The deepening conflict in West Asia has placed the Indian economy and the broader Asian region in the "eye of the storm," as supply chain disruptions and surging energy costs threaten to trigger a significant negative growth shock.
If crude oil prices sustain above USD 100 per barrel in FY27, the Central government's annual additional expenditure could rise by Rs 3.6 lakh crore, according to a report by Elara Securities.
Congress MP Manickam Tagore on Thursday sought a parliamentary debate on the reported shortage of commercial LPG cylinders, questioning the import dependence and lack of storage facilities.
The IRGC has enforced a maritime blockade in the Strait of Hormuz, targeting vessels that move "even a few metres" without permission. With 14 tankers reportedly hit, the paralysis of this vital oil route has forced the US and IEA to release millions of barrels from strategic reserves.
India, as an Associate Member of the International Energy Agency (IEA) and an active participant in international energy cooperation, welcomed the IEA's decision to release emergency oil stocks amid the prevailing supply disruptions, according to an official release.
According to Iranian state media, Iran has intensified its restrictions on the passage of ships through the Strait of Hormuz amid ongoing US-Israeli strikes.
Rashtriya Janata Dal (RJD) MP Sudhakar Singh on Wednesday warned of worsening LPG shortage, accusing the government of hiding facts and citing failures in foreign policy.
"The government should clarify - what is the amount of reserves in our country presently, how much is left, how much can be consumed over how many days, and by when are they expecting that the LPG supply would be normalised. I believe the government is having talks; the people of this nat
The Indian Railway Catering and Tourism Corporation (IRCTC) on Wednesday directed all its zonal offices to make alternative arrangements at catering units across railway stations amid a growing shortage of commercial LPG cylinders triggered by the ongoing war in West Asia, sources said on
White House Press Secretary Karoline Leavitt on Tuesday underlined that the United States had "permitted" India to temporarily purchase Russian oil in the wake of the disruptions to global energy supplies amid the conflict in West Asia.
Union Petroleum Minister Hardeep Singh Puri on Tuesday assured that domestic consumers in India will not face any shortage of energy amid the West Asia crisis.
Shiv Sena (UBT) MP Priyanka Chaturvedi on Tuesday launched a scathing attack at the Centre over the alleged shortage of commercial Liquefied Petroleum Gas (LPG) cylinders, claiming that the government "lied" regarding the energy stock reserves.