{"id":87770,"date":"2026-03-16T00:00:00","date_gmt":"2026-03-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=87770"},"modified":"2026-03-16T10:14:04","modified_gmt":"2026-03-16T10:14:04","slug":"this-afternoon-india-likely-to-delay-interim-us-trade-pact-idbi-bank-stake-sale-scrapped","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/16\/this-afternoon-india-likely-to-delay-interim-us-trade-pact-idbi-bank-stake-sale-scrapped\/","title":{"rendered":"THIS AFTERNOON: India likely to delay interim US trade pact; IDBI Bank stake sale scrapped"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon<\/strong><strong>, readers.<\/strong> It is day 17 and the war continues to dominate headlines across the corridor. Analysts are already calculating the impact of a prolonged conflict on India\u2019s economy, while the government is considering a major policy intervention to assist exporters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big story today:<\/strong> Iran has allowed two fuel tankers destined for India\u2019s west coast through the Strait of Hormuz following sustained diplomatic efforts by the foreign minister.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus:<\/strong> We had an exclusive chat with Waeil Awwad, secretary general of the Indo-Arab Chamber of Commerce, Industry, and Agriculture, who remains positive about India-MENA economic ties despite the ongoing conflict.<\/p>\n<p class=\"tag-border-left\">Watch this space <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>TRADE<\/strong><strong> \u2014 India is likely to postpone signing an interim trade agreement with the US <\/strong>after Washington initiated a new investigation into what it describes as excess industrial capacity among several trading partners, including India, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/india-hold-off-us-trade-deal-amid-new-probe-sources-say-2026-03-13\/\" style=\"\">Reuters<\/a> reports, citing government sources. The probe covers manufacturing sectors across 16 trading partners. The proposed interim agreement was expected to include lowering duties on some US goods and India committing to purchase up to USD 500 bn worth of American products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Negotiations continue:<\/strong> Talks on a broader trade agreement between India and the US remain ongoing despite the delay in signing the interim pact. India \u201cstands by the US agreement,\u201d Commerce and Industry Minister Piyush Goyal <a target=\"_blank\" href=\"https:\/\/www.cnbctv18.com\/economy\/piyush-goyal-ibla-2026-india-stands-by-us-trade-deal-talks-no-fuel-shortage-amid-war-ws-l-19868443.htm\" style=\"\">said<\/a>, adding that negotiating teams remain in continuous discussions. The interim agreement was initially expected in March but may now slip by several months. Negotiations also slowed after the US Supreme Court struck down President Donald Trump\u2019s tariff policy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> Last year, the US imposed steep 50% tariffs on Indian imports, half of which were linked to Indian purchases of Russian oil. However, US President Donal Trump slashed tariffs on Indian goods to 18% following an agreement with Prime Minister Narendra Modi. Following the Supreme Court decision, Trump imposed 10% tariffs on all countries, but India seems to be at a disadvantage with its 18% rate and is seeking clarity from the US administration.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>M&A WATCH \u2014 <\/strong><strong>The<\/strong><strong> Indian government is reportedly scrapping plans to sell a majority stake in IDBI Bank <\/strong>as bids received were below its minimum price expectations, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/india-scrap-bids-majority-stake-idbi-bank-bloomberg-news-reports-2026-03-13\/\" style=\"\">Reuters<\/a> reports, citing unnamed sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign bidders: <\/strong>Emirates NBD was among the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/09\/emirates-nbd-submits-a-bid-to-acquire-a-majority-stake-in-idbi-bank\/\" style=\"\">international suitors who submitted bids to acquire a stake<\/a> in India\u2019s state-owned lender, competing against Canada\u2019s Fairfax for 60.7% of IDBI, estimated to be worth over USD 7.5 bn. Despite strong foreign appetite for Indian banking assets in recent M&As, the government is now expected to revisit the sale only when market conditions improve.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market <\/strong><strong>reax<\/strong><strong>: <\/strong>The IDBI stock <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/indias-idbi-bank-slumps-after-report-government-scrap-bids-majority-stake-sale-2026-03-16\/\" style=\"\">dropped<\/a> as much as 16.5% in today\u2019s trading, its steepest single-day decline in nearly a year and reversing gains that had built up on expectations of an M&A.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">*** YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30 pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this briefing? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">Tap or click here to sign up without charge for your own<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">copy.<\/a> ***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data points<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>USD 447 bn<\/strong><strong> \u2014 <\/strong><strong>that<\/strong><strong> is how much the market capitalization of Indian<\/strong><strong> equities has declined since the start of the war in Iran<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.business-standard.com\/amp\/markets\/news\/war-driven-selloff-erodes-447-bn-off-india-mcap-close-to-covid-crash-126031500507_1.html\" style=\"\">Business Standard<\/a> reports. The combined market capitalization of listed firms is at USD 4.7 tn and the scale of the decline is close to the USD 508 bn drop recorded during the Covid-driven market sell off in March 2020. Foreign portfolio investors have also sold shares worth USD 7 bn so far this month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regional war is still getting ink from all international dailies <\/strong>\u2014 no surprise there \u2014 as Washington raises the stakes. US President Donald Trump has warned Nato that it faces a \u201cvery bad\u201d future if the coalition does not help the US in reopening the Strait of Hormuz, he told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1ca6d121-760b-4ec5-b6ad-514fdaa94873\" style=\"\">Financial Times<\/a>. Trump also signaled that he may delay his sit-down with China\u2019s President Xi Jinping \u2014 scheduled for later this month \u2014 in efforts to pressure Beijing to act. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And in the world of e-commerce: <\/strong>Chinese e-commerce giant JD.com <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/jdcom-launches-joybuy-europe-targeting-amazon-2026-03-16\/\" style=\"\">has launched<\/a> its online marketplace \u2014 Joybuy \u2014 in European markets, as it prepares to face off with its major rival Amazon. China\u2019s largest direct online retailer has stepped foot into the UK, Germany, France, the Netherlands, and Luxembourg, diversifying its offerings away from its home market, where retailers face fierce competition vis-a-vis fast delivery times.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>This year\u2019s Oscars are wrapping up as we hit send this morning. Among those who secured awards during the ceremony: Jessie Buckley won best actress for her performance in Hamnet and Sinners\u2019 Michael B Jordan was awarded best actor. One Battle After Another took home the award for best picture.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market watch<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>CAPITAL MARKETS \u2014<\/strong> <strong>Indian<\/strong><strong> benchmarks suffered their<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/india-stock-benchmarks-set-open-lower-mideast-war-worst-week-since-2024-looms-2026-03-13\/\" style=\"\">steepest weekly decline<\/a><\/strong><strong> since the pandemic<\/strong>, with the NSE Nifty 50 dropping 2.06% on Friday, while the BSE Sensex dropped 1.93%. Both indexes extended losses for a third straight session as crude prices held above USD 100 per barrel, raising concerns about inflation and growth for the world\u2019s third-largest oil importer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Energy-led sector selloff:<\/strong> Rate-sensitive and energy-exposed sectors led the decline. Auto stocks plunged more than 10% last week, their worst fall in six years, while financials also slid amid foreign investor outflows. Prolonged oil disruption could pressure India\u2019s trade balance, with some analysts projecting a 200 bps drop in FY 2027 earnings growth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The values in the table above are listed according to the market position as of 3:30pm IST \/ 2pm GST.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Govt scraps IDBI Bank stake sale<\/p>\n","protected":false},"author":1,"featured_media":87771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2494,2402,2704,2643,2872,2626,2441,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-banking","tag-enterpriseam-india","tag-idbi-bank","tag-india-us-relations","tag-indian-equities","tag-ma","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"fa20891f-742b-4d7d-af93-7bb8ba96547b","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/3\/850.jpg","photo_position":"above","homepage_title":"","full_issue_title":"India to delay interim trade pact with US; Govt scraps IDBI Bank stake sale","related_issue":[87768],"teaser":"Plus: Govt scraps IDBI Bank stake sale"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS AFTERNOON: India likely to delay interim US trade pact; IDBI Bank stake sale scrapped - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/16\/this-afternoon-india-likely-to-delay-interim-us-trade-pact-idbi-bank-stake-sale-scrapped\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS AFTERNOON: India likely to delay interim US trade pact; IDBI Bank stake sale scrapped\" \/>\n<meta property=\"og:description\" content=\"Plus: Govt scraps IDBI Bank stake sale\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/16\/this-afternoon-india-likely-to-delay-interim-us-trade-pact-idbi-bank-stake-sale-scrapped\/\" \/>\n<meta property=\"og:site_name\" content=\"MENA India Corridors\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-16T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-16T10:14:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/850.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/16\/this-afternoon-india-likely-to-delay-interim-us-trade-pact-idbi-bank-stake-sale-scrapped\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/16\/this-afternoon-india-likely-to-delay-interim-us-trade-pact-idbi-bank-stake-sale-scrapped\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS AFTERNOON: India likely to delay interim US trade pact; 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