Top commanders of the Indian Navy will discuss the implications of the West Asia crisis on India's energy security and review operational readiness at a three-day conference.
Prime Minister Narendra Modi has called on Indian citizens to unite and overcome the challenges posed by the ongoing conflict in West Asia, cautioning against politicisation and rumour-mongering.
Despite geopolitical tensions and FII outflows, Indian small and midcap stocks have not only recovered losses but are also outperforming largecap indices, driven by attractive valuations, domestic institutional support, and a rebound in earnings.
Russian President Vladimir Putin has offered his support to help bring peace to West Asia, praising the Iranian people for their resilience. This comes as Iran seeks to resolve the conflict with the US, following discussions with Pakistani and Omani leadership.
Amid rising tensions in West Asia, China is urging all parties to cease military operations, following Trump's appeal for help in securing the Strait of Hormuz.
The ministry of external affairs on Monday said that a joint statement could not be issued following the BRICS deputy foreign ministers and special envoys on the Middle East and North Africa (MENA) meeting, which took place on April 24 in the national capital, as member countries were unable to reach a general consensus concerning the conflict in West Asia.
Iranian Foreign Minister Seyed Abbas Araghchi spoke with Indian counterpart S Jaishankar to discuss the West Asia crisis, following discussions with Russian President Vladimir Putin.
Pakistan's Foreign Minister Ishaq Dar met with his counterparts from Egypt and Turkiye in Islamabad ahead of a quadrilateral summit, including Saudi Arabia, to discuss the ongoing conflict in West Asia and explore avenues for peace.
The Indian government has allocated an additional 40,000 kilolitres of kerosene to states as an alternative fuel to LPG, amid the ongoing crisis in West Asia. The government assures a comfortable crude oil supply situation in the country.
The Ministry of External Affairs (MEA) has confirmed the deaths of eight Indian nationals and one missing person in West Asia due to the ongoing conflict. The Indian government is providing support to affected families and facilitating the return of citizens from the region.
Indian equity benchmark indices Sensex and Nifty rallied in early trade, driven by reports of a second round of talks between the US and Iran, which are fostering hopes for a resolution to the West Asia conflict, coupled with Brent crude oil prices trading below the USD 100 per barrel mark.
Analysts warn that global markets are significantly underpricing the risk of an oil price shock, with Brent crude potentially soaring to $150 per barrel if the West Asia conflict escalates or damages critical oil and gas infrastructure. This could lead to severe inflation and economic repercussions, particularly for import-dependent nations like India.
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.
The parents of Jerin George, a native of Haripad in Kerala, have appealed to authorities to help bring their son home after he became stranded on an Iranian ship due to the conflict in West Asia.
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.
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.
He added that opposition parties were assured that their concerns regarding the impact of the West Asia situation on India and the safety of Indian citizens were addressed in detail.
Prime Minister Narendra Modi addressed concerns about the impact of the West Asia conflict on India, assuring efforts to minimise its effects and prioritising the safety of Indian citizens working in the region. He also criticised the Congress party for making remarks that could endanger Indian lives for political gain.
Russian Foreign Minister Sergei Lavrov will visit Beijing to discuss the West Asia conflict, the Strait of Hormuz blockade, and bilateral relations with Chinese leaders.
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.
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 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.
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
India addresses the escalating conflict in West Asia, outlining its diplomatic efforts to ensure energy security, the safety of its citizens, and advocating for a peaceful resolution through dialogue.
Analysts predict that developments in West Asia and their impact on crude oil prices will heavily influence investor sentiment in the upcoming week. Global market trends, foreign investor activity, and rupee-dollar movement will also play a role.
Even as the benchmark and broader indices were down sharply on Monday due to escalating tensions in West Asia, the Nifty Defence index ended the session in the green.
Pakistan's Foreign Minister Ishaq Dar has called for dialogue to address the ongoing conflict in West Asia, emphasising the importance of diplomatic engagement and sustained efforts to promote peace and stability in the region.
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.
The Indian rupee depreciated by 52 paise to settle at 93.35 against the US dollar, driven by failed US-Iran peace talks, surging crude oil prices due to a potential US blockade of Iranian ports, and a global flight to the greenback. This geopolitical uncertainty is also leading to foreign capital withdrawal from domestic equities.
Moody's Ratings has downgraded India's growth forecast for financial year 2026-27 (FY27) to 6 per cent from 6.8 per cent, attributing the revision to weaker consumption and industrial activity, elevated energy prices, and rising input costs stemming from the West Asia conflict.
India's wholesale price inflation surged to 3.88 per cent in March, marking the fifth consecutive monthly increase, primarily driven by a sharp rise in crude petroleum, natural gas, and manufactured items amidst the West Asia crisis.
The Indian government has implemented several measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amidst the ongoing West Asia crisis, according to Minister of State for Finance Pankaj Chaudhary.
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.
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.
Prime Minister Narendra Modi held a virtual meeting with chief ministers to review preparedness and plans in light of the West Asia conflict, emphasising the importance of national unity and enhanced security measures.
National Conference President Farooq Abdullah has voiced his concern over the escalating violence in West Asia, urging all parties to prioritise dialogue and diplomacy to de-escalate tensions and protect civilian lives.
The Cabinet Committee on Security (CCS) has reviewed the evolving situation in West Asia, directing departments to assist Indian nationals affected by recent developments and emphasizing the need for dialogue and diplomacy.
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.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
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