Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
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.
The ongoing conflict involving the United States, Israel, and Iran intensified sharply with attacks on critical energy infrastructure across the Gulf, even as US President Donald Trump said he had cautioned Israeli Prime Minister Benjamin Netanyahu against targeting Iran's key South Pars Gas Field.
Two India-bound LPG tankers have crossed the Strait of Hormuz amid heightened tensions in the region, while an India-flagged vessel sank after being hit near the strategic shipping corridor.
'Historically, India has depended on the Middle Eastern Gulf for nearly 90 per cent of its LPG imports. Shifting to alternative suppliers is not something that can happen quickly.'
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.
The Reserve Bank of India (RBI) and the central government have introduced a package of measures, including tax exemptions for FPIs on government securities and a concessional foreign-exchange swap facility, aiming to attract up to $50 billion in foreign capital. This initiative is designed to strengthen India's balance of payments and potentially cover the projected BoP gap for FY27.
The escalating crisis in West Asia and its impact on the global energy supply chain are expected to dominate deliberations at a two-day meeting of BRICS foreign ministers to be hosted by India.
West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
China and Pakistan have jointly proposed a five-point peace plan to address the ongoing conflict in West Asia, focusing on de-escalation and safe passage through the Strait of Hormuz.
Indian benchmark indices Sensex and Nifty closed marginally lower due to profit-taking, following the Reserve Bank of India's decision to keep the repo rate unchanged while lowering its growth expectations for the current fiscal year and forecasting higher inflation.
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.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
The government has dismissed speculation of an imminent increase in petrol and diesel prices, assuring citizens that there are no plans for a hike despite rising crude oil costs.
US President Donald Trump and Chinese President Xi Jinping met in Beijing to discuss a range of issues, including trade frictions and the war in Iran.
Israel's Defence Minister Israel Katz has stated that Israel is prepared to escalate military action against Iran, pending approval from the United States. This comes as US President Donald Trump says he would not use nuclear weapons in any conflict with Iran, while also claiming the US has 'total control' over the Strait of Hormuz.
Congress leader Rahul Gandhi criticised Prime Minister Narendra Modi for gifting 'Melody' toffees to Italian Premier Giorgia Meloni, calling it a 'gimmick' while India faces an 'economic storm'. He accused Modi of prioritising public relations over addressing the struggles of farmers, labourers, and youth, a sentiment echoed by other Congress leaders.
Indian benchmark indices Sensex and Nifty experienced volatility due to conflicting developments in West Asia, including reports of the Strait of Hormuz closure, which led to a rebound in crude oil prices and heightened investor concerns about supply disruptions and inflation.
The Confederation of Indian Industry (CII) has urged the Indian government to gradually restore the Rs 10-per-litre cut in special additional excise duty on petrol and diesel over six to nine months. This move aims to relieve pressure on government finances as crude oil prices stabilise, without significantly impacting consumer sentiment.
The United States is facing growing discontent from its Gulf allies after several countries in the region complained that they were not given advance notice of the US-Israel strike on Iran that triggered widespread retaliatory attacks, according to media reports.
'No one can or will bar India from pursuing its energy goals as it wishes.' 'The US FTA wording may sound more restrictive, but the underlying reality will not undermine India's sovereign energy decisions.'
Iran has reportedly allowed select "friendly nations" including India and Pakistan limited access to the Strait of Hormuz amid ongoing conflict, easing some energy supply concerns. Here's what the move means for global trade and oil routes.
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.
US President Donald Trump indicated the possibility of further military operations against Iran's Kharg Island, a key oil export hub, claiming previous strikes had significantly damaged its infrastructure.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
The United Arab Emirates has announced its decision to withdraw from OPEC and the wider OPEC+ alliance, effective May 1, 2026, signalling a significant policy-driven evolution in its long-term energy strategy aimed at aligning with domestic economic goals and increased production investment.
Donald Trump has warned Iran to open the Strait of Hormuz within 48 hours or face military action, escalating tensions amid regional conflict and impacting global oil supplies.
Indian equities on Dalal Street saw volatility as global market trends and oil price hike impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for Apr 23, 2026.
White House Press Secretary Karoline Leavitt on Tuesday said that the United States has not ruled out the option of sending troops on the ground in Iran and that military operations in the Persian Gulf nation would end once the objectives of Operation Epic Fury are achieved.
After spending 31 months in Chennai's Puzhal prison, Ahmed Buhari is finally breathing free, as courts across the country quashed proceedings linked to his group company Coastal Energy.
The United Arab Emirates has announced its decision to withdraw from OPEC and the wider OPEC+ alliance, effective May 1, 2026, signalling a significant policy-driven evolution in its long-term energy strategy aimed at aligning with domestic economic goals and increased production investment.
This sharp Iranian response came after a series of uncompromising remarks from the US president.
The proposed facility seeks to simplify and speed up PF withdrawals by allowing Employees' Provident Fund Organisation (EPFO) subscribers to access up to 75 per cent of their balance through ATMs and UPI-based systems, while retaining at least 25 per cent in their accounts.
Goldman Sachs has materially lowered its earnings growth forecast for Indian companies by a cumulative 9 percentage points over the next two years.
Despite reporting a weaker-than-expected net loss of Rs 2,536 crore for Q4FY26, largely due to a significant non-cash forex loss, analysts remain optimistic about IndiGo's long-term prospects, citing strong demand trends, a favourable pricing outlook, and strategic cost-control measures.
Indian benchmark equity indices Sensex and Nifty experienced a significant crash in early trade, triggered by a sharp increase in crude oil prices and escalating tensions in the Middle East.
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
The Delhi government has announced a series of measures to conserve fuel, including work from home for government offices, increased use of public transport, and reduced fuel quotas for officers.
Donald Trump says several issues were settled during the final day of talks with Xi Jinping covering trade, tariffs, and diplomacy.
The US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman, escalating tensions as ceasefire talks face uncertainty. The incident raises concerns about the fragile ceasefire and the ongoing blockade of the Strait of Hormuz.
