The campaign for elections to 51 urban local bodies, including four municipal corporations in Himachal Pradesh, concluded on Friday, with key issues including infrastructure, tourism, and fuel prices taking centre stage.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
India's wholesale price inflation surged to 8.30 per cent in April, up from 3.88 per cent in March, primarily driven by a significant increase in the prices of fuel, power, and crude petroleum, according to data from the commerce and industry ministry.
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
India's retail inflation, measured by the Consumer Price Index (CPI), increased to 3.48 per cent in April, up from 3.40 per cent in March, primarily due to a surge in prices of gold and silver jewellery, as well as certain kitchen staples like tomatoes and cauliflower.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
This is the time for India to plan forward fully, with the goal of Atmanirbharata, and energy security. The Persian Gulf is no longer a reliable source, points out Rajeev Srinivasan.
'Once the currency goes out of the hand, then possibly your major challenge is that it will not come back.'
Senior Trinamool Congress leader Abhishek Banerjee has accused the BJP-led central government of planning to increase fuel prices after the West Bengal assembly elections. He challenged the BJP to promise no price hikes for LPG, petrol, and diesel over the next five years.
'In all these years of rupee depreciation, of rising oil prices, of inflation caused by import dependence, not one leader had the courage to look the people in the eye and say: Please do this for your country.'
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
India's wholesale price inflation surged to 3.88 per cent in March, marking the fifth consecutive monthly increase, primarily driven by a sharp rise in crude petroleum, natural gas, and manufactured items amidst the West Asia crisis.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
Indian carmakers experienced a robust start to the new fiscal year, with an estimated 4.5 lakh passenger vehicles sold in April, marking a 27 per cent increase year-on-year, attributed to factors like GST 2.0, repo rate cuts, and income tax benefits.
'There is no shortage of fuel whatsoever.' 'India is stock surplus as far as petrol and diesel are concerned.'
Trinamool Congress leader Abhishek Banerjee alleges the BJP-led government may increase fuel prices after the West Bengal assembly elections, accusing them of neglecting the common man and withholding funds from the state.
Tamil Nadu Petroleum Dealers' Association urged people not to panic-buy petrol or diesel, stating that 14 terminals in Tamil Nadu have enough stock to replenish 7,000-plus retail outlets as per their demand.
BJP leader Mithun Chakraborty has criticised the West Bengal government over high fuel taxes and alleged security lapses, particularly concerning women's safety and border control.
Trinamool Congress leader Abhishek Banerjee has warned of a significant increase in cooking gas and fuel prices by the BJP-led central government following the West Bengal assembly elections. He accused the BJP of neglecting the fuel crisis and challenged them to pledge no price hikes for the next five years.
Indian equity markets experienced a volatile session, with the Sensex and Nifty recovering some ground after a significant plunge the previous day. Gains were driven by PSU bank, IT, and metal stocks, but concerns over rising fuel prices and geopolitical tensions limited the recovery.
The Communist Party of India (Marxist) has warned the Congress-led United Progressive Alliance Government at the Centre that it will face countrywide protests if it hikes petrol and diesel prices.
The International Energy Agency (IEA) has proposed immediate demand-side measures, including remote work, lower speed limits, and reduced air travel, to mitigate the impact of a global oil supply shock caused by Middle East disruptions.
Households should moderate large discretionary expenses for the time being.
'They should prioritise essential spending. They should maintain an emergency fund covering 6 to 12 months of expenses.'
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
The purge in Washington does not pause the war. Strikes continue, Hormuz remains closed, and Brent crude is still dancing around $109 a barrel. For India, the command chaos in the Pentagon is another layer of uncertainty piled on five weeks of conflict that was already straining every buffer Delhi has.
Not satisfied with the Rs 2 per litre cut in petrol prices, the Bharatiya Janata Party on Friday said it will launch a 'jail-bharo' agitation on June 22 against the Rs 7.50 a litre petrol price hike, saying the ad-hoc policies of the United Progressive Alliance government had played havoc with the nation's energy security.
Months after the government increased renewal charges for older vehicles, the transport ministry has raised the fitness test fee for all motor vehicles older than 20 years to discourage people from keeping them.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
After slamming the Centre for the steep hike in petrol price, West Bengal Chief Minister Mamata Banerjee on Saturday hit the streets in Kolkata, leading a massive protest march to put pressure on the United Progressive Alliance government for a roll-back. Banerjee, who was accompanied by Railway Minister Mukul Roy, party functionaries and thousands of Trinamool Congress workers, marched from Jadavpur to Hazra crossing, a distance of five km in south Kolkata.
Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
The price of jet fuel (ATF) was sharply increased by 7.5 per cent on Tuesday, while the cost of LPG used in commercial establishments was reduced by Rs 58.50 per cylinder, reflecting shifts in international benchmark rates. After three rounds of price cuts, aviation turbine fuel (ATF) price was increased by Rs 6,271.5 per kilolitre, or 7.5 per cent, to Rs 89,344.05 per kl in the national capital - home to one of the busiest airports in the country, according to state-owned fuel retailers.
Key United Progressive Alliance allies Trinamool Congress and Dravida Munnetra Kazhagam on Saturday mounted pressure on the Centre to rollback the steep hike in petrol price with Trinamool Congress supremo Mamata Banerjee leading a street march in Kolkata against the government of which her party is a part.
Attributing the steep hike in petrol prices to declining value of rupee, Planning Commission on Wednesday said it will have immediate impact on the price situation but things will stabilise in the long run.
Petrol and diesel prices on Thursday were hiked by 35 paise per litre each, the second consecutive day of increase that took pump rates across the country to record high levels. The price of petrol in Delhi rose to its highest-ever level of Rs 106.54 a litre and Rs 112.44 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 103.26 a litre; while in Delhi, it costs Rs 95.27 per litre.
Petrol price on Friday was hiked by 30 paise a litre and diesel by 35 paise per litre as domestic fuel prices witnessed possibly the largest rally in rates. The price of petrol in Delhi rose to its highest-ever level of Rs 103.54 a litre and to Rs 109.54 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 92.12 in Delhi and inched closer to the Rs 100-a-litre mark in Mumbai. It currently costs Rs 99.92 a litre in Mumbai.
