West Asia

Govt likely to use ammonia from coal gasification to produce urea

The government is exploring coal gasification-based ammonia for new urea plants to cut LNG dependence, boost energy security and reduce fertiliser subsidies

Govt fast-tracks disinvestment, garners 31% of FY27 Budget target in Q1FY27

The government has pushed the pedal on its disinvestment and asset monetisation plan in the current fiscal, raising about 31 per cent of its full-year budgeted target in the first quarter itself. Recording the fastest pace of disinvestment ever in the first quarter of any fiscal, the period between mid-May and June this year saw one offer for sale from the government every week for disinvestment of public sector enterprises. Faced with the stress of increased expenditure on subsidy due to a higher import bill, the government is making all-round efforts to garner revenues, especially from the non-tax side. Over the past six weeks, offer for sale (OFS) of six public sector enterprises hit the capital markets wherein the government garnered a cumulative Rs 18,561 crore. The six entities are Central Bank of India, Coal India, NHPC, NLC India, GIC and IRFC. Separately, Rs 6,367 crore has come from asset monetisation under the Infrastructure Investment Trust (InvIT). As against the ful

Summer Davos and a new investment narrative for West Asia's economic future

West Asia's economic transformation presents India with new opportunities in infrastructure, trade, logistics and digital partnerships, strengthening regional integration

US, Iran getting along very well, says Trump after meeting in Qatar

President Donald Trump says US-Iran talks in Qatar are progressing well, expressing optimism over denuclearisation efforts and discussions on a lasting ceasefire

Hormuz disruption may have lasting impact on vulnerable economies: UNCTAD

The UN trade agency said vulnerable economies could continue to face elevated food, fuel and transport costs even after energy markets stabilise following the reopening of the Strait of Hormuz

War-led input cost hikes impacted Q1: HUL chairman Nitin Paranjpe

HUL chairman says higher commodity costs following the West Asia conflict will weigh on Q1, but expects easing ahead and says the company remains well placed to manage short-term volatility

US-Iran deal has shifted risk balance 'favourably': RBI's report

Fx volatility may rise if oil prices spike due to supply chain risks

PM Modi reiterates importance of Hormuz navigation in call with Iran Prez

Prime Minister Narendra Modi had a telephonic conversation on Tuesday with President of Iran Masoud Pezeshkian, who briefed him on the recent developments in West Asia and the way forward. The Prime Minister said he reiterated in his interaction with the Iranian leader the importance of freedom of navigation in the Strait of Hormuz for India and the world. Prime Minister Modi welcomed the understanding reached, and reiterated India's consistent position that all issues must be resolved through dialogue and diplomacy, a statement issued by the Prime Minister's Office (PMO) said. Modi reiterated the need for continued efforts to ensure lasting peace and stability in the region, and for safeguarding freedom of navigation and commerce. During the telephonic conversation, the President of Iran briefed Prime Minister Modi on the recent developments in West Asia and the way forward, the statement said. Modi also wrote on 'X': "Spoke with the President of Iran, Dr. Masoud Pezeshkian, on

Sustained Hormuz disruption may crowd out pvt capex in India: Report

Extended Strait of Hormuz disruption could fuel inflation, weaken the rupee, widen the current account deficit and crowd out private investment, says report

Global LNG trade could remain flat in 2026, says Shell Energy Outlook

Shell says normal shipping through the Strait of Hormuz could keep global LNG trade flat in 2026, with growth expected to resume in 2027 as new supply comes online

Customs duty exemption on key petrochemical imports extended till July 15

The extension, prompted by supply-chain disruptions arising from the West Asia conflict, will continue to provide relief to industries dependent on critical petrochemical imports

No Iran-US talks in coming days, Iran's foreign ministry spokesperson says

Iran says no talks with the US are scheduled, clarifying its delegation's Qatar visit is unrelated and that priority remains implementing the existing MoU

Sensex, Nifty fall amid West Asia concerns, weak monsoon and profit booking

The BSE Sensex on Monday ended the session at 76,728, down 372 points, or 0.5 per cent, while the Nifty ended the session at 23,946, a drop of 110 points or 0.5 per cent

West Asia conflict pushes housing sales in metros down 6% in Apr-Jun

Residential sales across the top seven cities fell to 90,715 units in Q2 2026, while new launches rose 7 per cent as developers continued to add inventory despite uncertainty

Trump claims Iran requested meeting; Iranian officials deny talks are fixed

President Donald Trump said Monday on social media that Iran had requested a meeting with US counterparts, though one of Iran's top negotiators said no further talks had been scheduled after attacks across the Persian Gulf over the weekend challenged negotiations to end the war. The US president has tried to preserve an increasingly fragile interim deal as hostilities have mounted in recent days in the Strait of Hormuz, through which a fifth of the world's oil had been shipped before the war began. Trump said the meeting with Iran would happen on Tuesday in Doha, Qatar. But Kazem Gharibabadi, a senior negotiator for Iran, denied any talks had been scheduled. The US and Iran agreed to a deal earlier this month that calls for Tehran to dilute its stockpile of enriched uranium, and waives US-backed sanctions on the country while opening the Strait of Hormuz and giving each side 60 days to hammer out broader agreements. Oil prices fell sharply after the signing of the interim deal, but

Govt to lift curbs on petrol, diesel sales to commercial buyers from July 1

On June 12, the government had prohibited industrial and commercial consumers from purchasing petrol and diesel from retail outlets, directing them to source fuel from designated consumer pumps

West Asia conflict may push Indian airlines' FY27 losses to ₹38K cr: ICRA

ICRA has raised its FY27 airline loss estimate to Rs 36,000-38,000 crore and cut traffic growth forecasts, citing higher ATF prices, a weaker rupee and lease costs

Air India may restore flights as West Asia situation improves: CEO

Wilson was referring to the network rationalisation Air India undertook because of the West Asia conflict, which started on February 28 when Israel and the US attacked Iran

Oil heads for steep weekly losses as Hormuz tanker traffic gathers pace

Brent and WTI fall about 3 per cent as supply concerns ease with higher tanker movements through the Strait of Hormuz despite fresh security risks in the region

Bajaj Auto's CNG bike dream runs low on fuel amid West Asia crisis

India's only CNG bike maker Bajaj Auto sees demand sputter as the petrol-CNG price gap narrows