India Ratings and Research (Ind-Ra) opines that the achievement of 5% biodiesel blending target by 2030 would necessitate investments of INR25 billion. The economic viability of these however would be contingent on developing a supply chain and government incentives in the form of tax subsidies to improve the offtake by oil marketing companies (OMCs). The progress till date has been slow with a blending rate of 0.6% so far in FY25 on account of low investments in bio diesel, and supply chain issues in the reverse logistics of collecting used oil. Integrated players with edible oil refineries thus would be best positioned to add capacities over the next few years.

India Ratings and Research (Ind-Ra) highlights the maturity trends in the commercial paper (CP) market. As per the March 2025 data, CP maturity is stable in terms of both value and number of issuers.

India Ratings and Research (Ind-Ra) believes that the fiscal ratios reported in the FY26 budget are understated. “The state’s revenue account would be in a marginal deficit as against the budgeted revenue surplus of 0.8% of the gross state domestic product (GSDP) in FY26, due to the optimistic assumption for grants from the central government and nominal GSDP. As a result, the fiscal deficit is expected to be higher at 4.3% of GSDP in FY26 against the budgeted 3.0% of GSDP”, says Paras Jasrai, Senior Analyst & Economist, Ind-Ra.