Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
Prime Minister Narendra Modi addresses the Rajya Sabha, detailing India's strategies to navigate the global energy crisis sparked by the West Asia conflict, including securing diverse energy sources and expanding strategic oil reserves.
The Ministry of External Affairs (MEA) has confirmed the deaths of six Indian nationals and one missing person amidst the escalating conflict in West Asia, detailing ongoing efforts for repatriation and diplomatic engagement.
The Indian government reports casualties among its seafarers due to the ongoing crisis in West Asia and outlines measures to ensure the safety and welfare of its maritime personnel.
Aseem Mahajan, Additional Secretary (Gulf) in the Ministry of External Affairs, on Saturday informed that five Indians have been killed and one is missing due to the ongoing conflict in West Asia. He added that Indian missions remain open round the clock and are constantly working to provide assistance.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
The Indian government is considering additional relief packages for vulnerable sectors like MSMEs to mitigate the impact of the ongoing West Asia crisis on the economy and inflation.
India's exports experienced their steepest fall in five months, declining by 7.44 per cent in March to $38.92 billion, primarily due to trade uncertainty and geopolitical tensions, with shipments to West Asia contracting by over 50 per cent.
Indian refiners are recalibrating their crude sourcing strategy due to supply disruptions in West Asia, leading to Venezuela and Brazil emerging as top five suppliers in April, replacing traditional sources like Iraq and the United States.
Remittances from West Asia in March rose sharply amid the conflict in the region, with industry insiders estimating inflows to be 20-30 per cent higher than what is usual in a month.
Analysts predict that the ongoing conflict in West Asia, crude oil price fluctuations, and the US Federal Reserve's interest rate decision will significantly influence the Indian equity market this week.
HDFC Bank reported an 8.04 per cent increase in its March quarter consolidated net profit to Rs 20,350.76 crore, but highlighted potential near-term risks for small-business borrowers due to the West Asia conflict. The bank's CEO also addressed the recent resignation of its non-executive chairman and hinted at a potential top-level reorganisation.
Indian benchmark stock indices, Sensex and Nifty, closed nearly 1 per cent lower following the collapse of US-Iran negotiations, which heightened concerns of a prolonged conflict in West Asia and drove crude oil prices sharply higher.
On Saturday, it was reported that a drone strike had targeted the Fujairah Port in the UAE, triggering a fire.
Amidst escalating tensions in West Asia, India voices strong concerns over the safety of its nationals and the potential disruption to energy supplies, urging dialogue and diplomacy for a swift resolution.
Prime Minister Narendra Modi spoke with Iranian President Masoud Pezeshkian to discuss the escalating tensions in West Asia, emphasising the safety of Indian nationals and the need for regional stability through dialogue and diplomacy.
The World Bank has affirmed India's strong position to withstand the current global energy shock, citing high foreign exchange reserves, fiscal space, and low inflation as key buffers supporting continued growth despite international headwinds.
Pakistan is set to host a quadrilateral summit of foreign ministers from Saudi Arabia, Egypt, and Turkiye to discuss the ongoing conflict in West Asia and explore avenues for peace negotiations.
Afghanistan-Sri Lanka white-ball series likely to be postponed indefinitely as West Asia conflict deepens
The family of Dixit Solanki, an Indian seafarer killed in a suspected attack on a merchant vessel off the coast of Oman, has filed a petition in the Bombay High Court seeking the return of his mortal remains.
Indian stock market indices Sensex and Nifty experienced a decline in early trade due to surging crude oil prices and ongoing geopolitical uncertainty in West Asia. Foreign fund outflows further contributed to the negative sentiment.
Prime Minister Narendra Modi addressed Parliament on the West Asia crisis, advocating for dialogue and diplomacy, ensuring the safety of Indians in the region, and addressing concerns about fuel and food security.
British Prime Minister Keir Starmer has called for a negotiated settlement with Iran and deployed additional fighter jets to West Asia to strengthen the UK's defensive operations.
Foreign investors have withdrawn a record Rs 1.14 lakh crore from Indian equities in March, driven by geopolitical tensions, a weakening rupee, and concerns about crude oil prices.
The deployment could include infantry and armoured units, in addition to the 82nd Airborne Division, which is already stationed in the region.
According to the report, the Pentagon is deploying the USS Tripoli ARG, along with the 31st Marine Expeditionary Unit (MEU), part of its own strike group.
JD(U) MP Sanjay Kumar Jha has appealed to the External Affairs Minister S Jaishankar to ensure the safety and well-being of the Bihari diaspora in West Asia, following escalating tensions in the region.
Ongoing geopolitical tensions in West Asia have slowed deal momentum in Dubai's luxury residential market, but Indian high-net-worth individuals (HNIs) are not exiting their marquee assets, with any 'discounted' resale deals attributed to investor liquidity stress rather than geopolitical flight.
Fleur Hassan-Nahoum, special envoy, foreign ministry of Israel, has asserted that the situation has effectively been a "multi-front regional conflict" since its inception, while claiming significant military and strategic gains against adversarial forces.
Suzuki Motorcycle India Ltd (SMIPL) has revised its domestic two-wheeler sales growth estimate for FY27 downwards from 7-8 per cent, citing rising commodity costs due to the ongoing West Asia conflict and its impact on consumer affordability.
A senior Pakistani official has affirmed Pakistan's commitment to supporting Saudi Arabia, even before assistance is explicitly requested, amidst ongoing conflict in West Asia. This pledge underscores the close ties between the two nations and Pakistan's role in regional stability.
Karnataka Deputy Chief Minister D K Shivakumar has urged the central government to protect Indians, especially Kannadigas, stranded in West Asia due to the ongoing conflict, assuring that all efforts are being made to ensure their safety.
Russian President Vladimir Putin is actively working to de-escalate the escalating crisis in the Gulf, engaging with regional leaders following Iran's retaliatory strikes on US facilities after joint US-Israeli strikes against Iran.
The Indian embassy in Tehran has earlier stated that it is facilitating the safe movement of nationals who wish to leave Iran.
Indian equity markets experienced a significant downturn as geopolitical tensions in West Asia, rising oil prices, and foreign fund outflows dampened investor confidence. The Sensex and Nifty both fell sharply in early trade, reflecting broader global market weakness.
The US-Israeli military campaign, dubbed "Operation Epic Fury" by Washington, has entered its third day, with US President Donald Trump stating that operations would continue "until all of our objectives are achieved."
Foreign portfolio investors (FPIs) withdrew a substantial amount from Indian equities in the first half of March, driven by geopolitical tensions, rupee depreciation, and concerns about crude oil prices.
Indian benchmark equity indices experienced a significant downturn, with the Sensex plummeting over 800 points and the Nifty falling sharply, driven by rising crude oil prices, geopolitical tensions, and foreign capital outflows.
Foreign investors pulled out Rs 21,000 crore (around $2.3 billion) from Indian equities over the last four trading sessions amid deteriorating global risk sentiment triggered by the West Asia crisis.
There is no cause for concern, as the overall situation arising out of the crisis is firmly under control, the Centre informed while briefing political parties at the all-party meet.
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