India has called for a ceasefire, release of all hostages, and peaceful resolution of the Israel-Hamas conflict through dialogue and diplomacy. The Centre informed Parliament that India welcomed the agreement on the first phase of the Gaza Peace Plan. The article also covers India's energy sourcing strategy and the release of Indian fishermen by Pakistan.
India said it is broad-basing and diversifying sourcing of petroleum product to meet market conditions.
The United States is in conversation with these 12 countries on ways and means to avoid the American sanctions against them.
Foreign Portfolio Investors (FPIs) have withdrawn over Rs 62,853 crore from Indian equities in the first fortnight of June, bringing the total outflows for 2026 to Rs 2.87 lakh crore, surpassing the entire 2025 figure, driven by geopolitical tensions, global economic growth concerns, and a weakening rupee.
India's decision to import LPG from the US helps it to diversify sources as it reduces almost full reliance on West Asian countries for supply of the country's primary cooking fuel.
Experts feel oil prices will remain volatile with an upward bias.
The relations between New Delhi and Washington are on a downturn after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including 25 per cent additional duties for India's purchase of Russian crude oil.
"In principle, the ask in return is that India should not support the G7 (Group of Seven) proposal. "A decision on this issue will be taken later following talks with all the partners," an official with the Ministry of External Affairs (MEA) said.These "substantial discounts" will be steeper than those offered by Iraq in the past two months, officials said.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
Escalating geopolitical tensions in West Asia are beginning to disrupt India's automotive supply chain, leading to rising commodity prices, logistics bottlenecks, material shortages, and pressure on consumer demand, with two-wheeler makers already raising prices.
A prolonged supply shock can transmit to lower incomes, and dampen confidence and sentiment, warns Aditi Nayar, chief economist, head-research and outreach, ICRA.
The contraction in total reserves was driven by a fall in gold reserves, which dropped $13.49 billion to $117.19 billion during the reported week.
India's foreign secretary Vikram Misri on Thursday participated in a high-level meeting hosted by the United Kingdom on the evolving situation in West Asia, underlining concerns over maritime security, energy supply disruptions and the need for diplomatic de-escalation.
Amid escalating India-US trade tensions, Nita Mukesh Ambani Cultural Centre -- the tony cultural event outfit run by billionaire Mukesh Ambani's wife -- has postponed next week's theatrical event in New York, citing "unforeseen circumstances".
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
Oil imports are a third of India's total import bill.
'What exactly is on the prime minister's mind, we do not know. But it feels like the government wants the country to be prepared for unseen challenges ahead.'
Gold prices experienced a significant drop in futures trading due to global selloff, inflation concerns, and a strong US dollar. Analysts predict a continued downward trend amid geopolitical tensions and potential rate hikes.
An Indian-flagged LPG vessel successfully transited the Strait of Hormuz, reducing the number of Indian ships stranded in the Persian Gulf. India is in talks with Iran to ensure safe passage for its tankers, and Indian refiners continue to purchase crude oil and LPG from Iran despite regional tensions.
India's fertiliser subsidy bill for the current financial year (FY27) is projected to increase by approximately 20% due to surging global prices, primarily driven by the West Asia crisis, a senior official confirmed. Despite this, retail prices for urea and di-ammonium phosphate (DAP) will remain unchanged, ensuring adequate supply for the kharif season.
India's purchase of US crude oil has picked up in 2025 and could easily double their previous levels, government officials said on Wednesday. The surge comes in the wake of the then-incoming Donald Trump administration's announcement that it would consider hiking tariffs on a reciprocal basis, and pushed some countries, especially those with large trade surpluses with the US, to buy more of its energy.
The United States action of levying 25 per cent additional tariff on Indian goods is 'unfair, unjustified and unreasonable', India said on Wednesday in a firm reaction, signalling increasing tensions between the two strategic partners over New Delhi's energy ties with Moscow.
Despite discounts on Russian crude oil - which fell to the lowest since the Ukraine war began - and the rising sanctions, import volumes from the country will remain stable for now or at least till July, said refinery officials. "There is an appetite for Russian crude, and shipments are not expected to taper off beyond this point unless something major happens. "Talks are on, and buying will continue," an official at a major refinery said.
The US sees an opportunity to expand its strategic relationship with Pakistan but assures that it will not come at the expense of its ties with India, according to US Secretary of State Marco Rubio.
India's crude oil imports jumped by over 29 per cent to 8.3 million tonnes in January this year despite import of petroleum products rising by 22.6 per cent to 660,900 tonnes.
Indian officials will visit the US to finalise the legal text for an interim trade agreement, expected to be signed in March, focusing on duty concessions and reciprocal tariffs.
India's total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon, External Affairs Minister S Jaishankar said.
S&P Global Ratings has increased India's GDP growth forecast for the next fiscal year to 7.1 per cent, citing private consumption, investment, and exports as key drivers. However, the agency also cautioned that the conflict in the Middle East could strain India's fiscal position due to higher energy prices.
External Affairs Minister S Jaishankar has emphasised India's commitment to safe maritime transit and condemned attacks on merchant shipping amidst the ongoing West Asia conflict and global energy market disruptions.
'The US was well aware of the nationality of the seafarers on board the vessels. It was not hidden. The nationality of those aboard a merchant ship is known to all the ports.' 'So, why did US shoot a missile that resulted in the deaths of the Indian mariners?'
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.
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
India has stated it will wait for the outcome of the elections in Bangladesh and the resulting mandate before addressing any existing issues. The country also affirmed its support for free, fair, inclusive, and credible elections in Bangladesh.
Revenue collection next financial year may be affected, and, along with this, subsidies on food and fertilisers can go up if the war in West Asia drags for long, according to experts.
The wide-ranging sanctions imposed by the US on the Russian oil sector have started to dent near-term oil flows to India with state-owned Bharat Petroleum Corporation Ltd (BPCL) saying not enough cargoes are available for March.
The companies' underrecoveries stood at a whopping Rs 1,39,869 crore last financial year. Of that, Rs 62,837 crore was accounted for by diesel alone.
Notwithstanding the economic complementarities and the host of agreements for deepening economic relation on a host of areas, both sides share common viewpoints on the foreign policy domain and seek common grounds to serve as a counterweight to China, notes Dr Rajaram Panda.
Average price of the Indian basket for international crude rose by 42.4 per cent during 2005-06 as compared to the previous year, leading to a sharp increase in merchandise import payment during the year, says RBI.
Putin's State visit will centre on fixing the huge India-Russia trade imbalance, with both sides pushing to lower duties, ease non-tariff barriers, and seal a landmark mobility pact to send more Indian workers to Russia.
