The Indian government has reassured citizens that the country has sufficient reserves of petrol, diesel, and LPG, and that refineries are operating at high capacity despite global supply chain disruptions. They have urged citizens to avoid panic buying and hoarding.
The Indian government has convened an all-party meeting to discuss the ongoing crisis in West Asia, following Prime Minister Modi's address to Parliament on the situation and its potential impact on India.
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.
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.
JSW Motors, part of the JSW group, is set to enter India's passenger vehicle market with plans to launch 15 new-energy vehicles (NEVs) over the next four years, with deliveries commencing from December 2026.
'We thought everything will be back to normal within one month. Now it's four months and still a final solution is miles away.'
In response to Prime Minister Narendra Modi's call for austerity, political leaders are reducing convoys and promoting public transport to conserve fuel.
Maruti Suzuki Chairman R C Bhargava is pushing for increased government incentives for biogas-powered vehicles over hybrids, emphasising their net-zero carbon emissions and the valuable organic manure they produce, while also advocating for continued GST benefits for electric vehicles.
'When we start describing somebody as an enemy that is the start of politics and emotion after which no business can take place.' 'We need to get out of this, allow Indian businessmen to do business with China.'
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.
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.
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.
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
India's industrial production expanded at a slower pace of 4.9 per cent in April, primarily due to tepid growth in the energy sector amidst the West Asia crisis. This data marks the first release under the newly revised base year of 2022-23 for the Index of Industrial Production (IIP).
The Trinamool Congress (TMC) has dismissed "baseless" rumours of a possible merger with the Congress, despite recent meetings between TMC supremo Mamata Banerjee and Congress leaders Sonia Gandhi and Rahul Gandhi, which occurred amidst significant internal rebellion within the TMC following its recent electoral defeat in West Bengal.
Indian rice exporters are seeking urgent government support to mitigate the impact of shipping disruptions caused by the Iran crisis and instability in key maritime routes. The disruptions have led to increased freight rates, insurance premiums, and fuel costs, impacting domestic prices and exporter profitability.
Amidst the INDIA bloc conclave in Delhi, a significant number of Trinamool Congress MPs convened a closed-door meeting, signalling a deepening internal rebellion and discontent within the party's parliamentary ranks following recent electoral setbacks.
Nagaland Chief Minister Neiphiu Rio has strongly condemned the "horrific and inhuman" killing of six Nagas in Manipur, demanding immediate action against those responsible. The incident occurred after Naga organisations facilitated the release of 14 hostages, but appeals for the reciprocal release of six Naga hostages allegedly held by the Kuki community ended in tragedy. Rio urged both the Indian and Manipur governments to ensure justice and called for peace and restraint among communities.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
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 National Payments Corporation of India (NPCI) is set to consider linking the ATM interchange fee to the Wholesale Price Index (WPI), alongside a potential hike from the current 19 to 21-22, which could impact customer charges for transactions beyond the free limit.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
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.
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.
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.
Hyundai Motor India Ltd (HMIL) announced plans to make Tamil Nadu its 'flagship EV hub for India', committing over 26,000 crore in investment, enhancing localisation, and creating approximately 2,000 additional jobs over the next five to six years. The company will roll out two new EV models from its Chennai facility this year, including its first mass-market dedicated EV.
While the Andaman and Nicobar islands serve as a vital, stationary asset for projecting power in the Indian Ocean, referring to them as an unsinkable aircraft carrier ignores key military and geopolitical limitations, explains Commodore Venugopal Menon (retd).
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'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.
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.
Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh, director, Delhi School of Economics.
'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.'
Indian eateries are adapting to the LPG crisis by cutting menus, increasing prices, and switching to alternative fuels like coal, as LPG supplies are disrupted due to global events. State authorities are cracking down on hoarding and black marketing of LPG cylinders.
India has capped gold imports under the Advance Authorisation scheme at 100 kg, a day after significantly increasing import duties on precious metals. This move aims to tighten conditions for duty-free gold imports by jewellery exporters and curb non-essential imports amidst a ballooning import bill.
India significantly increased piped natural gas (PNG) connections in March as the government accelerates the expansion of cleaner fuel networks amid global supply disruptions.
S&P Global Ratings projects India's economy to grow at 6.3 per cent even if crude oil prices average USD 130 per barrel in the current fiscal year, highlighting the nation's resilience amidst the West Asia crisis and strong commitment to fiscal consolidation.
'At the first sign of real trouble, that money will move. There will be a run.'
Production growth in India's eight core infrastructure sectors slowed to a three-month low of 2.3 per cent in February, impacted by contractions in crude oil, natural gas, and refinery products output.
Prime Minister Narendra Modi will review the impact of the West Asia conflict on India's food, energy, and fuel security with senior cabinet ministers. The meeting follows previous discussions and concerns raised about global energy crises and supply chain disruptions.
'Once the currency goes out of the hand, then possibly your major challenge is that it will not come back.'
