Daily News - Tuesday, 7 April 2026
India Issues Tender for 2.5 Million Tons of Urea Amid Gulf Supply Disruptions (Economic Times)
India, the world’s largest urea importer, has issued a tender to secure 2.5 million metric tons of urea amid supply disruptions caused by the ongoing U.S.-Iran war, which has tightened Gulf shipments that account for 20%-30% of India’s urea imports and nearly 50% of LNG imports. The tender, floated by Indian Potash Ltd (IPL), seeks 1.5 million tons via the west coast and 1 million tons via the east coast, with bids due by April 15 and shipments expected by June 14, just ahead of the kharif planting season for rice, corn, and soybeans. According to Aparna Sharma, Additional Secretary, Department of Fertilisers, India’s domestic urea production fell by 600,000-700,000 tons per month due to limited LNG availability, though supplies have improved in recent weeks. In the last tender (November 2025), IPL secured urea at USD $418.40 (INR ₹34,700) per tonne CFR, but prices have since risen, and this tender is expected to set a benchmark for global buyers. The Ministry of Chemicals and Fertilisers is monitoring the situation closely, as fertiliser imports remain critical to India’s food security and agricultural productivity. Analysts warn that limited global surplus and Middle East disruptions could push prices higher, impacting farmers and subsidy outlays.
Russia, US, Australia Step In as Alternate LNG Suppliers to India (Business Today)
India has raised natural gas supply to its fertilizer plants to 90% of demand from April 6, 2026, up from the earlier restriction of 60%, thanks to alternate sourcing from Russia, the United States, and Australia after Qatar LNG shipments were blocked. Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, confirmed the increase, noting procurement from the spot market helped bridge the gap. Gas supply to industrial and commercial sectors, including city gas distribution networks, was also raised by 10%, while priority sectors such as domestic PNG and CNG transport continue to receive 100% allocation. The government has restored commercial LPG supply to 70% of pre‑crisis levels, selling 79,909 tonnes since March 14, and distributed 6.75 lakh free trade LPG cylinders to ease consumer demand. Measures include extending LPG refill booking intervals to 25 days in urban areas and 45 days in rural regions, alongside promoting alternative fuels like kerosene, coal, PNG, and electric cooking solutions. The Ministry of Petroleum and Natural Gas emphasized that hospitals and educational institutions remain prioritized, while urging citizens to avoid panic buying of LPG, petrol, or diesel.
India's MSMEs Capture ₹2.36 Trillion (USD $28.3 Billion) Orders in FY26 (Business Standard)
The Government e‑Marketplace (GeM) has recorded a cumulative gross merchandise value (GMV) of ₹18.4 trillion (USD $220 billion) since its inception in 2016, with FY26 alone contributing ₹5 trillion (USD $60 billion) across 75.7 lakh orders. MSMEs dominated procurement, forming 73% of active sellers and capturing 68% of orders, worth ₹2.36 trillion (USD $28.3 billion), thereby surpassing the mandated 25% procurement quota. GeM CEO Mihir Kumar highlighted that micro and small enterprises accounted for 45% of GeM business, with 20% growth in women-led MSMEs, startups, and SC/ST ventures, underscoring inclusivity. Deputy CEO Bharat Bhushan Verma noted that AI‑driven tools culled 90,000 faulty catalogs from 19 lakh listings, while monitoring risks like collusion, irrational pricing, and order splitting. State procurement rose 38.3%, led by Uttar Pradesh, Gujarat, and Maharashtra, while central ministries grew 20.5% and autonomous bodies 33%, though CPSEs saw a 22% decline, especially in coal contracts. Major fulfilled orders included 318 crore vaccine doses, 44,000 km of optical fiber, 77 lakh computers, a 110 MW floating solar project in Gujarat, and 29 crore sanitary napkins, with buyers saving 8% on average through competitive bidding, overseen by the Ministry of Commerce and Industry.
India Services PMI Falls to 57.5, 14-Month Low in March (Fortune India)
The Purchasing Managers’ Index (PMI) is a widely used economic indicator that measures the health of the manufacturing and services sectors. It is based on monthly surveys of business executives covering new orders, output, employment, supplier delivery times, and inventories. The index is compiled by organizations such as HSBC, S&P Global, and IHS Markit, and in India it is closely tracked by the Ministry of Commerce and Industry and the Reserve Bank of India (RBI). India’s services sector growth slowed to a 14-month low in March 2026, with the HSBC India Services PMI Business Activity Index falling to 57.5 from 58.1 in February, though still above the long run average of 54.4, indicating continued expansion. According to Pranjul Bhandari, Chief India Economist at HSBC, momentum eased for the second consecutive month due to softer domestic demand, even as export orders rose to their highest level since mid‑2024, driven by demand from Africa, Asia, Europe, the Americas, and the Middle East. Input costs surged at the fastest pace since June 2022, led by higher fuel, transport, logistics, and food prices, prompting services firms to raise selling prices at the sharpest rate in seven months. Sector‑wise, Consumer Services saw the steepest rise in input costs, while Finance & Insurance recorded the sharpest increase in output charges. Employment rose for the third straight month, with job creation at its strongest since mid 2025, and business confidence hit a 12‑year high, supported by expectations of stronger demand and improved customer relations. At the aggregate level, the HSBC India Composite PMI Output Index slipped to 57.0 from 58.9, marking the slowest pace of expansion in 3.5 years, as manufacturing and services both moderated under cost pressures and weaker domestic orders.
