Page 7 - West Asia And The Gulf

CII asks Finance Ministry for fiscal support amid West Asia crisis

Industry body proposes credit support, tax relief and policy steps to shield MSMEs, exporters and energy-intensive sectors from disruptions caused by the ongoing West Asia crisis

Stranded Indian fishermen in Iran to return home via Armenia: Jaishankar

A group of stranded Indian fishermen in Iran are returning home through Armenia on Saturday, the government said. External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in the return of the Indian nationals. The exact number of Indian nationals in the group and the circumstances that led to them being stranded in Iran are not immediately known. "Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," he said on social media. Over 1,150 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago. "A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said. It said the Ministry of External Affairs continues to closely monitor the evolving situation

French, South Korean leaders agree to work together on Strait of Hormuz

French President Emmanuel Macron and South Korean President Lee Jae Myung agreed on Friday to work together to help reopen the Strait of Hormuz and ease global economic uncertainties caused by the war in the Middle East. Their summit in Seoul came as US President Donald Trump slammed allies for not supporting the US and Israeli war against Iran. Macron was making his first visit to South Korea since taking office in 2017 as part of an Asian tour that already has taken him to Japan. Macron told Lee at the start of the meeting that the two countries can play a role in helping to stabilise the situation in the Middle East, including the Strait of Hormuz, according to South Korean media. At a joint televised briefing afterwards, Macron underscored the need for France and South Korea to cooperate to help reopen the strait and de-escalate Middle East animosities, while Lee said the two affirmed "their resolve to cooperate to secure the safe shipping route in the Strait of Hormuz." The tw

West Asia crisis: Rajnath Singh stresses 'constant vigilance' at IGoM meet

The government said it is closely monitoring the evolving situation in West Asia and would take calibrated steps to minimise any adverse impact on India

More measures on anvil to help exporters tackle West Asia crisis: Goyal

Government is considering fresh measures, including freight support, to help exporters manage rising costs and disruptions caused by the ongoing West Asia crisis, says Goyal

China drains cash from economy in rare move during oil price shock

Taken together, commercial banks likely recorded their first net repayment of PBOC loans since last May, according to Bloomberg calculations based on official data

Chandrasekaran asks Tata group heads to brace for West Asia conflict impact

According to a PTI report, the Tata Group chairman asked over 30 CEOs and MDs to prepare for a tougher business environment, and to manage spending and review project starts

How Iran conflict has pushed UK to fix 'deep damages' caused by Brexit

Brexit was designed for control in a 'stable' world, but in a volatile one shaped by the Iran conflict, it is forcing the UK back towards the EU

From certainty to ambiguity: How market analysts interpret Trump's statement

One of the most important factors that will determine market's trajectory in the weeks ahead, according to analysts, remains crude oil prices.

West Asia conflict may push up realty construction costs by 5% in near term

The escalating West Asia conflict is beginning to exert cost pressure on India's real estate sector, with material prices rising and industry leaders warning of a potential 5 per cent spike in construction costs if hostilities persist through April. Construction schedules are also likely to be affected because of shortage of materials and resources if the conflict prolongs. Harshavardhan Neotia, Chairman of Ambuja Neotia Group, said the crisis is triggering a "classic cost-push cycle" for real estate, with crude oil moving from sub-USD70 levels in February to well above USD 110120 per barrel in March and natural gas witnessing sharp spikes. "Early pressure is already visible across steel, logistics, and petrochemical-linked materials. If this persists, construction costs could rise meaningfully over the next 12 quarters, which may have a bearing on pricing going forward," Neotia said. Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, struck a more immediat

Gulf allies urge Trump to keep fighting until Iran is decisively defeated

Gulf allies of the United States, led by Saudi Arabia and the United Arab Emirates, are urging President Donald Trump to continue prosecuting the war against Iran, arguing that Tehran hasn't been weakened enough by the monthlong US-led bombing campaign, according to US, Gulf and Israeli officials. After private grumbling at the start of the war that they were not given adequate advance notice of the US-Israeli attack and complaining the US had ignored their warnings that the war would have devastating consequences for the entire region, some of the regional allies are making the case to the White House that the moment offers a historic opportunity to cripple Tehran's clerical rule once and for all. Officials from Saudi Arabia, United Arab Emirates, Kuwait and Bahrain have conveyed in private conversations that they do not want the military operation to end until there are significant changes in the Iranian leadership or there's a dramatic shift in Iranian behaviour, according to the

Govt has taken steps to counter West Asia crisis impact: MoS Finance

The government has taken a host of measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amid the ongoing West Asia crisis, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to a question in the Lok Sabha, Chaudhary said the government is consistently reviewing and closely monitoring the economic impact of the ongoing West Asia conflict at the highest levels and taking immediate corrective and facilitative measures as warranted. Seven new empowered groups have been constituted to undertake swift and far-reaching action on supply chains, petrol-diesel, fertilisers, gas and inflation. In addition, an Inter-Ministerial Group on supply chain resilience has been operationalised to monitor the situation and coordinate facilitation measures related to exports and imports. To a question on the extent by which the GDP growth and foreign investment is likely to be affected due to the crisis, Chaudhary said, .

Housing sales dip 13% across 9 cities in Q1 amid West Asia conflict: Report

Housing sales across nine major cities fell 13 per cent annually during January-March quarter to 98,761 units on lower fresh supply of inventories amid West Asia conflict, according to PropEquity. Real estate research firm PropEquity on Monday pointed out that the sales have fallen below 1 lakh units mark after 18 quarters. The nine major cities are Delhi-NCR, Mumbai, Navi Mumbai, Thane, Bengaluru, Pune, Hyderabad, Chennai and Kolkata. As per the data, housing sales fell 13 per cent to 98,761 units during January-March this year compared to 1,13,602 units in the year-ago period. The total sales in these nine cities declined 6 per cent from 1,05,527 units in the previous quarter (October-December 2025). Samir Jasuja, Founder & CEO of PropEquity said, "Housing sales continued to moderate in the first quarter of 2026 with Delhi-NCR and Bengaluru emerging as outliers. This reduction is on account of low supply across most cities. Close to 22,000 lesser units were supplied in Q1 2026 ..

Rupee breaches 95 per dollar, hits record low amid West Asia conflict

The rupee weakened past the 95 per dollar mark for the first time to 95.21 per dollar, falling 0.3% from the previous close

Air India and Express to operate 20 flights to and from West Asia today

All Air India flights to and from North America, Europe, Australia and other regions continue to operate per schedule

Iran parliament speaker warns severe retaliation against US ground invasion

Iran warns of severe retaliation against US ground forces as conflict escalates, with experts cautioning long-term global economic fallout from damaged energy infrastructure

Govt ramps up measures to ensure fuel, LPG supplies amid Hormuz disruption

The government has stepped up measures to secure fuel and gas supplies amid the closure of the Strait of Hormuz, while urging citizens to avoid panic buying as sporadic rushes were reported at fuel stations. In a statement, giving an update on developments following the war in West Asia, the oil ministry said refineries are operating at high capacity with adequate crude inventories, and stocks of petrol and diesel remain sufficient nationwide. Retail outlets are functioning normally, even as rumours triggered temporary spikes in demand in some states. "There were certain rumours, which led to panic buying at some retail outlets in a few states, resulting in unusually high sales and heavy crowding at retail outlets. However, it is informed that there are adequate stocks of petrol and diesel available at all petrol pumps in the country," it said. To boost domestic availability, the government has cut excise duty on petrol and diesel by Rs 10 per litre and imposed export levies of Rs .

West Asia conflict impact on India's economy likely significant: CEA review

It said that early high-frequency indicators for March 2026 suggest a moderation in economic momentum, reflecting the initial impact of these global developments

India warns of growth risks from Middle East conflict as energy costs rise

This is raising concerns over inflation and growth in ‌India, the government review said

'All united on national interest': Tharoor stresses unity amid Iran crisis

Tharoor stressed the importance of cooperation between the Centre and states, emphasising mutual respect and federal collaboration in addressing challenges