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The Latest Breaking News from West Asia

India's June crude imports hit record high as Russian supplies surge despite West Asia tensions

India's crude oil imports hit a record 4.93 million barrels per day in June, bolstered by substantial purchases from Russia, which solidified its role as the top supplier. This surge underscores India's robust supply chain resilience amidst global geopolitical tensions. Analysts highlight proactive diversification and procurement strategies as key to…

The Economic Times

Jet fuel price cut by Rs 5/litre as global oil prices ease

A significant drop in jet fuel prices, by nearly Rs 5 per litre, brings welcome relief to Indian airlines. This reduction, driven by falling international crude oil rates and easing West Asian tensions, is expected to lower operating expenses for domestic carriers. Meanwhile, commercial LPG cylinder prices also saw a…

The Economic Times

Nayara Energy cuts petrol price by Rs 5, diesel by Rs 3 amid softening oil prices

Nayara Energy has slashed petrol prices by Rs 5 and diesel by Rs 3 per litre nationwide, marking the first reduction in over two years. This move follows easing West Asian tensions and stabilizing global oil prices. While Nayara reverses its March price hike, state-owned retailers like IOC, BPCL, and…

The Economic Times

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GIFT Nifty signals muted start for Dalal Street amid cautious trade

Indian markets experienced a volatile session ahead of monthly expiry, with the Nifty closing lower at 23,866. Geopolitical tensions in West Asia are expected to keep investor sentiment cautious, despite a dip in crude oil prices. Analysts suggest a mixed trend for equities, with the Nifty potentially hovering around 24,000,…

The Economic Times

Banks NPA at multi-decadal low of 1.8%, Indian financial system remains resilient: RBI report

India's financial system remains robust, with bank NPAs hitting a multi-decade low of 1.8%. Despite global uncertainties and rising oil prices, strong domestic fundamentals offer resilience. However, funding challenges are emerging as savers seek higher returns, and AI-driven cyberattacks pose a significant near-term threat to banks. The RBI remains vigilant…

The Economic Times

In phone conversation with Iran Prez, PM Modi reiterates importance of freedom of navigation in Hormuz

Prime Minister Modi held a telephonic discussion with Iran's President Masoud Pezeshkian, focusing on West Asian developments and the crucial freedom of navigation in the Strait of Hormuz. Modi emphasized dialogue and diplomacy for regional peace and stability. Iran's President also extended an invitation to Prime Minister Modi for the…

The Economic Times

India's manufacturing growth expected to moderate in April-June due to West Asia crisis: FICCI

Indian manufacturing growth is set to slow in the first quarter of FY27, with a FICCI survey revealing muted business sentiment. This moderation is linked to the West Asia crisis, impacting production and order levels compared to the previous quarter. Despite these challenges, export performance shows positive signs, though manufacturers…

The Economic Times

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West Asia crisis shifted Indian EV market from 'push mode to pull mode': Tata Motors MD

The West Asia war has significantly boosted electric vehicle adoption in India, shifting the market from a 'push' to a 'pull' mode, according to Tata Motors' Shailesh Chandra. He noted that rising fuel prices and concerns over availability are making consumers, especially in the entry-level segment, more open to EVs.…

The Economic Times

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

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

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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

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…

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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

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…

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