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The Latest Breaking News from West Asia

Economy resilient but risks from monsoon, geopolitical uncertainties remain: FinMin report

India's economy shows resilience despite a slight slowdown in some key indicators. While global commodity prices ease, risks loom from an uneven monsoon, potential El Nino, and geopolitical tensions. Policymakers are focusing on enhancing resilience to energy shocks and addressing water scarcity, with agricultural pricing policies also under review to…

The Economic Times

Govt extends customs duty waiver on import of key petrochemical products till July 15

The government has extended the nil customs duty on approximately 40 critical petrochemical products by another 15 days, now until July 15. This move aims to maintain supply stability for sectors like plastics, packaging, and pharmaceuticals, which rely on these imports. The temporary relief, initially granted due to West Asia…

The Economic Times

Manufacturing growth seen moderating in Q1 as West Asia crisis weighs on sentiment: FICCI

India's manufacturing sector anticipates a slowdown in April-June FY27, influenced by West Asia tensions impacting business confidence. Despite this, robust domestic demand offers some resilience. Production and order book expectations have softened, though capacity utilization remains steady. Encouragingly, export performance shows improvement, driven by diversification efforts. However, cost pressures persist,…

The Economic Times

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Centre extends duty relief on key petrochemical products till July 15

The government has extended the import duty exemption on about 40 key petrochemical products by 15 days, now until July 15. This move aims to support domestic industries facing supply chain disruptions and rising costs due to West Asian tensions. The temporary relief, initially introduced in April, helps sectors like…

The Economic Times

Housing sales fall 6% across top 7 cities in Q2 as West Asia conflict dents buyer sentiment; launches rise 7%: ANAROCK

Persistent Systems' shares plunged nearly 11% following its announcement to acquire Germany-based Nagarro for €1.27 billion. While the deal aims to boost European presence and revenue, brokerages expressed caution over pricey valuations and execution risks.

The Economic Times

Why India stayed resilient through the Hormuz crisis

India successfully navigated the Strait of Hormuz closure, ensuring energy security for its citizens. Despite a significant drop in West Asian LPG supplies, domestic production was ramped up, and new international sources were secured. Price disruptions were mitigated through government subsidies and excise duty cuts, keeping fuel costs significantly lower…

The Economic Times

Mann Ki Baat: PM Modi thanks citizens for supporting calls to curb gold purchases, adopt fuel-saving habits amid West Asia crisis

Prime Minister Narendra Modi expressed gratitude to citizens for actively embracing his appeals during West Asia's crisis. He highlighted widespread adoption of carpooling, reduced fuel consumption, and a significant shift away from new gold purchases, with many opting to repurpose existing jewelry for weddings.

The Economic Times

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West Asia conflict may delay India's chip projects

India's ambitious semiconductor projects, including Tata Electronics' Dholera fab, face potential delays due to the West Asia conflict. Logistical snags have disrupted the supply of crucial speciality gases, chemicals, and metals, leading to concerns about cost overruns and extended timelines. While some believe disruptions have eased, experts warn of significant…

The Economic Times

Air India may restore some flight schedules amid easing West Asia conflict: Sources

According to airline sources, Air India CEO Campbell Wilson communicated to employees that the easing of the conflict has created a more stable operating environment, which in turn has increased available airspace and led to a significant moderation in fuel prices.

The Economic Times

BEML secures additional export order worth USD 5.35 million from West Asia

BEML Ltd has secured a significant USD 5.35 million export order for heavy earthmoving equipment from West Asia, building on a previous USD 36.38 million contract. These robust machines, designed for demanding mining and infrastructure projects, boast advanced engineering and operator safety features. BEML will also provide comprehensive maintenance and…

The Economic Times

India Inc profit hit from West Asia tensions to halve if truce holds, Crisil says

Corporate India's profitability impact from the West Asia conflict is now expected to be half of initial fears, with Crisil Ratings predicting a 100-basis-point hit to operating margins in fiscal 2027. This revised outlook follows crude oil price corrections after the Strait of Hormuz reopened. While most sectors anticipate minimal…

The Economic Times

Engineering goods exports top US$12.31 billion in May, highest ever monthly exports despite West Asia conflict

We are positive that with the proper guidance of the Government, we will be able to achieve the desired export target of US$ 250 billion by 2030: EEPC India Chairman

The Economic Times

Pakistan says Iran-US talks expected to resume next week

Pakistan's foreign office has indicated that crucial talks between the United States and Iran are set to resume next week, likely on Tuesday. This follows a recent memorandum of understanding and technical-level discussions in Switzerland, where Pakistan and Qatar acted as mediators. The ongoing dialogue, aimed at restoring peace in…

The Economic Times

Tata Motors bullish on CV demand as India growth can outweigh Iran war impact in long term

Tata Motors anticipates short-term headwinds for commercial vehicle demand due to West Asia war-induced diesel price hikes. However, MD & CEO Wagh remains optimistic, citing India's strong macro-economic growth as a long-term driver for increased road freight and commercial vehicle demand. He also highlighted government initiatives like electrification incentives as…

The Economic Times

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The Economic Times

RBI's Malhotra says rate hike talk is premature, stays in wait-and-watch mode

Reserve Bank Governor Sanjay Malhotra stated that a rate hike is premature, emphasizing the central bank's cautious, data-dependent approach. While acknowledging moderating risks from West Asia and falling crude prices, the RBI remains vigilant about potential inflation pressures and second-round effects. The focus is on monitoring fuel price impacts and…

The Economic Times

RBI in wait-and-watch mode despite easing West Asia risks: Sanjay Malhotra

Despite easing West Asian tensions, the RBI remains cautious, with Governor Sanjay Malhotra emphasizing data dependency over pre-set interest rate paths. While the truce offers relief on inflation and growth, uncertainties surrounding crude oil prices and the monsoon necessitate continued vigilance. The central bank is closely monitoring potential inflation spillover…

The Economic Times

India needs to diversify its sources of energy needs, says NITI vice-chairman

NITI Aayog Vice Chairman Ashok Kumar Lahiri highlighted that the West Asia conflict, though a temporary supply chain issue, underscores India's need to diversify energy sources. He expressed optimism about an upcoming India-US trade agreement and advocated for including pharmaceutical products in future FTAs. Lahiri likened the crisis to a…

The Economic Times

Sensex trades on choppy note, Nifty below 24,100 as IT stocks drag benchmarks lower

Indian stock markets saw a subdued trading session on Tuesday, with the Sensex and Nifty experiencing minor dips, primarily due to losses in IT stocks. Broader market indices, however, showed resilience. Analysts point to improving West Asian peace prospects and falling crude oil prices as positive for economic growth, though…

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The Economic Times

US authorises Iranian oil sales until August 21 as part of push for final West Asia truce deal

Washington has granted Iran a 60-day waiver on oil sanctions, permitting the nation to produce, export, and sell its crude until August 21. This move, part of an interim deal to de-escalate tensions, offers significant relief to Iran's energy sector. The decision could boost Iranian oil shipments, potentially alleviating global…

The Economic Times

RBI flags rising fuel-price pressures amid West Asia war, says crude is easing as Hormuz fears recede

The Reserve Bank of India has highlighted rising fuel prices and a dip in consumer confidence due to West Asian conflict, despite a recent drop in crude oil costs. While inflation edged up in May, driven by broad-based price increases, the Indian economy remains resilient with sustained activity. However, manufacturing…

The Economic Times

NSA Ajit Doval meets senior Iranian security official

In a significant diplomatic engagement, National Security Adviser Ajit Doval held discussions with Iran's Deputy Secretary for Defence Affairs Ghadir Nezamipour in New Delhi to navigate the complex security dynamics of West Asia.

The Economic Times

Inflationary pressures, reduction in discretionary cash flows may impact collection of MFIs: Report

Microfinance borrowers' repayment behavior may face challenges from inflation and reduced household cash, though the West Asia conflict hasn't directly impacted the sector. El Nino's effect on rural incomes also warrants attention. While Karnataka saw collection dips after new regulations, Tamil Nadu and Bihar adapted effectively. Stricter lending guardrails have…

The Economic Times

Early signs of stress emerge in MSME loans as West Asia disruptions worry banks: Report

Lenders are concerned about the ripple effects of the West Asia conflict, which has disrupted supply chains and increased input costs for businesses. While the full impact is yet to be seen, public sector banks appear more vulnerable.

The Times of India

92% of Israelis say Iran won the war; 65% of Americans disapprove of Trump's Tehran policy, polls show

A majority of both Israelis and Americans are dissatisfied with their leaders’ handling of the West Asia crisis, according to two separate surveys.

The Economic Times

Iran delegation, led by Speaker Ghalibaf, arrives in Switzerland for first round of technical talks with US

An Iranian delegation, led by Parliament Speaker Ghalibaf, has arrived in Zurich for crucial technical talks with the US. This follows a recent memorandum of understanding aimed at de-escalating tensions in West Asia and reopening the Strait of Hormuz. US Vice President JD Vance is also en route to Switzerland…

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