Prime Minister Narendra Modi welcomed the understanding between the US and Iran to end the West Asia conflict, hoping it restores regional peace, stability, and safeguards global trade routes.
PM Narendra Modi will attend the G7 summit in France, representing the Global South and discussing West Asia conflict consequences, including energy crisis and freedom of navigation. He will also hold bilateral meetings with leaders like Macron, Trump, and Carney.
RBI holds repo rate at 5.25%, lowers FY27 growth forecast to 6.6% from 6.9%, and raises inflation projection to 5.1% from 4.6% due to West Asia conflict's impact on oil prices and supply chains.
RBI maintains repo rate at 5.25% due to West Asia conflict's impact on energy prices and inflation, affecting India's import-dependent economy. Home and business loan rates to remain stable.
The Reserve Bank of India (RBI) has kept its key policy rate unchanged at 5.25% due to cautious concerns over the impact of the West Asia conflict on inflation and economic growth, while announcing measures to attract dollar inflows and stabilize the economy.
Niti Aayog's governing council, led by PM Narendra Modi, will meet on June 11 to review state chief secretaries' deliberations and actions taken on reforms. A day later, Modi will chair a meeting of North-East chief ministers. The meeting occurs amidst the West Asia conflict impacting India's economy.
Indian equity markets face near-term pressure from the West Asia conflict, with the June quarter expected to be challenging due to elevated fuel prices and a delayed monsoon. Despite potential FY27 estimate downgrades, corporate earnings remain resilient. Financials are seen as an attractive sector with accelerating credit growth, while long-term opportunities lie in capital goods, renewable energy, and energy transition themes.
India's fertiliser supply chain is strained by the West Asia conflict disrupting shipping via the Strait of Hormuz. Combined with a below-normal monsoon forecast and El Niño conditions, this threatens crop output, food inflation, and India's economy, potentially widening the trade deficit and weakening the rupee.
Indian banks anticipate asset quality stress from Q2 due to the West Asia conflict, rising fuel prices, and input costs. SMEs are particularly vulnerable, leading lenders to become cautious. This is expected to reflect in upcoming financial results.
A prolonged West Asia conflict could reduce India Inc's operating profitability by 200 basis points due to supply chain issues and rising costs, Crisil Ratings predicts. Despite this, strong company balance sheets are expected to maintain overall credit quality, though sectors like ceramics and airlines face severe stress.
A prolonged West Asia conflict could reduce India Inc's operating profitability by 200 basis points due to supply chain issues and rising costs, Crisil Ratings predicts. Despite this, strong company balance sheets are expected to maintain overall credit quality, though sectors like ceramics and airlines face severe stress.
India's EAM S Jaishankar met US Secretary of State Marco Rubio in New Delhi to discuss the West Asia conflict, maritime trade security, global order, civil nuclear cooperation, defense, trade, terrorism, and migration. Both nations reaffirmed their strategic partnership and shared interests.
Petrol and diesel prices saw a third hike in under 10 days, with prices rising by up to 87 paise for petrol and 91 paise for diesel per litre. This surge is attributed to escalating global crude oil prices driven by the West Asia conflict and disruptions at the Strait of Hormuz.
Venezuela has become India's third-largest crude oil supplier in May, overtaking Saudi Arabia and the US, as refiners seek cheaper heavy crude amid West Asia conflict disruptions. Imports from Venezuela surged to 417,000 bpd.
Pakistan has conveyed a new peace proposal from Iran to the US, which reportedly includes terms similar to previous rejections. However, an Iranian official claims the US has softened its stance on releasing frozen funds and nuclear activities. A US official denied reports of waiving oil sanctions.
The West Asia conflict has drastically increased shipping costs. LPG and crude oil freight rates have more than doubled, while container shipping charges have surged nearly ten-fold, according to India's shipping ministry. Monthly vessel services to West Asia from Indian ports have also significantly dropped.
CNG prices in Delhi-NCR increased by ₹1/kg to ₹80.09, following a ₹2 hike two days prior. Petrol and diesel prices also rose by ₹3/litre amid global energy price volatility.
Consumer goods prices are expected to increase soon due to rising fuel costs from the West Asia conflict. Companies like Dabur India and Marico have already raised prices, with Nestlé India and Hindustan Unilever considering further hikes, potentially impacting consumer spending, especially in rural areas.
India's External Affairs Minister S Jaishankar met Iran's Seyed Abbas Araghchi to discuss the West Asia conflict and its impact on the Strait of Hormuz. Araghchi assured India of safe passage for commercial ships, highlighting Iran's role in regional security and suggesting India could mediate diplomacy.
BRICS foreign ministers, including those from Iran and UAE, met in New Delhi, stressing dialogue and diplomacy to end the West Asia conflict, ensuring safe navigation through international waterways, and addressing the Gaza humanitarian crisis.
Petrol and diesel prices remain unchanged in India on May 14 despite rising global crude oil costs and the West Asia conflict. Oil marketing companies absorb significant losses, while the government bans sugar exports and hikes gold import duty to 15%.
Air India suspends or reduces frequencies on 29 international routes (June-Aug 2026) due to West Asia conflict, high jet fuel prices, and airspace restrictions, impacting routes across North America, Europe, Australia, and Asia.
Air India suspends or reduces frequencies on 29 international routes (June-August 2026) due to West Asia conflict, high jet fuel prices, and airspace restrictions, while maintaining over 1,200 monthly international flights across five continents.
Prime Minister Narendra Modi embarks on a five-nation tour starting Friday, with the UAE as his first stop. He will meet President Mohamed bin Zayed Al Nahyan to discuss bilateral and regional issues, including energy cooperation. This visit marks his first to a Gulf country since the West Asia conflict began.
