.“Once a CA certifies the same, there should be no requirement to have an additional certificate asking for the sources of funds. But, bank compliance teams are asking for extra documents, adding to the paperwork for customers.”He further added that while bankers should do their due diligence, they should not ask for something which is unnecessary. “Over the last one month some banks are even insisting on certificates from the CAs listed with them,” he said.

Representative image (AI-generated)

The Food Safety and Standards Authority of India (FSSAI) issued a clarification on the use of the word “tea” on food packaging and labelling, stating that only beverages made from the plant Camellia sinensis can legally be sold as tea.According to the press release issued on Wednesday, the food regulator said that products such as Kangra tea, green tea and instant tea qualify as “tea” under existing food safety standards. However, the use of the term for herbal or plant-based infusions not derived from Camellia sinensis is misleading and amounts to misbranding under the law.The clarification comes after FSSAI observed that several Food Business Operators (FBOs) were marketing products like “Rooibos Tea”, “Herbal Tea” and “Flower Tea”, even though these are not obtained from the tea plant.“As per standards specified under the Food Safety and Standards (Food Product Standards and Food Additives) Regulations, 2011, tea shall be exclusively from the plant Camellia sinensis,” the regulator said. It added that labelling rules require every package to clearly indicate the true nature of the food on the front of the pack.“Therefore, the use of the word ‘Tea’ directly or indirectly for any other plant-based or herbal infusions or blends not derived from Camellia sinensis is misleading and amounts to misbranding under the provisions of the Food Safety and Standards Act, 2006,” the release stated.FSSAI further clarified that herbal or plant-based infusions that are not derived from Camellia sinensis do not qualify to be named as tea. Depending on their ingredients, such products may instead fall under the category of proprietary foods or under the Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) Regulations, 2017.Accordingly, all food business operators, including those engaged in e-commerce, have been directed to comply with the regulations and refrain from using the term “tea” for products not made from Camellia sinensis. This applies to manufacturing, packing, marketing, importing and selling such products.The regulator has also asked Commissioners of Food Safety in all states and Union Territories, as well as regional directors of FSSAI, to ensure strict enforcement of these rules. It warned that action will be taken against non-compliant businesses under the provisions of the Food Safety and Standards Act, 2006 and related regulations.