India's import of sensitive items went up by 11.6 per cent in the first quarter to Rs 4,877 crore (Rs 48.77 billion) from Rs 4,371 crore (Rs 43.71 billion) in the same period last year, led by a sharp rise in the import of edible oils.
Two commercial vessels, an oil tanker and a cargo ship, carrying a total of 22 Indian nationals, were hijacked by armed pirates in separate incidents off Yemen and Somalia. All Indian crew members on both vessels are reported to be safe, according to the latest information from the shipping ministry and the External Affairs Ministry.
Analysts predict that the Reserve Bank of India's interest rate decision, the evolving situation in West Asia involving the US-Iran conflict, and crude oil prices will be the primary factors influencing investor sentiment in the Indian stock market this week.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
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.
India's gold demand saw a 6 per cent year-on-year decline in the April-June quarter of 2026, reaching 131.4 tonnes, primarily due to subdued seasonal sales, increased Customs duty, and Prime Minister Narendra Modi's call to reduce gold purchases, according to a World Gold Council report.
Oil-marketing companies (OMCs) are set to significantly expand the sale of flex fuel (E85) across India, with plans to reach 5,000 outlets in major cities by the end of next year, according to Petroleum Minister Hardeep Singh Puri. This move aims to boost ethanol demand, reduce crude oil imports, and cut carbon emissions, coinciding with the launch of India's first flex-fuel vehicles by Maruti Suzuki and Hero MotoCorp.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
India has slashed import of crude oil from Iran by over 26.5 per cent in the financial year ended March 31 as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.
Prime Minister Narendra Modi flagged off India's first hydrogen-powered train connecting Jind to Sonipat in Haryana, marking a significant milestone in the country's journey towards clean and sustainable railway mobility and showcasing the success of the 'Make in India' initiative.
India's wholesale price index (WPI) inflation marginally eased to 9.78 per cent in July 2026, down from 9.87 per cent in June, primarily due to a cooling in the prices of fuel, power, and food items, marking the first month-on-month drop under the new 2022-23 base year.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
The Indian rupee crashed to a record closing low against the US dollar due to rising global crude oil prices, a strengthening dollar, and geopolitical tensions in the Middle East.
Keeps open the option to make payments in yen or yuan in the face of sanctions
In a first, Indian oil public sector undertakings (PSUs) finalised a one-year contract to import around 2.2 million tonnes (mt) of liquefied petroleum gas (LPG) from the US. The LPG import deal comes at a time when negotiations for an India-US bilateral trade agreement (BTA) are gathering steam. Earlier in the month, US President Donald Trump had said Washington and New Delhi were "pretty close" to reaching a fair trade deal.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
Formerly Iran's second-largest oil customer, Indian financial institutions were forced to withhold crude oil payments following the 2018 US sanctions.
'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.'
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.
Analysts predict that the ongoing US-Iran conflict, fluctuations in crude oil prices, and foreign institutional investor (FII) flows will be the primary factors influencing Dalal Street this week, with inflation concerns adding to investor anxiety.
The Indian government has allocated an additional 2 million tonnes of surplus broken rice from FCI stocks for its ethanol blending programme, while simultaneously issuing a detailed rebuttal to widespread misinformation regarding the E20 fuel, addressing concerns from water consumption to engine damage and environmental impact.
"When Royal Enfield turned 100, we were struggling for survival"
Why the industry's public position changed is difficult to say. What the developments did establish, though, is that ethanol-blended petrol has become one of the country's most politically and commercially sensitive policy issues.
India Inc's first-quarter earnings season was significantly impacted by the West Asia conflict, leading to rising costs, calibrated price increases, and margin pressures across various sectors including FMCG, automotive, steel, and cement. Companies are implementing price hikes to protect profitability, with many anticipating further escalations if input costs remain elevated.
US Vice President JD Vance and Prime Minister Narendra Modi held a phone call to discuss expanding the India-US comprehensive global strategic partnership, focusing on trade, defence, energy security, emerging technologies, and critical minerals. The discussion comes amidst rising tensions in West Asia and recent regional realignments, with both leaders reaffirming their commitment to strengthening cooperation.
Edible oil imports of India, the world's largest importer, have touched an all-time high of 51.14 lakh tonnes in November-October 2002-03, up 16 per cent over last year's 44.25 lakh tonnes.
'FPIs are unlikely to return unless there is equilibrium between valuation premium and earnings growth.'
S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
US Energy Secretary Chris Wright said that long-term oil supplies are 'abundant' and there are no worries regarding that, but in the short term, there is a need to get oil on the market.
The rupee has been among the The RBI uses the Iran-US peace deal to bolster its forex reserves.
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
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.
From just 0.2 per cent before the Russia-Ukraine war to now accounting for 35-40 per cent of total crude imports, India's reliance on Russian oil has surged -- drawing fresh scrutiny with US President Donald Trump announcing a penalty on top of a 25 per cent tariff, or tax, on all goods going to the US.
The rupee weakened to a record low against the US dollar due to Gulf tensions, rising oil prices, and foreign capital outflows.
India's imports from Iran rose to 250,200 barrels per day
The enduring relationship between the two countries have survived the disintegration of the erstwhile USSR in 1991, the end of the Cold War and the regime change in both countries, points out Rup Narayan Das.
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 exports recorded a 13.78 per cent increase to USD 43.56 billion in April, marking the highest monthly outbound shipments in over four years, primarily driven by petroleum products. However, the trade deficit widened to a three-month high of USD 28.38 billion due to a 10 per cent rise in imports.
Zesty, spicy, tasty recipe to try this monsoon.
