Iran has reimposed restrictions on the Strait of Hormuz, with its forces opening fire on a passing tanker and forcing at least two Indian vessels to reverse course, escalating tensions in the region and raising concerns over energy supplies.
Indian stock market benchmark indices Sensex and Nifty closed nearly one per cent higher, extending their winning streak for a second day. This rally was driven by softening crude oil prices, positive geopolitical developments, and significant buying in blue-chip IT stocks, despite a broader global tech sell-off.
Prime Minister Narendra Modi on Sunday asked the country's youth to take a pledge against substance abuse, saying drugs can give them a "high" for some time, but would make their entire career and personal life "low".
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
S&P Global Ratings projects India's economy to grow at 6.3 per cent even if crude oil prices average USD 130 per barrel in the current fiscal year, highlighting the nation's resilience amidst the West Asia crisis and strong commitment to fiscal consolidation.
The Reserve Bank of India (RBI) is widely expected to keep its benchmark repo rate unchanged in the August monetary policy review, with economists citing elevated inflation risks and the pending closure of the FCNR(B) deposit scheme as key factors. Most anticipate a 'Neutral' policy stance but with a hawkish tone due to geopolitical tensions, high crude oil prices, and an uneven monsoon.
The Asian Development Bank (ADB) has revised down India's GDP growth forecast for fiscal year 2026-27 (FY27) to 6.6 per cent from an earlier 6.9 per cent, primarily attributing the change to elevated energy prices stemming from the Middle East conflict. Despite this moderation, India is still expected to remain the world's fastest-growing major economy.
External Affairs Minister S Jaishankar has strongly defended India's decision to purchase Russian crude oil, stating that the country's energy choices are based on cost and availability, and highlighting the West's 'hypocrisy' in criticising India while historically supplying weapons used against it.
An India-flagged LPG tanker, Jag Vikram, has successfully crossed the Strait of Hormuz following a temporary ceasefire between the United States and Iran, marking a significant development for India's energy security.
India's net oil import bill could rise by $56 billion to $64 billion annually assuming global crude averages $110 to $115 per barrel in FY27.
Despite the ongoing West Asia conflict causing global trade route disruptions, Mercedes-Benz India reports resilient customer demand, particularly for its new electric CLA sedan, though it faces challenges with component supply delays and escalating shipping costs.
Bangladesh is importing 5,000 tonnes of diesel from India through a cross-border pipeline on Tuesday, according to officials. The fuel consignment will enter Bangladesh through the Parbatipur point, said Muhammad Rezanur Rahman, chairman of the Bangladesh Petroleum Corporation (BPC).
Senior Indian officials highlight the indispensable role of the private sector in translating India-US cooperation in AI, semiconductors, quantum technologies, and critical minerals into tangible outcomes. The collaboration aims to build trusted, resilient technology ecosystems and position India as a global electronics and semiconductor hub.
The Reserve Bank of India (RBI) has kept its key lending rate, the repo rate, unchanged at 5.25 per cent for the second consecutive time, citing concerns over rising energy prices, supply disruptions from the West Asia crisis, and potential inflationary pressures.
The visit was expected to project Assam as the gateway to Southeast Asia and reinforce the state's emergence as a preferred investment destination.
Chief ministers from southern states convened at the Southern Zonal Council meeting in Kovalam, where Karnataka CM DK Shivakumar advocated for the 1971 census as the basis for delimitation and a freeze on Lok Sabha seats, while also addressing the contentious Cauvery water and Mekedatu dam issues.
Prime Minister Narendra Modi has begun a six-day tour of the UAE, the Netherlands, Sweden, Norway and Italy to strengthen bilateral relations amid geopolitical challenges. The trip will focus on energy security, trade, and technological cooperation.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
Despite a ceasefire agreement between Iran and the United States, the Strait of Hormuz remains blocked due to Iran's inability to locate and remove all the mines it laid during the conflict, hindering global oil and gas supplies.
External Affairs Minister S Jaishankar addresses the Indian Ocean Conference, expressing deep concern over the West Asia conflict and its economic repercussions on energy, trade, and food security. India calls for a swift return to peace and opposes targeting civilians and infrastructure.
Foreign secretary Vikram Misri on Friday shared key details on agreements between India and the UAE, stating that the UAE will store up to 30 million barrels of crude oil in India's strategic petroleum reserve following Prime Minister Narendra Modi's visit.
The Japanese PM's visit to Assam comes amid festering uneasiness in Tokyo about Beijing's assertiveness in the Indo-Pacific region.
India addresses the escalating conflict in West Asia, outlining its diplomatic efforts to ensure energy security, the safety of its citizens, and advocating for a peaceful resolution through dialogue.
Why the industry's public position changed is difficult to say. What the developments did establish, though, is that ethanol-blended petrol has become one of the country's most politically and commercially sensitive policy issues.
The escalating crisis in West Asia and its impact on the global energy supply chain are expected to dominate deliberations at a two-day meeting of BRICS foreign ministers to be hosted by India.
US Secretary of State Marco Rubio will visit India for four days to strengthen bilateral relations, holding talks with Indian leaders and attending the Quad foreign ministers' meeting.
Indian benchmark indices Sensex and Nifty surged in early trade, driven by a rally in IT stocks and tempered expectations of US Federal Reserve monetary tightening following softer-than-expected US jobs data. Track Sensex, Nifty on July 3.
The Indian government has defended its E20 ethanol blending programme, stating that extensive testing and field experience show no evidence of abnormal engine wear, corrosion, or reduced vehicle life, despite a potential 2-6% reduction in fuel economy.
Global investment firm KKR remains optimistic about India's long-term growth, citing rising incomes, premiumisation, financial deepening, and demand for quality services as key drivers for its consumption story, even as higher energy prices and AI disruption pose near-term challenges.
Maruti Suzuki India (MSIL) reported a 9.1 per cent year-on-year decline in net profit for the April-June quarter of 2026-27, marking its second consecutive quarterly fall. This dip occurred despite a significant 29.3 per cent jump in sales volume, primarily due to escalating commodity prices, increased energy costs, and logistics disruptions stemming from the West Asia conflict.
India is sending a shipment of diesel and petrol to Sri Lanka to help alleviate the country's energy crisis amidst regional instability.
Hundreds of Indian seafarers are stranded on vessels carrying crude oil, LPG, and LNG in the Persian Gulf due to the ongoing conflict in the Middle East, causing disruptions to India's energy supplies.
One Indian oil tanker successfully crossed the Strait of Hormuz, while others turned back after Iran signalled the waterway's closure, amidst rising tensions and disruptions to global energy flows.
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
How US President Donald Trump employed a clandestine 'decoy' Air Force One operation to secretly depart Turkiye following a NATO Summit.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."
US Secretary of State Marco Rubio arrived in Kolkata for a four-day diplomatic tour to India, marking the first visit by a US secretary of state to the city in 14 years. His itinerary includes meetings with Indian officials, energy talks, and a Quad Foreign Ministers Meeting.
'Historically, India has depended on the Middle Eastern Gulf for nearly 90 per cent of its LPG imports. Shifting to alternative suppliers is not something that can happen quickly.'
Two India-bound LPG tankers have crossed the Strait of Hormuz amid heightened tensions in the region, while an India-flagged vessel sank after being hit near the strategic shipping corridor.
