Top Business & Market Headlines Today — BL Morning Report, July 23, 2026

Centre plans sweeping aviation reforms to ease airline entry The Centre is preparing a comprehensive package of reforms aimed at lowering barriers for launching new airlines and encouraging greater competition in India’s aviation sector. The Ministry of Civil Aviation is reviewing key regulatory provisions, including the 0/20 rule, licensing requirements, ownership structures and pilot availability as part of a broader effort to simplify market entry while retaining safety and regulatory oversight. The proposed changes come at a time when the domestic aviation market has become increasingly concentrated following the collapse or consolidation of several carriers over the past decade. Policymakers believe a review of the existing framework could facilitate the entry of new airlines, improve competition and attract fresh investment as passenger traffic continues to grow rapidly. Blockade of Bab el-Mandeb to push up crude oil prices, threaten product supply, lift freight rates Fresh concerns have emerged over global energy supplies after the Houthis threatened to block Saudi Arabia’s crude oil cargoes passing through the Bab el-Mandeb Strait. Refiners and trade sources say such a move could disrupt the availability of crude oil and refined petroleum products while increasing freight rates, potentially adding further pressure on India’s already elevated energy import bill. The concerns are reflected in rising oil prices, with Brent crude trading at $93.82 a barrel and WTI at $86.68 by Wednesday evening. Industry participants warn that reduced traffic through both the Bab el-Mandeb Strait and the Strait of Hormuz, considered two of the world’s most important energy choke points, could trigger a further increase in crude prices. Trump’s generic drug tariffs: Indian pharma says US consumers will pay the price Indian pharmaceutical companies have expressed concern over US President Donald Trump’s proposal to impose tariffs on generic medicines. Under the proposed framework, tariffs would remain at zero from August 1, 2026 before increasing progressively to 200 per cent from August 2029. Industry representatives say tariffs exceeding 100 per cent cannot be absorbed by manufacturers and would ultimately be passed on to American consumers through higher drug prices. Namit Joshi, Chairman of the Pharmaceuticals Export Promotion Council of India, said the assumption that a large-scale generic drug manufacturing ecosystem could be established in the United States remains a remote possibility. Rain deficit shrinks to 21% as wet spell intensifies in West, North-West The southwest monsoon continued to strengthen across Central, North-West and East India, helping reduce the country’s cumulative rainfall deficit to 21 per cent despite the weakening of the low-pressure system that triggered the latest spell of rain. The most significant improvement was recorded in East and North-East India, where the rainfall deficit narrowed to 32 per cent. Central India and North-West India emerged as the strongest-performing regions with deficits of 13 per cent and 18 per cent respectively. The South Peninsula, however, continued to trail the national trend, with a rainfall shortfall of 26 per cent. The improvement in rainfall offers relief for the agricultural sector and supports expectations of better water availability across several regions as the monsoon progresses. (Research and VO: Siddharth Mathew Cherian)