India’s government is urging citizens to cut petrol and diesel use. This comes as the Strait of Hormuz situation tightens and global oil prices climb. Prime Minister Narendra Modi has appealed for reduced consumption. Public transport and electric vehicles are encouraged. Fuel supplies remain stable for consumers. However, state-owned oil companies face significant losses.
Prime Minister Modi urged Indians to halt gold purchases for a year to protect foreign exchange reserves, a call supported by GTRI which highlighted a surge in gold imports straining the trade balance. Union Minister Ashwini Vaishnaw echoed the appeal, emphasizing reduced import spending amid Middle East conflict, leading to a sell-off in jewellery stocks.
Government sources indicate no immediate plans to hike gold and silver import duties, despite calls to curb non-essential gold purchases. Meanwhile, India anticipates US trade talks addressing pending issues, including a Section 301 probe, though a comprehensive deal remains distant. India has contested US allegations of structural overcapacity, urging the termination of the investigation.
Amidst the escalating Middle East conflict, Union Minister Ashwini Vaishnaw echoed PM Modi’s call for Indians to reduce import spending and conserve foreign exchange. He urged citizens and businesses to make conscious choices to save forex, highlighting fuel expenditure as a key area for reduction. This initiative aims to protect the nation’s economic interests as
Delhi’s Urban Extension Road-II now features Multi Lane Free Flow tolling. This technology allows vehicles to pass without stopping. Road Transport Minister Nitin Gadkari inaugurated the system. This upgrade aims to improve connectivity for nearby villages and habitations. It also supports smoother urban traffic flow. This barrier-less tolling system is a significant step in modernizing
Jewellery stocks saw a sharp decline on Monday. Prime Minister Narendra Modi appealed to citizens to reduce gold purchases. This call aims to preserve foreign exchange reserves. Major jewellery companies experienced significant drops in their share prices. Investors reacted quickly to the potential demand impact. Indian equities opened lower amid global concerns.
Oil prices surged as President Trump rejected Iran’s peace proposal, reigniting fears over global energy supply routes. Hopes for breakthrough talks faded, shifting market attention to Trump’s upcoming visit to Beijing. Saudi Aramco warned of significant oil market losses, while tankers navigated the Strait of Hormuz with tracking systems off.
Noel Tata has voted against the reappointment of Venu Srinivasan and Vijay Singh as trustees of Tata Education and Development Trust, widening rifts within the powerful philanthropic group. This move, following Mehli Mistry’s opposition, prevents the duo’s extension due to unanimous consent rules. Their departure significantly impacts their influence within the wider Tata Trusts.
