Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
Air India has deferred annual salary increments for its staff by at least one quarter and urged a "relentless focus on costs" due to external headwinds like the closure of Pakistan airspace, West Asia conflict, rupee depreciation, and a significant surge in aviation turbine fuel prices, though the airline has assured there will be no layoffs.
Air India, IndiGo and SpiceJet have told the government that the country's airline industry is under extreme stress and on the verge of "stopping operations", as they sought revision in ATF pricing and financial support.
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.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
Indian equity benchmark indices, Sensex and Nifty, tumbled nearly 2 per cent for the fourth consecutive session, driven by elevated crude oil prices, escalating US-Iran tensions, unabated foreign fund outflows, and a depreciating rupee.
Indian equity benchmark indices, Sensex and Nifty, tumbled nearly 2 per cent for the fourth consecutive session, driven by elevated crude oil prices, escalating US-Iran tensions, unabated foreign fund outflows, and a depreciating rupee.
CNG prices in Delhi have been increased by Re 1 per kg, marking the second increase in less than a week, according to Indraprastha Gas Ltd.
A prolonged supply shock can transmit to lower incomes, and dampen confidence and sentiment, warns Aditi Nayar, chief economist, head-research and outreach, ICRA.
Following Prime Minister Modi's appeal, Delhi ministers are adopting measures like using public transport, electric vehicles, and virtual meetings to reduce fuel consumption and cut expenditure.
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.
India Ratings and Research predicts the Reserve Bank of India (RBI) will maintain the repo rate at 5.25 per cent throughout FY27, despite potential inflationary pressures from higher fuel prices, with inflation expected to remain within the central bank's tolerance band.
InterGlobe Aviation (IndiGo) is experiencing significant financial pressure, with its stock falling 18 per cent since the start of the Iran war, due to rising Brent crude prices, a weakening rupee, and disruptions to its West Asia and European flight networks caused by geopolitical tensions.
'If 5% of the total revenue was spent on LPG (pre-war), it is now expected to double. The overall food cost in restaurants is expected to rise by 4-6%.'
India's electric passenger vehicle market saw an 87.4 per cent year-on-year increase in FY26, reaching 233,246 units, primarily driven by the mid-size SUV segment (20-30 lakh price bracket), while the entry-level segment (sub-10 lakh) experienced a decline.
India has voiced regret over the Ukraine conflict's 'collateral consequences', including prices of fuel, saying countries of the Global South have been left to fend for themselves, as Delhi underscored that diplomatic efforts hold the promise to end the war and bring lasting peace.
MNS president Raj Thackeray questions the fuel consumption during recent election campaigns, asking if austerity measures are only meant for the common people.
Jan Suraaj Party founder Prashant Kishor has moved to an ashram on the outskirts of Patna to continue his political activities ahead of the next assembly elections. He criticised Nitish Kumar and urged voters to prioritise their own interests.
Amul and Mother Dairy, India's largest dairy product retailers, have increased milk prices by Rs 2 per litre, marking the second such hike in 13 months. This move is expected to intensify inflationary pressures, already fuelled by global conflicts, and will impact household budgets across the country.
Indian realty developers are contemplating price increases for ongoing and upcoming projects to offset margin pressures caused by rising input costs and supply chain disruptions, exacerbated by the West Asia conflict. Input and labour costs have surged by 5-12%, directly impacting developer margins, especially for under-construction projects.
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.
Sensex gains over 400 points while Nifty trades above 23,800 amid strong IT sector buying.
Jewellery majors Titan Company and Kalyan Jewellers reported robust Q4 FY26 results, with Titan's consolidated revenue surging 81 per cent year-on-year, largely propelled by a sixfold increase in bullion and digital gold sales. Despite strong top-line growth, Titan's gross and operating profit margins faced pressure due to the higher share of lower-margin gold products and increased marketing expenditure.
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
'There is no shortage of fuel whatsoever.' 'India is stock surplus as far as petrol and diesel are concerned.'
Bharat Forge reported modest Q4FY26 results but provided strong guidance, anticipating significant growth from its defence, aerospace, and data centre segments, with a projected 25 per cent revenue growth in Indian manufacturing for FY27, despite current high valuations.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
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.
Sri Lankan President Anura Kumara Dissanayake has announced an economic relief package to mitigate the impact of the West Asia conflict, including fuel price reductions and support from India for petrol and diesel supplies.
India's auto retail sector achieved record-breaking sales of 2,96,71,064 units in FY26, a 13.3% increase, primarily driven by the implementation of GST 2.0 which reduced the tax burden on mass-segment vehicles, according to the Federation of Automobile Dealers Associations (FADA).
Moody's Ratings has downgraded India's growth forecast for financial year 2026-27 (FY27) to 6 per cent from 6.8 per cent, attributing the revision to weaker consumption and industrial activity, elevated energy prices, and rising input costs stemming from the West Asia conflict.
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.
Indian benchmark indices, Sensex and Nifty, rallied significantly following a sharp decline in crude oil prices. This decline was triggered by US President Donald Trump's announcement of progress in negotiations with Iran towards a peace agreement, which led to renewed optimism in global markets.
India's leading passenger vehicle manufacturers are significantly increasing investments and factory capacities, alongside planning major product launches for FY27, driven by strong confidence in sustained domestic demand growth despite global geopolitical tensions and supply chain risks.
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.
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.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
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.
Indian benchmark indices Sensex and Nifty experienced a sharp decline in early trading due to escalating tensions in the Middle East, driving crude oil prices higher. Global market bearishness and foreign fund outflows further contributed to investor unease.
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.
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