Page 5 - West Asia And The Gulf

India should build strategic buffers for energy shock: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Saturday said India needs to create strategic buffers in the face of the "most difficult" energy shock that the country is facing amid the West Asia crisis. Nageswaran also said the rising prices of fertiliser and petroleum products globally due to the crisis will make it challenging to achieve the 4.3 per cent fiscal deficit target for the current fiscal, while below normal monsoon and pass-through of higher energy prices could lead to "potential inflation spike". He also said India has employment challenge emanating from AI, and there is a need to ensure that IT sector becomes more competitive and not lose jobs to AI, and instead create jobs that use AI within the IT sector or in other services. Speaking at the ICPP Growth Conference organised by the Ashoka University, Nageswaran said the current account deficit (CAD) in the current fiscal could rise to over 2 per cent of GDP, from less than 1 per cent in FY'26. "The ... priority for

India must turn crises into opportunities, boost supply chains: Nadda

Union Minister JP Nadda on Saturday said India must convert prevailing global uncertainties into opportunities to build domestic strength, calling for higher manufacturing capacity, resilience and self-reliance to achieve the goal of a "Viksit Bharat" by 2047. Addressing the valedictory function of the two-day Vibrant Gujarat Regional Conference for south Gujarat, Nadda said recent global developments underline the need to reduce strategic dependencies and strengthen supply chains. "The recent global uncertainty is an indication that we must turn crises into opportunities. We must give maximum attention to our manufacturing sectors through regional conferences," he said. The Union health minister said economic strength is not just about growth, but also about resilience, self-reliance and strategic autonomy. India must convert global uncertainty into domestic strength, and "build and innovate more within the country, and reduce critical vulnerabilities," he said. Nadda noted that

Best of BS Opinion: India feels diplomatic squeeze from W. Asia conflict

From Iran diplomacy and artificial intelligence risks to Great Nicobar strategy and Pakistan policy, today's Best of BS Opinion highlights key strategic and economic debates shaping India's outlook

Best of BS Opinion: FinMin offers sobering view of macroeconomic risks

From rising oil-linked risks and services data gaps to gold loan expansion and global capital flows, here are the key insights from Business Standard's Opinion page

Policy prescription: MoF's economic review presents a realistic assessment

One clear message from the West Asia conflict is the need to build buffers of key inputs, and this should not be limited to oil and gas

Mojtaba Khamenei says new phase ahead for Gulf, Strait of Hormuz after war

Iran's Supreme Leader signals a 'new phase' in the Gulf, raising concerns over Strait of Hormuz security and global oil supply disruptions

Declining influence: UAE exit signals Opec's waning grip on oil prices

The UAE's exit has raised questions about the future of Opec and its ability to influence global oil prices

ONGC hits 52-wk high, Oil India up 4%; what's driving upstream oil stocks?

ONGC and Oil India are key beneficiaries if Brent price remains elevated above USD 70/bbl as their CMP is discounting ~USD 65/bbl net crude realisation amidst low risk of windfall tax, said analysts.

Toyota Motor sales fall for second month in March on West Asia slump

Global sales shrank 7.3 per cent from the same month a year earlier to 897,871 vehicles, with overseas sales down 7.2 per cent and those in Japan falling 7.8 per cent

Luxury giants slump as West Asia demand seizes up due to prolonged war

Shoppers in the West Asia are some of the world's biggest spenders, splashing out at retail hubs like Dubai and other luxury destinations including Paris and Milan

India to buy urea at near double pre-war prices amid supply disruption

Urea from the West Asia, a major supplier to the South Asian nation, was quoted at $490 a ton before the war began, according to Green Markets data

India denies any payment to Iran for Hormuz passage, calls reports fake

India on Wednesday denied making any payments - either in cash or cryptocurrency - to Iran to secure safe passage for its vessels through the Strait of Hormuz amid heightened tensions in the region. The clarification came after two Indian vessels had to turn back from the Strait of Hormuz after Iranian forces fired upon them as they attempted to cross the crucial waterway on April 18. Before turning back, the captain of Indian tanker Sanmar Herald, in an audio recording that has surfaced, is heard pleading with Iranian forces to stop firing despite prior clearance to pass the Strait of Hormuz. "This is motor vessel, Sanmar Herald. You gave me clearance to go, my name is second on your list... You are firing now. Let me turn back." While New Delhi has consistently rejected claims of any financial arrangements with Tehran for ship movement through the critical energy corridors, some reports linked the April 18 incident to a crypto scam. Reports suggest scammers are offering shipowner

IRGC seizes two vessels in Strait of Hormuz, cites 'red line' breach

Iranian news agencies, citing an official statement from the IRGC Navy, said the vessels MSC Francesca and Epaminondas were seized and redirected towards Iranian territory

LPG reliance highlights gaps in India's piped gas expansion drive

India's dependence on LPG imports and slow expansion of piped gas networks highlight policy gaps, affordability challenges, and consumer behaviour issues hindering a transition to cleaner cooking fuel

Domestic production of oil, gas ramped up amid West Asia crisis: RBI Guv

The current crisis in West Asia significantly impacts India, as the region accounts for approximately one-sixth of the country's exports, half of its crude oil imports, and nearly two-fifths of the inward remittances, Reserve Bank of India (RBI) Governor Sanjay Malhotra said. During his address at Princeton University on April 18, 2026, the governor highlighted that the Indian economy has demonstrated resilient growth over the past decade, supported by robust policy frameworks, financial stability, and sound fiscal policies. He noted that, in response to the ongoing crisis, India is increasing its domestic production of oil and gas. "Sources of imports are being diversified. While there is no shortage of oil, given the reserves maintained by us, there is some rationing of gas for industrial purposes," he said. Malhotra emphasised that while oil marketing companies and the government have absorbed some of the price pressures in oil, a portion of the pressures on gas prices has been .

Iran reviewing US proposals, says Hormuz curbs to stay till war ends

Iran on saturday said that it is reviewing new proposals put forward by the US. Iran's Supreme National Security Council said in a statement that Pakistan's army chief Asim Munir, serving as an intermediary, presented the proposals to Iran when he recently visited Tehran, and they were still under review. It was not revealed what was in the proposals. The council said Iran has yet to respond, but further talks would require the US to abandon "excessive demands and adjust its requests to the realities on the ground." It also said that Iran will maintain full control over traffic through the Strait of Hormuz until "the war fully ends and lasting peace is achieved in the region," adding that it would collect detailed information on passing vessels, issue transit certificates and impose tolls. The council added that it considered the US naval blockade a violation of the ceasefire, and there would be no reopening of the Strait of Hormuz until that was lifted. Meanwhile, US President D

India summons Iranian envoy after firing on its vessels in Hormuz

As per reports, Iran's Islamic Revolutionary Guard Corps (IRGC) had carried out at least three attacks on commercial ships in the strait since Saturday morning

Tensions high in Hormuz as Iran hits ships, US blockade turns back vessels

Tensions gripped West Asia as uncertainty over the Strait of Hormuz deepened, with Iran claiming control and hitting vessels, while the US military moved in parallel to regulate traffic

Indian vessels turn back as Iran gunboats fire on tanker in Hormuz: Report

Two Indian vessels have had to reverse course in the Strait of Hormuz following reports of gunfire from Iran's Revolutionary Guard, a vessel-tracker said. TankerTrackers.com said the vessels include an Indian-flagged super tanker, carrying 2 million barrels of Iraqi oil. Earlier, the British military said two gunboats from Iran's Revolutionary Guard opened fire on a tanker transiting the Strait of Hormuz after Iran said it had reimposed restrictions on the vital waterway. The United Kingdom Maritime Trade Operations Centre said the tanker and crew were reported safe, without identifying the vessel or its destination. Iran said earlier it was reimposing restrictions on the strait in response to a US blockade on Iranian shipping and ports. Iran has prevented vessels from crossing throughout the seven-week-long war, except for ones it authorises.