Saudi Arabia, Turkey, and Pakistan have signed a trilateral defence agreement to strengthen collective security amid ongoing conflict involving Iran, with a focus on mutual defense against aggression and promoting regional stability.
Turkish Foreign Minister Hakan Fidan announced increased cooperation and trade with ASEAN members, with trade volume rising from US$6.5 billion to US$16 billion since 2010. He expressed belief in further deepening political and economic ties with the region.
India's crude oil imports from Russia reached a record 2.8 million barrels per day in July, constituting over half of its purchases. Concurrently, Indian refiners increased sourcing from West Asian suppliers as oil flows through the Strait of Hormuz normalized.
Indian companies face significant cost volatility due to the prolonged West Asia conflict and emerging El Nino conditions, leading to commodity inflation, rising freight charges, and exchange rate instability. This forces price hikes, squeezing margins, and raising concerns about a potential hit to discretionary consumer demand.
Indian stock market anticipates a pivotal week driven by the Reserve Bank of India's interest rate decision, ongoing US-Iran conflict impacting crude oil, and Q1 FY27 corporate earnings. Domestic macros and foreign investor activity also remain key factors.
India urges de-escalation in West Asia after a surge in hostilities, condemning attacks on vessels in the Strait of Hormuz, which affected Indian nationals, and emphasizes the need for free navigation and peace in the region.
O presidente dos EUA, Donald Trump, declarou que danos a navios ou cargas marítimas serão pagos com recursos iranianos sob controle americano. A ameaça segue avisos anteriores de bombardear infraestrutura iraniana em caso de ataques no Estreito de Ormuz, gerando retaliação do Irã.
Indian domestic air traffic is projected to grow 3-6% and international 0-3% this fiscal, but the sector faces a Rs 36,000-38,000 crore net loss due to West Asia instability, rising fuel costs, and Rupee depreciation, leading ICRA to assign a negative outlook.
Air India has extended its Tel Aviv-Delhi flight suspension until the end of September due to escalating military activity and security concerns in West Asia, impacting over 40,000 Indians in Israel.
Indian hospitality professionals, architects, and designers are increasingly returning home from West Asia due to regional tensions, industry slowdowns, pay cuts, and fewer tourists. India's expanding hospitality sector offers more senior leadership and growth opportunities, attracting talent back.
Indian benchmark indices, Sensex and Nifty, extended gains for a third consecutive day on April 23, driven by easing fears over the West Asia conflict and a sharp drop in volatility. Analysts anticipate continued bullish undertones due to ongoing Lok Sabha elections and the corporate earnings season.
Tata Consultancy Services is deferring projects in key sectors due to macroeconomic uncertainties stemming from the West Asia conflict. The IT giant reported flat sequential growth and a 13.9% year-on-year increase in rupee terms, with expectations of improvement in Q2 driven by a growing AI deal pipeline of $2.6 billion.
Markets are poised for a week driven by Q1 earnings, inflation data, and Middle East tensions. Key indicators include India's CPI and WPI, US inflation figures, and crude oil prices, alongside FII activity.
Defence Minister Rajnath Singh emphasized the Indian Navy's crucial role in safeguarding national interests, citing its recent operations in West Asia and its strategic importance in the Indo-Pacific region. He also highlighted India's growing defense manufacturing capabilities.
US Central Command has lost nearly 30 MQ-9 Reaper drones to Iranian forces since the conflict began, with total aircraft losses reaching 42. These drones, vital for surveillance and strike missions in West Asia, have become vulnerable targets due to predictable flight paths against advanced air defenses. India is also procuring 23 Reapers for over $3 billion.
Indian ship Lila Vadinar, carrying Kuwaiti crude, transited the Strait of Hormuz after being asked to turn back by Iran. Another Indian vessel also passed through. Seven India-bound ships, including fertilizer carriers, await evacuation amid escalating conflict restricting vessel movement.
India is closely monitoring maritime tensions in West Asia following recent ship attacks near the Strait of Hormuz. No Indian-flagged vessels were directly involved, but a Shipping Corporation of India vessel halted its voyage. A decision on reissuing advisories for seafarers is pending.
India expressed deep concern over escalating West Asia tensions following attacks on commercial shipping, urging restraint and dialogue. The MEA stated these developments risk regional stability and global trade flow, calling for de-escalation after US strikes on Iranian targets.
India is actively diversifying its LPG import sources, with the US becoming a major supplier following Middle East disruptions. The US share of India's LPG imports rose significantly, helping mitigate challenges caused by the Strait of Hormuz closure.
India is increasing LPG imports from the US to diversify its supply sources and reduce dependence on the Middle East, especially after the Strait of Hormuz closure disrupted Gulf shipments. US supplies have grown substantially, reaching up to 65% of India's imports in June, helping mitigate supply challenges during the West Asia conflict.
Easing West Asian tensions and falling crude oil prices are improving India's fiscal outlook. Economists predict a smaller deficit than feared, reducing the government's subsidy burden and boosting revenue, though agricultural impacts remain a concern.
West Asian tourism destinations like UAE, Saudi Arabia, and Oman are heavily relying on India to revive their sector post-conflict. These nations are offering attractive travel deals and increasing flight capacity, with India demonstrating resilient demand.
India plans to significantly increase LPG imports from the US, potentially doubling current volumes, to diversify its energy sources away from the Gulf. This move aims to bolster strategic reserves and ensure supply security amid geopolitical tensions.
Islamabad is emerging as the leading venue for the next round of US-Iran technical negotiations, expected on July 11. The talks, mediated by Pakistan and Qatar, will focus on Iran's nuclear program, sanctions relief, and regional security.
