BACK PAGE | PAGE 28 COMPANIES | PAGE 4 More ministries may take down social media content INTERNATIONAL | PAGE 7 Nvidia forms openAI coalition, Sarvam joins CHENNAI/KOCHI, WEDNESDAY, MARCH 18, 2026 At least 400 killed in Pak strike on Kabul hospital FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 266, 28 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 76,070.84 ▲ 567.99 NIFTY: 23,581.15 ▲ 172.35 NIKKEI 225: 53,700.39 ▼ 50.76 HANG SENG: 25,868.54 ▲ 34.52 `/$: 92.38 ▲ 0.05 `/€: 106.39 ▼ 0.57 BRENT: $101.95 ▲ $1.74 GOLD: `155,297 ▲ `902 IN THE NEWS ECONOMY PAGE 2 RE GENERATION BOOM STYMIED BY GRID HURDLES INDIA’S RENEWABLE ENERGY boom is running into a major infrastructure constraint, with more than 35 GW of renewable capacity likely to face power curtailment risk by FY27, reports Saurav Anand. MARKETS PAGE 6 KOTAK PLANS $2-BN PRIVATE CREDIT FUND KOTAK ALTERNATE ASSET Managers is aiming to raise as much as $2 billion for its third private credit fund, according to a top executive, highlighting strong investor appetite for the asset class even as global concerns grow, reports Bloomberg. » INSIDE « GSTCUTS BOOSTHEALTH INSURANCE PREMIUM PAGE 6 Panel flags weak manufacturing FDI amid global shifts THE PARLIAMENTARY STANDING Committee on Finance has urged the government to streamline India’s foreign direct investment (FDI) regulatory framework at a time when global investment flows are slowing, reports fe Bureau. ■ PAGE 3 Tata Steel clears $2-bn overseas spends, NINL deal TATASTEEL’S BOARD onTuesday approved three key resolutions, including a proposed investment of up to $2 billion in its overseas arm, the amalgamation of Neelachal Ispat Nigam (NINL) with the parent, and the acquisition of an additional stake in its hospital subsidiary, reports Urvi Malvania. ■ PAGE 6 PARLIAMENTARYPANELHINTSAT ‘TRIPLEWHAMMY’ CEAflagssustainedcostly oilasathreattoeconomy ● Oil at $130 for 2-3 qtrs could cut FY27 growth by1 percentage point (Closing price, $ per barrel) CHIEF ECONOMIC ADVISER 72.48 ...by and large,up to $90,the macroeconomic assumptions for 2026-2027 of achieving around 7-7.4% real GDP growth will be feasible FE BUREAU New Delhi, March 17 CHIEF ECONOMIC ADVISER V Anantha Nageswaran has cautioned that if crude oil prices spike and remain around $130 for two to three quarters,it would have“fairly significant” impact on the Indian economy by dragging the Gross Domestic Product (GDP) growth down from 7.4% to 6.4% for 2026-27, while also pushing inflation towards 5.5%. Such a scenario could also widen the current-account and fiscal deficits to 3.2% and 5.6% of the GDP respectively,he said. Briefing the Parliamen- Brent crude prices V ANANTHA NAGESWARAN, »INSIDE« EXPLAINER: WHYTHERE’S AN LPG CRISIS IN INDIA PAGE 9 tary Standing Committee on Finance on March 2 about the implications of the West Asia crisis for the economy, 102.03 Mar 17, 2026 (At 7pm IST) Source: Bloomberg around 7-7.4% real GDP growth, inflation remaining at or around 2%, a current account deficit between 11.2%, and a fiscal deficit being around 4.3-4.4% will be feasible.” Continued on Page 7 Iran’s security chief LPG situation still Larijani killed: Israel a concern: Govt Top US official quits, counters Iran threat ISRAEL CLAIMED ON Tuesday to have killed Iran's security chief, while a senior Iranian official said the new supreme leader had rejected de-escalation offers conveyed by intermediaries, demanding Israel and the US first be “brought to their knees”, reports Reuters. PAGE 7 A TOP US security official has resigned over the war in Iran on Tuesday, saying the country had posed no imminent threat, reports Reuters. Joe Kent, who headed the National Counterterrorism Center, is the first senior official in Trump's administration to resign over the conflict, now in its third week. GOVERNMENT OFFICIALS ON Tuesday said the domestic LPG supply situation remains under close watch even as distribution continues without interruption. Cooking gas consumption fell 17.3% to 1.147 MT in the first fortnight of March, according to preliminary data, reports Saurav Anand. PAGE 2 ● 16 companies to compete with 65-75% cheaper generic medicines MANU KAUSHIK & NANDINI OZA New Delhi/Ahmedabad, March 17 Feb 27, 2026 the CEA said: “If the shock is short-lived and temporary, then even if it (oil) escalates to $130,it will not matter.So, by and large, the answers we get suggest that, up to $90 per barrel, the macroeconomic assumptions for 2026-2027 of achieving Semaglutide prices to slim down from Friday COME MARCH 20, when the patentforSemaglutideexpires, the Indian market is expected to see the launch of generic drugs from at least seven pharma companies, at costs ranging from one-third to onefourth of existing prices.“The costs will come down to onethird,and some companies are even talking of offering the drugatone-fourthoftheprice,” a source told FE. The monthly treatment cost of Semaglutide (Ozempic/Wegovy)isabout`10,00012,000 presently, which is expected to drop to `3,0004,000 per month with generic drugs. And, as the generic opportunity opens up post expiry of patent, it will be the price that will swing pharma fortunes in a market that is set to outpace global trends when it comes to use of GLP-1 (Glucagon-Like Peptide)drugs. Semaglutide is used for the treatment of insufficiently controlled type 2 diabetes mellitus and chronic weight management. Currently, seven domestic drugmakers have got the gov- Sebi paperproposes rejig inpowerofattorneyrules ● Reauthorisation likely for accounts of incapacitated investors KUSHAN SHAH Mumbai, March 17 THE SECURITIES AND Exchange Board of India (Sebi) on Tuesday proposed to allow power of attorney (PoA) holders to operate an investor’s demat account/mutual fund folios in situations where the investor is physically incapacitated, but has the capacity to contract.The regulator issued a circular easing nomination norms after stakeholders had flagged operational challenges. EASE TO INHERIT ■ Power of attorney may be allowed to operate an investor’s account who is physically incapacitated ■ Only the name and relationship of the nominee will be mandatory as per the paper Sebi has invited public comments on these suggestions until April 7. The move comes in the backdrop of an earlier circular issued in January 2025 where Sebi had prohibited the PoA holder to make nomination and allowed nominees to act in behalf of disabled investors, including encashment of a specified share of assets. However, the entire process was complicated and detailed involving higher implementation costs and difficulty in maintaining audit trails.The industry also raised the issue of risk of fraud and legal disputes. The regulatoralso received feedback about investors dropping off during the onboarding process due to the extent of details required to be shared. Continued on Page 7 Demographic dividend fast eroding with rising youth joblessness Lessthan7%ofmalegraduatesget permanentsalariedjobinoneyear MANU KAUSHIK New Delhi, March 17 THE WINDOWTO reap India's fameddemographicdividendis fastnarrowingwiththeshareof the working-age population expectedtostartdecliningfrom 2030 onwards, according to a report. The fizzling out of the potential demographic gains is alsoaccompaniedbyasharprise in the number of unemployed graduates,and particularly,the share of youth among them, revealed the “State of Working India2026”reportbyAzimPremji University. In 2023,the countryhad 11 millionunemployedgraduates, compared with 4 million in 2011 and 3 million in 2004. Importantly, the rise in the number of such people was faster in the 2011-17 period than in the subsequent five years.About 67% of the unemployed graduates in 2023 were CAUSE FOR CONCERN Rise in the number of unemployed graduates Total count (in million) Total count (in million) Unemployed in 20-29 age bracket (%) Unemployed in 20-29 age bracket (%) 1983 1983 1993 1993 2004 2004 2011 2011 2017 2017 2023 2023 13 13 22 22 32 32 44 44 46 46 Source: State of Working India 2026 Source: State of Working India 2026 67 67 0.7 0.7 2 2 3 3 4 4 10 10 11 11 Salaried employment and Salaried employment and white-collar jobs are rare (in %) white-collar jobs are rare (in %) 12th standard pass 12th standard pass Graduate & above Graduate & above Overall Overall Any employment Any employment 51.9 51.9 48.8 48.8 51.2 51.2 Permanent salaried Permanent salaried 4.0 4.0 6.7 6.7 4.6 4.6 White White collar collar 1.5 1.5 3.7 3.7 2.0 2.0 »INSIDE« EDUCATION DIVIDEWIDENSAS PRESSURETO EARN EARLYLEADTO MORE EXITS P24 in the 20-29 age bracket. Anotherworrisome aspect is the abysmally low levels of permanent/salaried and white-collar jobs among graduates. Less than7%ofmalegraduatesmanagetofindapermanentsalaried jobwithinayearwiththepropor- tion being an even lower 3.7% when it comes to a white-collar job.The respective numbers for thosewith12thstandardeducation and above is 4.6% and just 2%in2023.“Withamedianage of 28 years,India is among the youngest economies in the world. Creating remunerative and meaningful employment forthishighlyaspirationalcohort isimperativeifwearetoreapthe dividends of demography,”the reportnoted. Continued on Page 11 CHENNAI/KOCHI STIFF COMPETITION ■ The monthly treatment cost of Semaglutide (Ozempic/Wegovy) is about `10,00012,000 presently ■ It is is expected to drop to `3,000-4,000 per month with generic drugs ■ Currently, seven domestic drugmakers have got the government's approval to launch a generic version of Semaglutide post its patent expiry ernment'sapprovaltolauncha genericversionofSemaglutide post its patent expiry. These include Sun Pharma, Dr Reddy's Labs, Zydus Lifesciences, Natco Pharma and AlkemLaboratories.Ninecompanies including Cipla, Lupin, Biocon and Intas have GLP-1 products in the pipeline. On Tuesday, Zydus Lifesciences inked an agreement withpharmamajorLupintosell Zydus' Semaglutide in the Indian market. Under the deal, Lupin will have semi-exclusive rights to co-market Semaglutide injection under the brand names Semanext and Livarise with a patient-friendly reusable pen device. ■ On Tuesday, Zydus Lifesciences inked an agreement with pharma major Lupin to sell Zydus' Semaglutide in the Indian market Lupinwillalso paylicensing fees and milestone payments (to Zydus) on achieving predefined milestones. Zydus had recently announced that it plans to launch Semaglutide injection under three brand names on the first day of the patent expiry (March 20),claiming its offering will be different since it works on a novel, indigenously developed drug-delivery system. “Unlike existing treatments that require patients to purchase multiple single-dosepensastheytitrate their dosage, Zydus plans to introduce an innovative, adjustable single-pen device. Continued on Page 11