The Indian government is unlikely to allow a parliamentary debate on the West Asia crisis, citing prior briefings by the External Affairs Minister. This decision comes amid opposition protests and a pending no-confidence motion against the Speaker.
Prime Minister Narendra Modi convened the Cabinet Committee on Security to address the impact of the West Asia conflict on Indian citizens, focusing on safeguarding them from the conflict's effects and ensuring the smooth flow of essential supplies.
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.
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.
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.
India's fiscal deficit is projected to reach 4.5 per cent of GDP for the current fiscal year, exceeding the budgeted target, as the government's policy responses to the West Asia conflict are expected to strain public finances, according to research firm BMI.
India's trade with West Asia saw a significant decline of over 28% in April, marking the second consecutive month of contraction. This downturn is attributed to severe shipping disruptions stemming from the ongoing conflict involving the US, Israel, and Iran, particularly impacting the crucial Strait of Hormuz waterway.
Foreign Ministers from Saudi Arabia, Egypt, and Turkiye convene in Pakistan for a summit aimed at de-escalating the ongoing conflict in West Asia, with Pakistan actively seeking to broker peace through dialogue and diplomacy.
Prime Minister Narendra Modi and US Secretary of State Marco Rubio discussed various aspects of India-US bilateral ties, focusing on defence, trade, energy, and technology. Rubio extended an invitation from President Donald Trump for PM Modi to visit the US.
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.
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.
Aseem Mahajan, Additional Secretary (Gulf) in the Ministry of External Affairs, on Saturday informed that five Indians have been killed and one is missing due to the ongoing conflict in West Asia. He added that Indian missions remain open round the clock and are constantly working to provide assistance.
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.
Bank of Baroda economists project India's GDP to grow 6.5-6.8 per cent in FY27 but warn that the fiscal deficit could overshoot the budgeted 4.3 per cent target, potentially reaching 4.7-4.8 per cent of GDP due to subsidy overruns, excise duty cuts, and oil marketing company losses.
Foreign investors have withdrawn a record Rs 1.14 lakh crore from Indian equities in March, driven by geopolitical tensions, a weakening rupee, and concerns about crude oil prices.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
The deployment could include infantry and armoured units, in addition to the 82nd Airborne Division, which is already stationed in the region.
India's exports experienced their steepest fall in five months, declining by 7.44 per cent in March to $38.92 billion, primarily due to trade uncertainty and geopolitical tensions, with shipments to West Asia contracting by over 50 per cent.
Pakistan is set to host a quadrilateral summit of foreign ministers from Saudi Arabia, Egypt, and Turkiye to discuss the ongoing conflict in West Asia and explore avenues for peace negotiations.
HDFC Bank reported an 8.04 per cent increase in its March quarter consolidated net profit to Rs 20,350.76 crore, but highlighted potential near-term risks for small-business borrowers due to the West Asia conflict. The bank's CEO also addressed the recent resignation of its non-executive chairman and hinted at a potential top-level reorganisation.
The World Bank has affirmed India's strong position to withstand the current global energy shock, citing high foreign exchange reserves, fiscal space, and low inflation as key buffers supporting continued growth despite international headwinds.
A senior Pakistani official has affirmed Pakistan's commitment to supporting Saudi Arabia, even before assistance is explicitly requested, amidst ongoing conflict in West Asia. This pledge underscores the close ties between the two nations and Pakistan's role in regional stability.
Indian equity benchmark indices experienced a significant drop in early trade, with the BSE Sensex falling over 525 points and the NSE Nifty down more than 164 points, primarily due to rising crude oil prices and ongoing uncertainty surrounding the US-Iran conflict.
Fleur Hassan-Nahoum, special envoy, foreign ministry of Israel, has asserted that the situation has effectively been a "multi-front regional conflict" since its inception, while claiming significant military and strategic gains against adversarial forces.
Russian President Vladimir Putin is actively working to de-escalate the escalating crisis in the Gulf, engaging with regional leaders following Iran's retaliatory strikes on US facilities after joint US-Israeli strikes against Iran.
India's latest trade data reveals a significant geographical realignment, with trade surpluses growing decisively with Asian and African nations, even as surpluses with traditional partners like the US and Netherlands narrow.
West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
The threat has raised concerns about possible asymmetric attacks outside the region. Iran has also stepped up attacks on energy infrastructure in Gulf countries.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
A lesson for India is to clearly define objectives beforehand, so that the adversary or other parties do not attempt to mitigate them midway.
External Affairs Minister S Jaishankar and his Iranian counterpart Abbas Araghchi held talks focusing on the West Asia crisis and its impact on energy supplies and maritime stability.
Prime Minister Narendra Modi has welcomed the understanding between the United States and Iran to end the conflict in West Asia, expressing hope that the pact will restore peace, stability, and ensure freedom of navigation in the region. The deal, aimed at ending a 107-day war that caused a global energy crisis, is set for signing on June 19.
China is significantly expanding its nuclear power sector, aiming to become a global leader by 2030. The country has the capacity to construct up to 50 nuclear reactors simultaneously, reducing reliance on fossil fuels.
Benchmark indices tumbled about 2 per cent on Friday, capping one of the most turbulent weeks for domestic equities as investors fretted that the West Asian conflict could drag on for weeks or even months.
The World Bank has increased India's economic growth projection for FY27 to 6.6 per cent, citing resilient domestic demand, while simultaneously cutting its global economic growth outlook due to the conflict in West Asia.
Tensions in West Asia have dramatically escalated as Israel launched targeted military operations against Iran, triggering widespread blasts across strategic cities, following earlier Iranian projectile attacks on Israel.
Explore the resilient daily life in Tehran, where residents navigate geopolitical tensions and economic challenges with routine activities, showcasing a striking contrast between normalcy and underlying uncertainty.
In crowded Mumbai trains, passengers, despite being crushed and unable to breathe, watch the IPL action on their phones. Oxygen may be optional, but the live score is not.
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.
