Business
‘Every day feels like firefighting’: Hit by EU sanctions over Russian oil – Indian refinery Nayara Energy struggles to sustain operations – The Times of India
Nayara Energy, the Indian refinery with major Russian ownership, is scrambling to sustain operations after being hit by European Union sanctions. The Russian-owned refinery, facing exclusion from many international markets due to severe EU sanctions implemented on July 18, has been compelled to redirect additional fuel towards domestic consumption whilst seeking alternative export destinations, amongst various necessary adaptations required by the EU restrictions.According to a Reuters report, from late August onwards, Nayara Energy’s refinery has intensified its railway usage, dispatching two to three trains daily, each comprising 50 tanker cars to transport fuel to inland storage facilities. This is more than twice its previous railway utilisation for diesel and petrol transportation.Nayara’s Russian ownership exemplifies the enduring close relationship between New Delhi and Moscow, a connection that positions India differently from Western allies.The government has found itself managing a delicate situation with Nayara’s ongoing difficulties, providing essential operational support whilst being cautious not to trigger Western opposition, according to government and company officials quoted in the report. The administration’s assistance includes allocation of tank wagons and authorisation for coastal vessels to transport the refinery’s products.The refinery, with Russian state oil corporation Rosneft as its primary stakeholder, now sources its crude oil requirements exclusively from Russia, following the cessation of Iraqi and Saudi Arabian supplies post-EU sanctions. This dependency creates potential vulnerabilities should supply chains face disruption from enhanced sanctions or increased pressure from the Donald Trump administration.The UK government is evaluating dual strategies: supporting Nayara whilst being cognisant of mounting international pressure for stricter sanctions, according to Amitendu Palit, senior research fellow at the National University of Singapore’s Institute of South Asian Studies quoted in the report.“Long-term support might not be sustainable unless the whole global dynamics change – like a resolution between Russia and the U.S.A. or progress in Russia-Ukraine conflict,” he said.The Mumbai-based Nayata holds significant influence in India’s expanding fuel industry, contributing 8% of refined products output and managing over 6,500 petrol stations.The company has been compelled to decrease crude processing at its 400,000-barrel-per-day Vadinar refinery to 70-80% capacity – down from its previous 104% – as it encounters difficulties securing export customers for its fuel and banking institutions to process payments, according to sources familiar with refinery operations.
What Nayara is doing to sustain operations?
Nayara adapted its operations by increasing railway transportation after sanctions impeded its coastal shipping and export capabilities, necessitating domestic distribution of its products, the Reuters report said. The refinery, lacking pipeline connectivity, received assistance from the government to access additional railcars and temporary permission to operate four coastal vessels, including the sanctioned Leruo and two vessels from the shadow fleet: the Garuda (Guinea-Bissau flag) and Chongchon (Djibouti flag), the report said.The company has requested governmental authorisation for two additional coastal vessels. Additionally, Nayara seeks official support to acquire equipment and materials, currently restricted by sanctions, for its maintenance closure initially planned for February. Sources indicate the company might postpone the shutdown until April whilst searching for alternative materials.“We are under constant threat,” a senior company official said on condition of anonymity, citing the worry that vessels the company is now using could come under future Western sanctions.“We never anticipated that we would be hit so directly. Now, every day feels like firefighting.”Nayara – the name is a mix of Hindi and English for “New Era” – previously operated as Essar Oil before its 2017 acquisition by Rosneft alongside a consortium including Russian fund UCP and Trafigura, with the latter later divesting its stake. The company sourced oil from diverse nations until 2022. Subsequently, India increased its Russian oil imports at discounted rates following Western sanctions on Moscow post the Ukraine invasion, becoming the primary buyer of Russian seaborne crude.The refiner’s primary concerns centre on maintenance issues and international payment capabilities, according to internal sources at Nayara quoted in the Reuters report.Since August, the state-owned SBI has halted processing of trade and forex transactions for Nayara, citing concerns about EU sanctions.Despite meetings between Nayara officials, finance ministry representatives and banks to address these banking complications, a resolution remains pending. This situation hampers the company’s ability to conduct international crude imports and fuel exports, as per government sources.Recent shipments have been directed to the Middle East, Turkey, Taiwan and Brazil, with 16 cargo loads of diesel, gasoline and jet fuel transported via EU-sanctioned vessels, according to available data.
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National Startup Day highlights India’s thriving startup ecosystem, celebrating innovation, entrepreneurship and job creation driven by founders, unicorns and Startup India mission
National Startup Day 2026 honours Indian startups, entrepreneurs and innovators driving economic growth and job creation.
National Startup Day 2026: India’s startup ecosystem has evolved into one of the world’s most vibrant and promising innovation hubs. To recognise the contribution of entrepreneurs, founders and startups transforming ideas into impactful solutions, National Startup Day is observed every year on January 16 across the country.
Launched by Prime Minister Narendra Modi in 2022, the day celebrates visionary entrepreneurs who play a crucial role in economic growth, employment generation and technological advancement.
National Startup Day serves as a reminder that innovation, backed by determination and policy support, can reshape society and create global impact.
National Startup Day 2026 Theme
The official theme for National Startup Day 2026 is yet to be announced. However, the core focus areas are expected to revolve around:
- Innovation and emerging technologies
- Entrepreneurship and leadership
- Self-reliance (Atmanirbhar Bharat)
- Startup India Mission
- Youth empowerment
- Job creation
How Startups Are Shaping India’s Future
India currently ranks as the third-largest startup ecosystem globally, with over 1.59 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of early 2025. Backed by 100+ unicorns, the ecosystem continues to grow rapidly.
Metro cities such as Bengaluru, Hyderabad, Mumbai and Delhi-NCR lead this expansion, while Tier-2 and Tier-3 cities are emerging as new innovation centres, adding diversity and scale to India’s entrepreneurial journey.
Startups across fintech, edtech, health-tech, e-commerce and deep-tech are addressing real-world challenges and gaining global recognition. Technologies like artificial intelligence, blockchain and IoT are increasingly driving innovation, according to Startup India ecosystem reports.
Industry-Wise Startup Impact
DPIIT-recognised startups have generated over 16.6 lakh direct jobs across sectors as of October 31, 2024, strengthening India’s employment landscape.
- IT Services: 2.04 lakh jobs
- Healthcare & Life Sciences: 1.47 lakh jobs
- Commercial & Professional Services: 94,000 jobs
Through the Startup India initiative, the government continues to focus on skill development, funding access, ecosystem collaboration and global outreach.
Key Initiatives Under Startup India
- Capacity building and mentorship
- Outreach and awareness programmes
- Ecosystem development events
- International exposure and global linkages
- Collaboration between startups, corporates and institutions.
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January 16, 2026, 07:00 IST
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The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
Business
Gold price today: How much 22K, 24K gold cost in Delhi, Patna & other cities – Check rates – The Times of India
Gold prices climbed to a fresh lifetime high in the domestic market on Thursday amid sustained buying by jewellers and stockists, according to the All India Sarafa Association.Gold advanced by Rs 800 to hit a new peak of Rs 1,47,300 per 10 grams (inclusive of all taxes), extending gains for the fifth consecutive session. The yellow metal had closed at Rs 1,46,500 per 10 grams in the previous session.Since the start of 2026, gold prices have surged Rs 9,600, or around 7 per cent, supported by persistent demand in the physical market. In overseas trade, spot gold slipped USD 12.22, or 0.26 per cent, to USD 4,614.45 per ounce, after having touched a record high of USD 4,643.06 per ounce in the previous session.Here is how much gold costs in major Indian cities today:
Gold price in Delhi today
The price of 22K gold in Delhi is Rs 13,140 per gram, down Rs 75, while 24K gold is priced at Rs 14,333 per gram, lower by Rs 82.
Gold price in Chennai today
In Chennai, 22K gold costs Rs 13,290 per gram, up Rs 10, while 24K gold is priced at Rs 14,498 per gram, higher by Rs 10.
Gold price in Mumbai today
Mumbai markets see 22K gold priced at Rs 13,125 per gram, down Rs 75, while 24K gold stands at Rs 14,318 per gram, lower by Rs 82.
Gold price in Ahmedabad today
In Ahmedabad, 22K gold is priced at Rs 13,130 per gram, down Rs 75, while 24K gold costs Rs 14,323 per gram, lower by Rs 82.
Gold price in Kolkata today
Kolkata markets price 22K gold at Rs 13,125 per gram, down Rs 75, while 24K gold stands at Rs 14,318 per gram, lower by Rs 82.
Gold price in Jaipur today
In Jaipur, 22K gold costs Rs 13,140 per gram, down Rs 75, while 24K gold is priced at Rs 14,333 per gram, lower by Rs 82.
Gold price in Hyderabad today
Hyderabad sees 22K gold at Rs 13,125 per gram, down Rs 75, while 24K gold is priced at Rs 14,318 per gram, lower by Rs 82.
Gold price in Bhubaneswar today
Bhubaneswar markets see 22K gold priced at Rs 13,125 per gram, down Rs 75, while 24K gold costs Rs 14,318 per gram, lower by Rs 82.
Gold price in Patna today
In Patna, 22K gold costs Rs 13,130 per gram, down Rs 75, while 24K gold is priced at Rs 14,323 per gram, lower by Rs 82.
Gold price in Lucknow today
Lucknow markets see 22K gold priced at Rs 13,140 per gram, down Rs 75, while 24K gold costs Rs 14,333 per gram, lower by Rs 82.
National Startup Day 2026: How India’s Startups Are Shaping The Future
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