Mumbai-Dubai, one step closer

India and the UAE are exploring linking their central bank digital currencies for near-instant cross-border money transfers, potentially reshaping one of the largest remittance corridors.

If implemented, the system would allow funds to move directly between digital currency accounts, bypassing traditional bank-led settlement and sharply reducing transfer times.

The effort involves connecting the RBI’s e-rupee with the UAE’s digital dirham. Fintech platforms operating in both countries could debit a sender’s CBDC wallet in India and credit the recipient in the UAE almost instantly.

The corridor could support retail remittances as well as larger business payments. The UAE, home to over 4 million Indians, remains one of the biggest sources of money sent back to India.

India has been piloting the e-rupee since 2022. More than 8 million users have conducted about 120 million transactions worth ₹28,000 crore so far.

In today’s edition of Top of the Morning:

• Listing without IPO, soon at GIFT City
• Iran war has IndiGo in a double squeeze
• Consulting firms on hiring spree at IIMs

MARKET WATCH

THE MAIN STUFF

GIFT City may soon allow direct share listings

Companies may soon be able to list shares directly on GIFT City exchanges without raising money through an IPO. Regulators are expected to release a detailed operational framework that will allow firms to list purely to provide liquidity and access to global investors.

The move comes as GIFT City prepares to host its first IPO, even as the new framework targets companies that do not need fresh capital. If implemented, both Indian and foreign firms, including privately held companies, could list shares directly on the exchanges.

Iran war has IndiGo in a double squeeze

The Iran war has rattled IndiGo, forcing it to cancel more than 500 flights to and from West Asia, sending its shares down about 10% in just two days. The slide wiped out nearly ₹17,075 crore in market capitalisation as investors worried about the impact on the airline’s most profitable routes.

About a third of IndiGo’s roughly 1,200 international flights were cancelled between 28 February and 3 March after airspace disruptions following US and Israeli strikes on Iran.

The crisis has created a double squeeze. Higher crude prices have pushed up ATF costs, which make up about a third of operating expenses, while flight cancellations hurt high-yield international revenue.

Iran conflict shakes markets, but outlook stays steady

The Iran-US conflict has jolted global markets, pushing the rupee to a record 92.32 per dollar and sending crude oil above $80 a barrel.

The Nifty 50 fell 2.1% between 28 February and 4 March as foreign investors pulled out over ₹11,700 crore amid a rush to safer dollar assets.

The Strait of Hormuz blockade has added to worries, threatening energy supplies and raising costs for oil, chemical, and airline companies.

Gold briefly surged as a safe haven before easing on a stronger dollar.

But despite near-term volatility, analysts say the medium-term outlook for Indian equities remains intact, supported by expected earnings growth and continued government-led spending.

No takers for smartwatches in India

India’s once-booming smartwatch market is losing steam as buyers turn away from inexpensive devices that flooded the market during the pandemic.

After a record 53.4 million units sold in 2023, shipments fell sharply to 28.9 million in 2025, according to International Data Corporation data shared with Mint. Revenues dropped 43.9% to $780 million as repeat purchases dried up and innovation stalled.

Homegrown brands such as boAt, Noise, Fire-Boltt and Titan have been hit the hardest. Analysts say aggressive price cuts and white-label products left little room for differentiation.

Consulting firms on hiring spree at IIMs

India’s top business schools are leaning on a surge in consulting hires and a rise in pre-placement offers to secure near-full placements for the 2026 batch despite a cautious job market.

Firms such as BCG, Bain & Co., PwC, Accenture Plc and Deloitte dominated hiring across older IIMs, including at Ahmedabad, Bangalore, Calcutta and Lucknow.

As companies grow more selective in a global slowdown, pre-placement offers from summer internships are helping recruiters lock in top talent early. The trend highlights how consulting continues to anchor campus placements even as firms prioritise niche skills such as AI and analytics over broad hiring.

NEWS IN NUMBERS

$𝟤𝟩𝟧 𝖻𝗂𝗅𝗅𝗂𝗈𝗇: 𝖢𝗁𝗂𝗇𝖺’𝗌 𝗇𝖾𝗐 𝖽𝖾𝖿𝖾𝗇𝖼𝖾 𝖻𝗎𝖽𝗀𝖾𝗍, 𝖺𝖻𝗈𝗎𝗍 $𝟤𝟧 𝖻𝗂𝗅𝗅𝗂𝗈𝗇 𝗁𝗂𝗀𝗁𝖾𝗋 𝗍𝗁𝖺𝗇 𝗅𝖺𝗌𝗍 𝗒𝖾𝖺𝗋, 𝖺𝗌 𝖡𝖾𝗂𝗃𝗂𝗇𝗀 𝖺𝖼𝖼𝖾𝗅𝖾𝗋𝖺𝗍𝖾𝗌 𝗆𝗂𝗅𝗂𝗍𝖺𝗋𝗒 𝗆𝗈𝖽𝖾𝗋𝗇𝗂𝗌𝖺𝗍𝗂𝗈𝗇 𝖺𝗆𝗂𝖽 𝗋𝗂𝗌𝗂𝗇𝗀 𝗀𝖾𝗈𝗉𝗈𝗅𝗂𝗍𝗂𝖼𝖺𝗅 𝗍𝖾𝗇𝗌𝗂𝗈𝗇𝗌.

₹𝟧𝟩,𝟫𝟣𝟫 𝖼𝗋𝗈𝗋𝖾: 𝖯𝗎𝗇𝗃𝖺𝖻’𝗌 𝗈𝗐𝗇 𝗍𝖺𝗑 𝗋𝖾𝗏𝖾𝗇𝗎𝖾 𝗂𝗇 𝟤𝟢𝟤𝟦-𝟤𝟧, 𝗎𝗉 𝖿𝗋𝗈𝗆 ₹𝟥𝟩,𝟥𝟤𝟩 𝖼𝗋𝗈𝗋𝖾 𝗂𝗇 𝟤𝟢𝟤𝟣-𝟤𝟤, 𝗁𝖾𝗅𝗉𝗂𝗇𝗀 𝗉𝗎𝗌𝗁 𝗍𝗁𝖾 𝗌𝗍𝖺𝗍𝖾 𝗂𝗇𝗍𝗈 𝗍𝗁𝖾 𝗍𝗈𝗉 𝗍𝗁𝗋𝖾𝖾 𝗇𝖺𝗍𝗂𝗈𝗇𝖺𝗅𝗅𝗒 𝖿𝗈𝗋 𝗋𝖾𝗏𝖾𝗇𝗎𝖾 𝗀𝗋𝗈𝗐𝗍𝗁.

𝟤𝟤 𝗆𝗂𝗅𝗅𝗂𝗈𝗇: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗏𝗂𝖾𝗐𝗌 𝖣𝗁𝗎𝗋𝖺𝗇𝖽𝗁𝖺𝗋 𝗀𝖺𝗋𝗇𝖾𝗋𝖾𝖽 𝗈𝗇 𝖭𝖾𝗍𝖿𝗅𝗂𝗑 𝗂𝗇 𝟥𝟣 𝖽𝖺𝗒𝗌, 𝗆𝖺𝗄𝗂𝗇𝗀 𝗂𝗍 𝗍𝗁𝖾 𝗆𝗈𝗌𝗍-𝗐𝖺𝗍𝖼𝗁𝖾𝖽 𝖨𝗇𝖽𝗂𝖺𝗇 𝖿𝗂𝗅𝗆 𝗈𝗇 𝗍𝗁𝖾 𝗉𝗅𝖺𝗍𝖿𝗈𝗋𝗆 𝗌𝗂𝗇𝖼𝖾 𝗅𝖺𝗌𝗍 𝗒𝖾𝖺𝗋 𝖺𝗇𝖽 𝗍𝗁𝖾 𝗍𝗈𝗉 𝖨𝗇𝖽𝗂𝖺𝗇 𝗍𝗂𝗍𝗅𝖾 𝗈𝖿 𝟤𝟢𝟤𝟨 𝗌𝗈 𝖿𝖺𝗋.

₹𝟣𝟤,𝟢𝟦𝟪.𝟤𝟫 𝖼𝗋𝗈𝗋𝖾: 𝖳𝗁𝖾 𝗏𝖺𝗅𝗎𝖾 𝗈𝖿 𝖨𝗇𝖽𝗂𝖺𝗇 𝗌𝗁𝖺𝗋𝖾𝗌 𝖥𝖨𝖨𝗌 𝗈𝖿𝖿𝗅𝗈𝖺𝖽𝖾𝖽 𝗂𝗇 𝗍𝗁𝖾 𝖼𝖺𝗌𝗁 𝗆𝖺𝗋𝗄𝖾𝗍 𝗂𝗇 𝗍𝗁𝖾 𝖿𝗂𝗋𝗌𝗍 𝗍𝗐𝗈 𝖽𝖺𝗒𝗌 𝗈𝖿 𝖬𝖺𝗋𝖼𝗁 𝖺𝗆𝗂𝖽 𝗋𝗂𝗌𝗂𝗇𝗀 𝗍𝖾𝗇𝗌𝗂𝗈𝗇𝗌 𝗂𝗇 𝖶𝖾𝗌𝗍 𝖠𝗌𝗂𝖺.

𝟤𝟤: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝖨𝗏𝗒 𝖫𝖾𝖺𝗀𝗎𝖾 𝖺𝗇𝖽 𝗈𝗍𝗁𝖾𝗋 𝖾𝗅𝗂𝗍𝖾 𝗂𝗇𝗌𝗍𝗂𝗍𝗎𝗍𝗂𝗈𝗇𝗌 𝖯𝖾𝗇𝗍𝖺𝗀𝗈𝗇 𝗁𝖺𝗌 𝖻𝖺𝗋𝗋𝖾𝖽 𝖴𝖲 𝗆𝗂𝗅𝗂𝗍𝖺𝗋𝗒 𝗈𝖿𝖿𝗂𝖼𝖾𝗋𝗌 𝖿𝗋𝗈𝗆 𝖺𝗍𝗍𝖾𝗇𝖽𝗂𝗇𝗀 𝖿𝗈𝗋 𝗉𝗋𝗈𝖿𝖾𝗌𝗌𝗂𝗈𝗇𝖺𝗅 𝖺𝗇𝖽 𝗀𝗋𝖺𝖽𝗎𝖺𝗍𝖾 𝖼𝗈𝗎𝗋𝗌𝖾𝗌 𝗌𝗍𝖺𝗋𝗍𝗂𝗇𝗀 𝟤𝟢𝟤𝟨-𝟤𝟩.

𝟤,𝟧𝟢𝟢: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝖾𝗆𝗉𝗅𝗈𝗒𝖾𝖾𝗌 𝖬𝗈𝗋𝗀𝖺𝗇 𝖲𝗍𝖺𝗇𝗅𝖾𝗒 𝗁𝖺𝗌 𝗅𝖺𝗂𝖽 𝗈𝖿𝖿 𝖺𝖼𝗋𝗈𝗌𝗌 𝗂𝗍𝗌 i𝗇𝗌𝗍𝗂𝗍𝗎𝗍𝗂𝗈𝗇𝖺𝗅 s𝖾𝖼𝗎𝗋𝗂𝗍𝗂𝖾𝗌, w𝖾𝖺𝗅𝗍𝗁 m𝖺𝗇𝖺𝗀𝖾𝗆𝖾𝗇𝗍, 𝖺𝗇𝖽 i𝗇𝗏𝖾𝗌𝗍𝗆𝖾𝗇𝗍 m𝖺𝗇𝖺𝗀𝖾𝗆𝖾𝗇𝗍 𝖽𝗂𝗏𝗂𝗌𝗂𝗈𝗇𝗌.

𝟦.𝟣𝟧𝟩 𝖻𝗂𝗅𝗅𝗂𝗈𝗇: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗏𝗂𝖾𝗐𝗌 𝖡𝖺𝖽 𝖡𝗎𝗇𝗇𝗒’𝗌 𝖲𝗎𝗉𝖾𝗋 𝖡𝗈𝗐𝗅 𝖫𝖷 𝗁𝖺𝗅𝖿𝗍𝗂𝗆𝖾 𝗌𝗁𝗈𝗐 𝖽𝗋𝖾𝗐 𝗐𝗈𝗋𝗅𝖽𝗐𝗂𝖽𝖾 𝗂𝗇 𝗂𝗍𝗌 𝖿𝗂𝗋𝗌𝗍 𝟤𝟦 𝗁𝗈𝗎𝗋𝗌, 𝗆𝖺𝗄𝗂𝗇𝗀 𝗂𝗍 𝗍𝗁𝖾 𝗆𝗈𝗌𝗍-𝗐𝖺𝗍𝖼𝗁𝖾𝖽 𝖲𝗎𝗉𝖾𝗋 𝖡𝗈𝗐𝗅 𝗁𝖺𝗅𝖿𝗍𝗂𝗆𝖾 𝗉𝖾𝗋𝖿𝗈𝗋𝗆𝖺𝗇𝖼𝖾 𝖾𝗏𝖾𝗋.

AROUND THE WORLD

• The Iran war is a jolt to Dubai’s business model
• Russia is big winner as Iran war drains supplies that Ukraine needs
• Saudi Arabia starts to shift crude to Red Sea amid Hormuz blockade
• Why Ali Khamenei may have welcomed the nature of his death
• A London shopping mall was dying. Then Taylor Swift put it in a music video.

CHART OF THE DAY

The number of Maharatna and Navratna firms without a woman independent director jumped to 30 in FY25—up from just seven in FY22, shows the latest Excellence Enablers survey. Moreover, 17 PSUs now lack woman directors, a significant increase from three in FY22.

LOUNGE RECOMMENDS

What Punch the monkey teaches us about rescued pets

If you opened social media this week, you probably came across Punch, the baby monkey and his Orangutan plushie. The story of this abandoned baby has struck a chord worldwide as viewers watch him cling to the toy for comfort. The plushie was introduced by his caretakers to support his emotional development after early maternal rejection, and it appears to be helping. Read more.

WHAT THE FACT

India’s highest literary honour

The Sahitya Akademi Award, given by the Sahitya Akademi, features a plaque designed by Satyajit Ray. Earlier versions were sometimes made of marble, but the practice was dropped because the plaques were too heavy. During the India‑Pakistani War of 1965, the award plaque was temporarily replaced with National Savings Bonds.

Written by Siddharth Sharma. Edited by Alokesh Bhattacharyya.

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