Newspaper Summary 160326

Airfares to US, Europe up after capacity cut on West Asia crisis

By T E Raja Simhan, Chennai

Airfares from major Indian cities to Europe and the US have surged sharply following the West Asia crisis as Gulf-based carriers have suspended operations, forcing passengers to rely on European, South-East Asian, and other international airlines.

Economy fares have more than doubled and, in some sectors, even tripled. Tickets for connecting flights to the US that previously cost around ₹75,000-₹86,000 are now priced between ₹1.5 lakh and ₹2.45 lakh. Travel agents noted that "the fare that used to be a round-trip is now one way".

TICKET SPIKE

Individual travelers are facing significant costs due to cancellations. For instance, P Venkateshwaran, who had originally booked a ₹30,000 ticket to London with Kuwait Airlines, was forced to pay ₹1.25 lakh for a flight on Ethiopian Airlines via Addis Ababa after his original flight was cancelled. He noted that choices are extremely limited and most remaining flights are operating at full capacity.

Travel agents report that economy fares from Bengaluru and Chennai have risen two to three times earlier levels. Specific price surges include:

• Bengaluru to San Francisco (Singapore Airlines): Risen from ₹78,537 to ₹1,51,469.
• Bengaluru to Los Angeles (Cathay Pacific): Surged from ₹80,961 to ₹2.45 lakh.
• Bengaluru to New York (Lufthansa): Climbed from ₹80,932 to ₹2.32 lakh.
• Chennai to San Francisco (Singapore Airlines): Risen from ₹80,717 to ₹1.58 lakh.
• Chennai to Los Angeles (Cathay Pacific): Increased from ₹86,746 to ₹2.44 lakh.
• Chennai to New York (Lufthansa): Climbed from ₹75,356 to ₹2.28 lakh.
• Chennai to London (British Airways): Direct flight economy fares jumped from ₹43,420 to ₹2.28 lakh.

ROUTE DISRUPTIONS

Connectivity through Asian hubs like Hong Kong, Singapore, and Malaysia is currently limited, with fewer connections available to major international destinations. While Thai Airways connects to the US, it does not offer services to the UK or Europe on those specific routes.

Anjani Kumar Dhanuka of Aircom Travels stated that securing seats to Europe or the US has become increasingly difficult, with some passengers prepared to pay ₹5 lakh to ₹6 lakh for a one-way ticket just to find a safe and available flight. Additionally, some travelers are voluntarily cancelling existing bookings due to safety concerns and rebooking via alternative routes at significantly higher costs.

Assembly polls in 4 States, Puducherry between April 9 and 29, results on May 4

By Rohit Vaid, New Delhi

The Election Commission of India on Sunday announced the schedule for the Assembly elections in West Bengal, Tamil Nadu, Assam, and Kerala, along with the Union Territory of Puducherry. Polling will take place in all locations between April 9 and April 29, with the results set to be declared on May 4.

The Assembly elections in West Bengal will be conducted in two phases, on April 23 and April 29, while Tamil Nadu will hold its vote in a single phase on April 23. Polling for Kerala, Puducherry, and Assam will take place in a single phase on April 9. Alongside these primary Assembly elections, several States will also conduct by-elections, with voting scheduled for April 9 in Goa, Karnataka, and other regions; results for these will also be declared on May 4.

DEMOCRACY EXERCISE

Chief Election Commissioner Gyanesh Kumar stated that these upcoming elections represent a major democratic exercise involving millions of voters. He emphasized that "pure electoral rolls are the bedrock of any democracy". To achieve this, the Summary Internal Revision (SIR) is being conducted under Article 326 of the Constitution to ensure all eligible electors are included and ineligible individuals are removed.

CODE ENFORCED

With the announcement, the Model Code of Conduct is now in effect. Addressing the decision to schedule West Bengal’s elections in two phases—a significant reduction from the eight phases in 2021—Kumar explained that the Commission aimed to bring the number of phases down to a level that is "convenient for everybody" after careful deliberation.

Regarding law and order, the Commission has already requested information from authorities concerning officials linked to previous election-related violence. Kumar also issued a warning that the Commission will maintain a strict watch on misinformation.

The US’ global misadventures

By TCA Srinivasa Raghavan

Over the last one year, the world has heard leaders of the American regime behave horribly rudely while saying abominable things about all non-Americans. All restraint has vanished; as the saying goes, the inmates have taken over the asylum and are running amok. This is not the first time that such an egregious and brutal demonstration of power, money and muscle has been seen, as America’s Wild West culture — "have gun, will travel" — has been a constant. One only has to look at what America has been doing in South America, which is beyond shameful but accepted as normal since Columbus found it. It is now trying to do it worldwide.

LITERARY PARALLELS

In 1955, Graham Greene wrote The Quiet American, followed three years later by William Lederer and Eugene Burdick’s The Ugly American. Predating both was an 1881 Indian play by Bharatendu Harishchandra called Andher Nagari, Chaupat Raja, which depicts a foolish ruler in a kingdom where no value is placed on values. America today exemplifies this play. The time has perhaps come for someone to write a novel called The Indifferent American.

During the late 1960s, violent American involvement in South-East Asia — Vietnam, Laos, Cambodia, and Thailand — was at its peak. The literature of that era explained that American foreign policy was seen as incompetent, arrogant, and stupid.

AMERICAN INDIFFERENCE

A modern theme could be the sheer indifference of the American people to the qualities of those who govern them. They simply do not seem to care what American regimes do abroad — out of sight, out of mind — which is incomprehensible for a people so energetically innovative in other aspects of human endeavor.

It does not seem to bother them that American governments lie frequently to pursue foreign policy objectives. For instance, the massive escalation in the Vietnam war was based on the lie of the Gulf of Tonkin incident. Since 1945, every war that America has launched has been based on a lie, and it has lost all of them. The American people go along each time due to resignation, helplessness, or apathy. As long as a large number of Americans don’t die, they don’t care what their government does abroad.

PROFIT AND HUBRIS

Voter apathy is also sustained as long as American companies make money. Currently, the oil, gas, and fertilizer industries are benefiting hugely, with gains running into billions of dollars. The ruling regime always claims it is killing non-Americans for their own good, which is the essence of the "just war" lie. However, after repeated use, this moral cloak has worn thin, and self-serving intent is plainly visible.

It is no excuse that an enemy state is brutal; is it America's duty to bring it down when it exempts so many other similarly brutal ones?. America frequently picks on hugely weaker opponents only to lose, representing an extraordinary pattern of hubris being humiliated.

THE MILITARY-INDUSTRIAL COMPLEX

One hundred and twenty-five years ago, George Bernard Shaw’s play Major Barbara suggested how the arms industry persuaded governments to go to war, framing it as a "moral" endeavor by devoting small portions of profits to charity. Half a century later, President Dwight Eisenhower labeled this the military-industrial complex. Various American politicians have even suggested that the UN is antithetical to this complex.

The arms industry requires wars to make money, which is why America maintains military bases in at least 70 countries. While the rest of the world is aware of this, Americans themselves rarely discuss it. As ignorant electorates go, America’s is at the top of the chart, unable to hold its regime to a moral standard. To them, foreigners are fair game. It is hard to escape the conclusion that the American voter is largely insular and morally delinquent, and unfortunately, the American president is chosen from amongst them.

MSMEs push for 6 month moratorium on debt as gas supply shortage hits operations

By Suresh P Iyengar, Mumbai

The ongoing gas supply disruptions have started impacting micro, small and medium enterprises (MSMEs), which are gearing up to seek a six-month moratorium on outstanding and fresh loans to deliver pending orders. Most MSMEs currently have healthy order books as the financial year ends this month, but they are finding it difficult to execute them because the West Asia war has crippled gas supplies.

PRODUCTION CUTS

More than 70 per cent of MSMEs in the western region have cut production by 50-60 per cent. Industrial gas is a critical input for foundries and metal fabrication companies, which are now unable to perform essential gas-fired processes like heat treatment and powder coating. This disruption is expected to hit the supply of automotive and engineering components in the near term.

Chandrakant Salunkhe, President of the SME Chamber of India, stated that the government bringing in a few ships is insufficient to meet the massive demand. The association intends to meet with the RBI to seek a three-month moratorium and extended credit to complete pending orders. Salunkhe suggested that the Finance Ministry should follow the precedent set during the pandemic and announce a 3-6 month moratorium along with an additional 25 per cent loan under the Credit Guarantee Scheme.

GAS SHORTAGE IMPACTS

Prashant Damle, CEO of Precision Auto Components Industries, reported that his company attempted to switch to coal but found it too expensive, especially given the uncertainty regarding when gas supplies would return to normal. As a result, the company has reduced the number of shifts to two.

The crisis is also affecting construction materials. Steel companies have hiked TMT bar prices by ₹1,000-₹1,500 a tonne. Furthermore, the Morbi cluster is experiencing significant production cuts because its kilns rely on natural gas, which will likely impact real estate and infrastructure projects by the end of the month. Anand Gupta, Chairperson of the Housing and Rera Committee of the Builders Association of India, noted that the rise in TMT bar prices would marginally affect demand and impact **individual home builders in rural areas

Adani Power wins 1,600 MW electricity supply deal

Mumbai

Adani Power has received a Letter of Award from the Maharashtra State Electricity Distribution Company Ltd to supply 1,600 MW of electricity under a 25-year power supply arrangement starting from FY31.

The award was granted following a competitive bidding process in which Adani Power emerged as the lowest tariff bidder. The company stated on Sunday that it will be offering power at a combined tariff of ₹5.3 per kWh.

OUR BUREAU

PN3 was meant as an emergency measure

By Aditya Sinha

The mercantilist instinct to block outflows and restrict commerce with a rival is ancient, yet often viewed as incorrect by modern economists. India’s trade deficit with China reached $99.2 billion in FY25, with imports rising to $113.45 billion while exports contracted to $14.25 billion. In April 2020, India implemented Press Note 3 (PN3), which restricted Chinese investment under the Consolidated FDI Policy. While geopolitical concerns drove the note, its economic impact has been significant: from April 2000 to June 2025, China ranked only 23rd as a source of FDI equity inflow into India, accounting for just 0.34 per cent of the total. On March 10, 2026, the Union Cabinet finally amended PN3, a move many experts consider overdue.

ARGUMENTS AGAINST PN3

Six primary arguments were identified against the continuation of PN3 prior to its amendment:

• Expired Emergency Rationale: The original text of PN3 framed it as a response to "opportunistic takeovers" during the COVID-19 pandemic. With the pandemic over and markets recovered, retaining emergency legislation was seen as "bureaucratic sedimentation".
• Incoherent Legal Architecture: The policy used undefined terms like “beneficial owner,” leading to litigation and confusion between competing thresholds (10 per cent under Company Rules vs. 25 per cent under PMLA). Consequently, approvals that were promised in 8-10 weeks often took 6-10 months.
• Missed "China Plus One" Opportunities: While countries like Vietnam, Mexico, and South Korea attracted Chinese FDI to gain US export shares, India’s restrictive policy prevented it from doing the same.
• Energy Transition Barriers: China controls over 60 per cent of global battery production and 70 per cent of solar supply chains. Blocking this capital hindered India's ability to build a domestic battery ecosystem while import dependency continued.
• Pressure on FDI Trajectory: Net FDI in India fell 62 per cent from $28 billion in FY23 to $10.6 billion in FY24. Procedural uncertainty from PN3 affected rising investment intentions in critical sectors like AI, data centres, and EVs.
• Constraints on Local Manufacturing: Allowing Chinese investment under controlled conditions would help internalize value chains. Local manufacturing by Chinese firms would build jobs and capabilities on Indian soil, even if the capital originates across the border.

The amendment to Press Note 3 is seen as a necessary step to spur domestic value chains and create jobs. It highlights how easily emergency measures can become permanent "furniture" when data-driven adjustments are ignored.

The Pygmalion effect on cricket and work!

By Kamal Karanth

Whether it was superior skills, good preparation, or a well-rewarded system that enabled Team India to lift the T20 cricket World Cup once again, the success can be attributed to the Pygmalion effect. This psychological principle suggests that people tend to perform better when more is expected of them. In the professional world, this raises the question of whether high expectations can help colleagues outperform on their tasks.

THE RESEARCH

In the 1960s, Harvard psychologist Robert Rosenthal conducted a study at a San Francisco elementary school where teachers were told certain students were "set to blossom" based on an IQ test. A year later, those specific students showed significantly higher score increases than their peers. Researchers found that teachers were more encouraging, less critical of mistakes, and used warmer body language with this group. Rosenthal named this the Pygmalion effect, inspired by the Greek myth of a sculptor whose love for his statue brought it to life.

EXPECTATIONS DELIVERED

In a competitive world, it is difficult to justify expecting less from any colleague, yet there is often a tendency to ignore poor performance in some while focusing entirely on high-potential individuals. Professional spaces often involve a constant toggle between engaging a team and applying pressure to deliver superior results.

The author recalls a past experience with a capable colleague who struggled with media training. Instead of providing support, the author taunted him about a lack of effort, eventually leading the colleague to become immune to the sarcasm and fail to develop the necessary skills. This highlights how a boss who only applies pressure without encouragement can label a capable person as "lazy".

WEIGHT OF REPUTATION

Different team members react to pressure in various ways, with some bouncing back and others whittling down. Superstars in an organization often face immense pressure because their actions are closely monitored by bosses and highlighted as best practices by HR and CEOs.

While running India operations, the author noted the high level of attention given to counterparts in Singapore and Malaysia, who generated 90 per cent of regional profits. However, moving into regional roles revealed the "downside" of such attention. Similar to the Indian cricket team facing critics after losses, superstars in an organization often deal with detractors who seem to wait for them to fail. Living up to a past track record is a significant challenge.

ASSUMING POSITIVE INTENT

Trinity University professor Amer Kaisser, in his book The Positive Intent Mindset, argues that positivity begets positivity. Leaders who assume others are trying their best will likely find evidence to support that belief, whereas those with biases will find evidence to the contrary.

The thousands of fans who fill stadiums to cheer for India, despite often poor facilities, represent a massive support system. With millions of fans wanting them to succeed, it is natural for the Indian cricket team to lift its game and continue winning. Do we create high performers simply by virtue of the expectations we place on them?

Op Sindoor: An insider’s account

By Col. Arun Hariharan

Title: Operation SINDOOR Author: Lt Gen KJS ‘Tiny’ Dhillon Publisher: Penguin Veer Price: ₹599

Lt Gen KJS “Tiny” Dhillon’s Operation SINDOOR: The Untold Story of India’s Deep Strikes Inside Pakistan offers a first-person, strategic narrative of India’s military response to the Pahalgam terror attack. Written by the former Director General Defence Intelligence Agency and Corps Commander of the Chinar Corps, the book combines operational detail with political-strategic framing and a focus on narrative warfare.

THE CATALYST

The volume is anchored in the Baisaran Valley attack at Pahalgam, which the author interprets as a deliberate attempt to rupture India’s inter-religious harmony due to the diverse backgrounds of the victims. India’s response, Operation Sindoor, was a joint air-dominated campaign designed to strike terror infrastructure at its source. The author argues that this operation reflects India’s military modernization and its evolving doctrine of calibrated, firm cross-border responses even under a nuclear overhang.

OPERATIONAL THEMES

The analytical core of the narrative focuses on the “Four-Day War,” battles along the Line of Control, and strategic communication. Three major themes emerge from the text:

• Network-Centric Warfare: The book highlights a transition toward integrated warfare using precision weapons, drones, and layered air defense. It notes the use of Rafale aircraft employing MBDA SCALP land-attack cruise missiles and Safran AASM Hammer guided bombs to hit targets up to 150 kilometers inside Pakistani territory.
• Whole-of-State Mobilization: Operation Sindoor is portrayed as a coordinated enterprise involving the armed forces, intelligence community, diplomatic apparatus, and political leadership.
• Narrative Warfare: The author emphasizes how media and information operations are now woven into operational planning to control the crisis story and counter external perceptions.

ANALYSIS AND PERSPECTIVE

Gen. Dhillon frames the operation as a morally and strategically necessary response to provocation. While providing detailed insight into the thinking of senior military leadership regarding escalation dominance, the work is noted for being openly national in orientation.

Critics suggest the book engages only lightly with the potential costs, risks of collateral damage, or the possibility of miscalculation. Furthermore, the Pakistani perspective receives minimal exploration beyond being a foil for Indian decision-making. Despite these caveats, the book is considered an authoritative insider's narrative and an important addition to Indian strategic writing.

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About the Author: Lt General KJS Dhillon (retd) is a 1983-commissioned Infantry Officer (Rajputana Rifles) who has served extensively in counter-insurgency and counterterrorism operations in Kashmir and the North-East.

Children of a lesser God: The tumultuous lives of child actors

By Naveen Chandra

Title: Behind the Big Screen Authors: Sunanda Mehta & Suchitra Iyer Price: ₹599 Publisher: Magic Mouse Publishing

“None of my achievements from Salaam Bombay! are of any use,” laments Shafiq Sheikh, whose breakthrough performance in that film won him a National Film Award in 1989. To make ends meet, he now drives an auto rickshaw on the streets of Bengaluru and takes on small film roles. Shafiq, a former street kid who won his role beating out 129 other contestants, represents the "instant high" followed by a hopeless future that has led him to attempt to end his life many times.

DOCUMENTING THE STRUGGLE

In Behind the Big Screen, journalists Sunanda Mehta and Suchitra Iyer uncover the journeys of child actors who once shone at the box office. The book documents their struggles with parental control, their dramatic falls into ignominy, heartbreaks, loss of innocence, and the constant pressure to survive in the film industry.

The narrative ranges from Daisy Irani’s harrowing past to the rise of Junior Mehmood, who used his chutzpah and help from the actor Mehmood to find his place in cinema. It also touches upon the torturous personal lives of legends like Meena Kumari and Madhubala, even as they successfully transitioned into adult superstars.

SUCCESS STORIES AND COMPLICATIONS

A brief chapter details those fortunate enough to find lasting success, including Sridevi, Urmila Matondkar, Kamal Haasan, Aamir Khan, and Hrithik Roshan.

The book highlights contrasting experiences with family and finances:

• Khushbu: The daughter of a TV mechanic, she protested her father’s control, shifted to South Indian cinema, and became an iconic superstar.
• Sarika: Unlike Khushbu, she fought a bitter legal battle to gain control of her finances from her father, a situation mirrored by MacCauley Culkin in the US.

THE SLUMDOG LEGACY

The book also chronicles the fate of the four child actors from Danny Boyle’s Slumdog Millionaire. The youngest, Rubina, went from a Dharavi slum to the Oscars red carpet, only to return home to a stepmother who threw her out of her house and media reports accusing her father of trying to sell her to a Sheikh. She eventually used a trust set up by Boyle to attempt to rebuild her life by opening a salon.

THE PSYCHOLOGICAL TOLL

The collection includes a psychologist's perspective on the toll of grueling work schedules, exposure to adult scenarios beyond their understanding, and the effects of tasting stardom and rejection at a very young age.

Behind the Big Screen is a well-researched, non-judgmental look at the emotional cost children pay to grow up on the big screen.

Patenting for plastic circularity

PolyCycl’s technology transforms hard-to-recycle plastics into valuable feedstock.

By Sanjana B.

Globally, just under 10 per cent of plastic waste is recycled, leading to nearly 5 billion tonnes of accumulated waste in landfills, oceans, and cities. Much of this waste comprises flexible packaging, single-use polythene bags, and food-contaminated plastics that cannot be mechanically recycled.

THERMO-CHEMICAL INNOVATION

To address this gap, Poly-Cycl, a recycling solutions company founded in 2016, has developed a patented thermo-chemical technology that converts hard-to-recycle plastics into liquefied hydrocarbon oils. These oils serve as high-value circular feedstock in the manufacture of low-carbon plastics, renewable chemicals, and sustainable fuels.

Amit Tandon, Founder and CEO of PolyCycl, explains that while plastics are typically made from fossil-extracted crude oil, PolyCycl transforms discarded plastics into a format acceptable to the point of origin of those materials. This creates a true plastic-to-plastic circular pathway, enabling boundless circularity.

PATENTS AND MANDATES

PolyCycl has eight international patents granted across India and the US, with more in the pipeline. This technology is particularly relevant as India’s Extended Producer Responsibility (EPR) framework mandates increasing recycling targets and compulsory use of recycled content, including 10 per cent in flexible packaging and 30 per cent in rigid packaging, by 2025–26.

BUSINESS MODEL

The company’s business model is primarily technology licensing. PolyCycl provides the core proprietary process and equipment, while the licensee is responsible for financing, constructing, and operating the plant. Implementation partners like L&T support the execution, commissioning, and performance optimization of these plants.

Key target sectors for this technology include:

• Petrochemical industry: Manufacturers of plastics.
• Chemical industry: Entities with expertise in operating processing assets.
• Waste management sector: Those who already aggregate plastic waste through municipal contracts.
• Mechanical recyclers: Those looking to expand into chemical recycling.

GROWTH AND FUNDING

In January, PolyCycl raised a Series A round from Rainmatter, the investment arm of Zerodha. The company plans to use these funds to advance R&D, establish advanced circularity labs for analyzing its hydrocarbon (pyrolysis) oils, and strengthen technical teams. Over the next decade, PolyCycl aims to enable the global recycling of plastic waste.

Hedge funds, banks in the UAE hit contingency mode

West Asian war punctures Emirates’ reputation for stability in a volatile neighbourhood

As missiles and drones flew over the United Arab Emirates, traders and Wall Street executives who have recently flocked to the Gulf found themselves confronting an unexpected threat in a country that had pitched itself as the region’s safest hub. Several hedge funds immediately began reviewing business-continuity arrangements, while major banks including Goldman Sachs, JPMorgan Chase, Citigroup, Commerzbank, and Nomura instructed employees to work from home. Other firms urged staff to shelter in place and avoid sensitive areas around embassies and military installations as they rushed to size up their regional exposure.

PERCEPTION PUNCTURED

These defensive moves followed air defense systems intercepting projectiles over the skylines of Dubai and Abu Dhabi in the first week of March, with debris and smoke visible near high-profile commercial districts and luxury developments, including Palm Jumeirah. A suspected aerial strike partially damaged facilities at the Dubai International Airport, and debris from an intercepted drone struck a building facade at Etihad Towers, which houses diplomatic missions in the UAE capital. These attacks, part of an unprecedented Iranian response to US and Israeli strikes, have punctured the long-held perception that the UAE was insulated from its neighborhood's volatility—an image that underpinned its rise as a magnet for private capital.

STAFF SAFETY MEASURES

Affected workers are now required to check in daily, and firms are maintaining rosters to track travels and provide assistance; some companies have even booked hotel rooms for staff members unable to leave the city. Kenneth Kan, Deputy CEO and Managing Partner of an affected firm, stated that while they had previously managed challenges like Covid and the Hong Kong riots, wartime-related safety issues represented a first for them.

REGIONAL HUB GROWTH

Despite the current crisis, Dubai has emerged as a fast-growing hedge fund hub, with the DIFC now hosting more than 100 firms, including Millennium Management and ExodusPoint Capital Management. Abu Dhabi is similarly scaling up, attracting firms such as Hudson Bay Capital Management, Marshall Wace, and Arini, while an emirate-based entity recently took a minority stake in Brevan Howard Asset Management. Buyout firms like Blackstone, Brookfield Asset Management, and BlackRock have also been adding resources and ramping up deal-making across the region.

Bloomberg