External Affairs Minister S Jaishankar and his Iranian counterpart Abbas Araghchi held talks focusing on the West Asia crisis and its impact on energy supplies and maritime stability.
US Secretary of State Marco Rubio says relations between India and the US have not lost momentum and are set to strengthen, with hopes for a trade deal soon.
India has voiced deep concern over a drone attack targeting the Barakah nuclear facility in the United Arab Emirates (UAE), calling it a dangerous escalation in the West Asia conflict.
A vessel carrying 20,000 metric tonnes of Liquefied Petroleum Gas (LPG) arrived at Deendayal Port Authority in Kandla, Gujarat, after crossing the Strait of Hormuz amid the West Asia crisis.
India has condemned an attack on Kuwait International Airport, which resulted in the death of one Indian national and injuries to several others. The Ministry of External Affairs reiterated its call for an end to targeting civilian populations and infrastructure, while the Indian mission in Kuwait provides assistance to affected nationals.
The United Nations has revised downward India's economic growth forecast for 2026 to 6.4 per cent from an earlier 6.6 per cent, attributing the change to global uncertainties and economic shocks stemming from the ongoing West Asia crisis.
Air India, IndiGo, and Air India Express are temporarily reducing their domestic flights due to surging jet fuel prices and lower travel demand. The airlines are cutting flights by 10 to 22 per cent in the coming months.
Nomura has increased its March 2027 target for the Nifty 50 to 25,900, driven by strong corporate earnings and attractive market valuations, even as risks from the West Asia conflict and high oil prices persist.
The Indian rupee is highly vulnerable among Asian currencies, with Barclays and MUFG warning of a potential depreciation towards 100/$ if the West Asia conflict persists, driven by widening current account deficits and elevated crude oil prices.
'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 fertiliser subsidy bill is projected to increase by approximately 70,000 crore, reaching around 2.41 trillion in FY27, primarily due to rising import costs exacerbated by the ongoing West Asia crisis.
Indian benchmark indices Sensex and Nifty closed lower for the second consecutive day, driven by investor caution over conflicting geopolitical signals from West Asia and fresh foreign institutional investor (FII) outflows.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
The Indian government has imposed a new windfall gains tax of Rs 3 per litre on petrol exports, while simultaneously reducing the levy on diesel to Rs 16.5 per litre and aviation turbine fuel (ATF) to Rs 16 per litre, effective May 16.
Gold prices in the national capital surged by Rs 600 to Rs 1.65 lakh per 10 grams, extending gains for the third consecutive day, while silver rebounded by Rs 5,000 to Rs 2.71 lakh per kilogram, driven by geopolitical tensions and inflation concerns.
Prime Minister Modi has urged citizens to adopt measures like judicious fuel use, postponing gold purchases, and deferring foreign travel to strengthen India's economy in the face of the West Asia conflict's adverse impact.
Congress leader Rahul Gandhi has criticised Prime Minister Narendra Modi's call for citizens to make economic sacrifices in response to the West Asia conflict, calling it 'evidence of failure'. Gandhi accused Modi of shifting responsibility onto the public and being incapable of running the country.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
Explore the resilient daily life in Tehran, where residents navigate geopolitical tensions and economic challenges with routine activities, showcasing a striking contrast between normalcy and underlying uncertainty.
Indian benchmark equity indices, Sensex and Nifty, opened higher, tracking positive global trends and easing crude oil prices, fueled by hopes of a swift resolution to the West Asia conflict. Track Nifty 50 and BSE Sensex performance and key global triggers.
Iranian Foreign Minister Abbas Araghchi is in India for a BRICS foreign ministers' meeting, where discussions will focus on the escalating crisis in West Asia and its impact on global energy supply chains.
Indian stock markets are set to be influenced by developments in US-Iran negotiations, crude oil prices, and foreign investor activity in the upcoming holiday-shortened week, according to market analysts.
The West Indies and South Africa cricket teams are scheduled to leave India after being stranded due to travel restrictions caused by the Middle East conflict following their T20 World Cup campaigns.
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.
Sharp differences between Iran and the UAE over the West Asia conflict were on full display during the BRICS foreign ministers' meeting in New Delhi, signalling the challenges the bloc faces in reaching a consensus position on the crisis.
India bought 1.87 million barrels of Russian oil per day in May so far, meeting approximately 40 per cent of its oil imports.
India's toll collection growth is projected to moderate to 5-7 per cent year-on-year in FY27, a 150-200 basis points reduction, primarily due to the economic impact of the West Asia conflict and a slowdown in commercial traffic, according to Crisil Ratings.
'DRDO has been directed to license missile technologies to the private sector.'
Maharashtra Chief Minister Devendra Fadnavis rode a motorcycle to work following Prime Minister Modi's appeal to cut down fuel consumption amid the ongoing conflict in West Asia.
Indian equity markets experienced a significant decline in early trade, with the BSE Sensex and NSE Nifty dropping, as escalating geopolitical tensions in West Asia and a surge in global oil prices dampened investor sentiment. Track Sensex, Nifty50 movement and key market drivers for May 8, 2026.
US Secretary of State Marco Rubio met with Pakistan's Foreign Minister Ishaq Dar amid American demand that countries mediating the peace talks with Iran join the Abraham Accords and establish diplomatic and economic ties with Israel.
Prime Minister Narendra Modi has strongly refuted a media report suggesting the government is considering levying a tax, cess, or surcharge on foreign travel, calling the news "totally false".
'The situation globally is quite challenging, but we have the confidence and courage of conviction that we will come out winners even in this challenging time.'
US Secretary of State Marco Rubio on Tuesday said the United States would prefer to end its extension of waivers on Russian oil "as soon as possible", while noting that such decisions ultimately rest with the US Treasury Department.
Airfares to Southeast Asia have surged 25 to 30 per cent, driven by high demand and limited airline seat capacity.
India is the only significant power that all parties trust, or at least do not distrust, notes former defence secretary Ajay Kumar.
'With inflationary pressures now at elevated levels and the adverse cost environment persisting, the company has to pass on a portion of the increased costs to the market, while continuing to ensure that the impact on customers is kept to the minimum extent possible.'
The Supreme Court has decided to hear cases exclusively through video conference on Mondays and Fridays. Judges have also resolved to encourage car-pooling arrangements amongst themselves in order to ensure optimum fuel utilisation.
South India's manufacturing, construction, and services sectors are grappling with severe labour shortages, prompting employers to offer attractive incentives like free air tickets and salary increments to lure migrant workers back from their home states after recent assembly elections.
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
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