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.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
Markets face risk of a prolonged bear phase as oil shocks and geopolitical tensions test inflation, growth and investor confidence globally, points out Debashis Basu.
Indian equities on Dalal Street saw volatility as global market trends and weak rupee impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for May 5, 2026.
Two days after Russian President Vladimir Putin concluded his visit to India, during which he assured that Moscow would remain a reliable energy supplier, the Kremlin on Monday said that India, as a sovereign nation, is free to buy oil from sources it deems beneficial. It expressed confidence that New Delhi will continue to prioritise its economic interests.
"There is a sharp jump that we have seen in bookings of EVs... The jump, at least in our case, in just two months, it is about 2 to 2.5 times of what it used to be"
Prime Minister Narendra Modi has strongly condemned the attacks on the United Arab Emirates' port city of Fujairah, which resulted in injuries to three Indian nationals, and reiterated India's support for peaceful resolution through dialogue.
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
India is in communication with Iranian officials to ensure the safety and secure passage of its ships through the Strait of Hormuz, following recent firing incidents involving Indian vessels.
US President Donald Trump asserted that the trade deal with India remains intact despite a Supreme Court ruling against his tariffs, while also claiming he used tariffs to stop a war between India and Pakistan.
The Indian central government has reduced its total expenditure by approximately 60,000 crore in FY26, below its revised estimate, to successfully achieve the fiscal deficit target of 4.4 per cent of gross domestic product (GDP), according to the latest data from the Controller General of Accounts (CGA).
External Affairs Minister S Jaishankar addresses the Indian Ocean Conference, expressing deep concern over the West Asia conflict and its economic repercussions on energy, trade, and food security. India calls for a swift return to peace and opposes targeting civilians and infrastructure.
Russian President Vladimir Putin's visit to India this week aims to secure energy supplies, stabilise defence deliveries and ensure bilateral trade continues smoothly despite strong Western sanctions, GTRI said on Tuesday.
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.
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.
The price of petrol breached a three-year high on Monday at Rs 74.50 a litre, while the price of diesel was at its highest at Rs 65.75 a litre
India should not stay on the margins of this initiative. There should be a serious debate about what would be in India's best interests asserts former foreign secretary Shyam Saran.
The Congress on Sunday lashed out at Prime Minister Narendra Modi over the US' statements after three Indian sailors were killed in American attacks on ships, with party leader Rahul Gandhi saying the "compromised PM" listens "like an obedient servant" and "complies with the orders".
'We are profoundly energy-dependent on the Gulf. That dependency must now be redirected towards the United States, because we require American permission to procure oil.' 'We additionally require Iranian permission to acquire oil from that source. So India now has to seek two separate permissions merely to secure its energy supply.' 'Should we be compelled to source from America, or from Venezuela -- which is, in effect, American-controlled supply -- that will inevitably carry a price premium, an elevated shipping cost, and a considerably extended delivery timeline, given the distances involved.'
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
The country's exports rose marginally by 0.61 per cent to $36.56 billion in January, while trade deficit widened to a three-month high of $34.68 billion, government data showed on Monday.
Iran has reimposed restrictions on the Strait of Hormuz, with its forces opening fire on a passing tanker and forcing at least two Indian vessels to reverse course, escalating tensions in the region and raising concerns over energy supplies.
'Even last year, when India bought gold, the physical quantity was much less than the previous years.'
Succumbing to the US pressure, India has decided to cut crude oil import from Iran by over 11 per cent this fiscal to 15.5 million tons.
A vessel carrying 20,000 metric tonnes of Liquefied Petroleum Gas (LPG) arrived at Deendayal Port Authority in Kandla, Gujarat, after crossing the Strait of Hormuz amid the West Asia crisis.
Oilseed output to surpass its previous record of 32.75 mt in 2013-14 to 33.59 mt this year
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
India and the United States are committed to finalising an interim trade agreement, despite recent challenges including the US imposing a blanket 10 per cent surcharge and India's decision to wait for a new global tariff architecture. The US Trade Representative's annual report highlights India's maintained high import tariffs and various non-tariff barriers across several sectors.
Despite ongoing tensions in West Asia, the successful arrival of the LPG carrier 'Nanda Devi' in Gujarat ensures a steady supply of liquefied petroleum gas to India, highlighting the country's efforts to secure its energy needs.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
India's merchandise trade deficit widened to a record $41.68 billion in October, as gold imports trebled and outbound shipments registered their sharpest contraction in 14 months, according to data released by the commerce department.
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.
India's dependence on imported crude oil to meet domestic demand has been a matter of concern for years. Delivering the inaugural address at the global energy summit - Urja Sangam - in 2015, Prime Minister Narendra Modi had called for enhancing domestic oil and gas production to cut the import burden. He aimed at lowering it by at least 10 per cent by 2022 - to coincide with the platinum jubilee of India's independence. But this target is far from being achieved and the country's import reliance has only risen.
Tensions escalate between Iran and the US following an attack on an Iranian commercial vessel in the Sea of Oman, with both sides trading accusations over maritime security and ceasefire violations.
A major fire near the main unit of the newly built Rajasthan refinery of HPCL has postponed the inauguration by Prime Minister Narendra Modi. The fire, which broke out near the crude distillation unit, was doused in about two hours with no reported casualties.
Mr Pradhan is not an especially charismatic leader or a brilliant orator, but his understanding of realpolitik and organisational dynamics makes him the ultimate party man, points out Aditi Phadnis.
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
Sensex and Nifty post steepest weekly loss in over a year, falling nearly 3 per cent.
Domestic fuel sales at 11.39 million tons in February were 0.2 per cent lower than 11.41 million tons of petroleum products consumption in the same month a year ago.
