Category: Beyond

Categories
Beyond

India secures Russian oil than Hormuz supply

With the escalating conflict in the Middle East, India has increased crude imports from Russia to reduce reliance on shipments through the Strait of Hormuz, a key oil chokepoint threatened by tensions involving Iran, the US, and Israel.

Global oil prices have surged due to fears of disruptions, prompting India to seek safer alternative routes. Russian crude, transported via non-Hormuz paths, provides a more secure and predictable supply.

Officials say the shift also helps India manage potential economic impacts, such as higher import bills and inflation. Additional measures, including using strategic reserves and fuel conservation, are being considered.

While challenges like shipping logistics and sanctions exist, Indian refiners continue to diversify supplies to maintain fuel availability and safeguard the economy.

Also Read: Polymarket bets on Iran strike hit $529mn, raise insider fears

Categories
Beyond

Dollar rises as Iran conflict pushes oil prices

The US dollar strengthened sharply against major currencies, while the euro and Japanese yen weakened, as ongoing Middle East tensions involving Iran, the US, and Israel sent shockwaves through global markets. Investors flocked to safe-haven assets like the dollar and Swiss franc, fearing a prolonged conflict could disrupt trade and supply chains.

Crude oil prices rose significantly, with Brent crude climbing over $90 per barrel, due to concerns that Iranian airstrikes and retaliatory actions could affect shipments through the Strait of Hormuz, a key route for global oil exports. Higher energy prices are expected to add inflationary pressure on Europe, Japan, and other energy-importing countries.

The euro dropped to multi-week lows against the dollar, while the yen weakened amid Japan’s heavy reliance on imported energy. The Swiss franc gained as investors sought safety in stable currencies. Rising oil costs also pressured European stock markets, which saw declines as traders assessed the economic impact of higher energy bills and geopolitical risk.

Analysts said the market reaction reflects the combined impact of geopolitical uncertainty and energy price volatility. If the Middle East conflict escalates, energy prices could remain elevated, sustaining global inflation and boosting demand for safe-haven currencies. Economies dependent on imported fuels are particularly exposed to higher costs, while energy-exporting countries like the US may benefit from rising crude prices.

Experts also noted that central banks could face added challenges.

Also Read: Amazon India cuts seller referral fees to boost growth

Categories
Beyond

India, Canada sign $2.6 billion uranium deal

India and Canada have signed a major uranium supply agreement worth $2.6 billion, marking a significant step in strengthening ties between the two countries. The deal will see Canadian mining company Cameco supply uranium ore to India over several years to fuel its civilian nuclear power plants.

The agreement was finalised during high-level talks between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney. The uranium supply is expected to support India’s growing nuclear energy programme and help ensure long-term energy security.

Apart from the uranium deal, both sides signed agreements to cooperate in critical minerals, renewable energy and other strategic sectors. Critical minerals are essential for clean energy technologies, electric vehicles and advanced manufacturing, making them a key focus area for both countries.

India and Canada also agreed to accelerate talks on a Comprehensive Economic Partnership Agreement (CEPA), effectively reviving efforts toward a free trade deal. The two nations have set an ambitious target of increasing bilateral trade to $50 billion by 2030, a sharp rise from current levels.

Leaders from both sides described the agreements as a step toward deepening economic and strategic cooperation. They emphasised the importance of building reliable supply chains, boosting investments and creating new opportunities for businesses.

The renewed engagement signals a positive turn in India-Canada relations, with energy security, trade expansion and cooperation in emerging sectors forming the core of the partnership. If negotiations on the trade pact progress smoothly, businesses in both countries could benefit from reduced tariffs and easier market access in the coming years

Also Read: Rupee falls 42 paise to settle at ₹91.50 a dollar

 

 

 

 

 

 

Categories
Beyond

Rupee falls 42 paise to settle at ₹91.50 a dollar

The Indian rupee came under heavy pressure on Monday, weakening beyond the 91 mark against the US dollar as global tensions rattled financial markets. The currency slipped to around ₹91.32–₹91.50 per dollar during the day, marking one of its sharpest recent declines.

The fall follows escalating tensions involving Iran, Israel and the United States, which have unsettled investors worldwide. Whenever geopolitical risks rise, global investors typically move money into safe-haven assets like the US dollar. This increases demand for the dollar and weakens emerging market currencies such as the rupee.

A key concern is the impact of the conflict on crude oil supplies. Oil prices jumped amid fears of potential disruption in the Middle East, a region critical to global energy exports. For India, which imports the majority of its crude oil needs, higher oil prices mean a larger import bill. Since oil purchases are made in dollars, this further increases demand for the US currency and adds pressure on the rupee.

The nervousness also spread to Indian equity markets. Benchmark indices opened lower, reflecting cautious investor sentiment. Foreign institutional investors were seen trimming positions, contributing to market volatility.

A weaker rupee can have a direct impact on the economy. Imports such as crude oil, electronics, machinery and fertilisers become more expensive. This can eventually push up prices for businesses and consumers, adding to inflation concerns.

Market participants will now closely track geopolitical developments and crude oil movements. Any further escalation in tensions could keep the rupee under strain.

Categories
Beyond

GST collections rise to ₹1.83 lakh cr in February

India’s Goods and Services Tax (GST) mop‑up rose to ₹1.83 lakh crore in February 2026, marking an 8.1% increase compared with the same month last year, government data showed. The figure reflects continued strength in consumption and economic activity despite global headwinds and geopolitical tensions.

The February collection brings the total GST revenue for the current financial year (FY26) to over ₹20.27 lakh crore, surpassing last year’s tally and reinforcing India’s robust tax base. The GST regime, which replaced multiple indirect taxes in 2017, remains a key indicator of domestic demand and business performance across sectors.

Officials said the jump in GST receipts was driven primarily by improved compliance, better revenue enforcement, and sustained consumer spending. Payments of Integrated GST (IGST) on imports and domestic supplies contributed substantially to the overall mop‑up, supported by subdued inflation in many core sectors.

The February GST number also includes a significant portion of cess collections, which are used to compensate states for revenue shortfalls, particularly on account of the implementation of the unified tax system. Analysts noted that the steady growth in collections signals resilience in consumption demand, especially in automobiles, consumer goods, and services.

Experts highlighted that while global uncertainties, including supply chain disruptions and inflation pressures, continue to pose challenges, robust domestic demand has cushioned the impact on revenue streams. “The sustained growth in GST collections reflects the underlying strength of India’s economy,” said one tax expert. “It suggests that businesses are adapting to policy shifts and that consumer confidence remains intact.”

Government officials also pointed to ongoing efforts to widen the tax base and simplify compliance, including digitised processes and stricter anti‑evasion measures, which have contributed to higher net revenue. These efforts, they said, help ensure a more transparent and efficient GST framework.

The February outcome is likely to provide some cushion to fiscal managers as they balance revenue targets with expenditure priorities, especially ahead of budget planning for the next fiscal year. Economists will watch March figures closely, as they often reflect the year’s strongest GST performance.

Also Read: TCS temporily suspends Middle East work travel

Categories
Beyond

Middle East war clouds ground flights across India

Air travel across India faced major disruption on Monday as escalating tensions in the Middle East, involving Iran, the United States and Israel,  forced airlines to cancel or delay multiple services. Widespread airspace restrictions across parts of the Gulf triggered precautionary suspensions and rerouting of flights.

At Rajiv Gandhi International Airport, authorities confirmed 48 cancellations, largely affecting international flights to Gulf destinations along with some domestic sectors impacted by aircraft rotations. Passengers were seen waiting at airline counters seeking rebookings and refunds.

In Kempegowda International Airport, at least 24 flights were cancelled, primarily services connecting Bengaluru to Middle Eastern cities. Some Europe-bound flights were also rescheduled because they normally transit through affected air corridors.

Similar scenes unfolded at Chhatrapati Shivaji Maharaj International Airport and Indira Gandhi International Airport, where passengers travelling to destinations such as Dubai, Doha and Riyadh experienced last-minute cancellations and delays. Kochi airport also reported stranded flyers after Gulf-bound services were disrupted.

Aviation officials said the cancellations were precautionary following advisories warning of potential risks in parts of Middle Eastern airspace. With some countries temporarily restricting overflights, airlines opted to suspend operations rather than risk safety concerns.

The disruption had a cascading impact on domestic schedules as aircraft assigned to international routes were grounded, causing knock-on delays across networks.

Airlines have urged travellers to check flight status updates before heading to airports and to use official communication channels for rebooking options. With geopolitical tensions continuing, further disruptions remain possible if airspace restrictions persist.

Also Read: Brent crude jumps 13% as Iran moves on Hormuz

Categories
Beyond

Brent crude jumps 13% as Iran moves on Hormuz

Global oil markets were rocked on Monday after crude prices surged more than 13% amid escalating conflict involving Iran, the United States and Israel, raising fears of a prolonged supply shock.

The sharp rally came after reports that Iran moved to restrict traffic through the Strait of Hormuz following coordinated US–Israel strikes on Iranian targets. The narrow waterway, located between Iran and Oman, is one of the world’s most critical energy corridors, handling nearly 20% of global crude oil and liquefied natural gas shipments each day.

Global benchmark Brent Crude surged as much as 13% to $82.37 per barrel, marking its highest level in over a year before easing slightly to trade near $79–$80. Meanwhile, West Texas Intermediate (WTI) climbed roughly 8% to around $72–$73 per barrel after volatile trading.

Shipping firms and maritime insurers have reportedly paused or delayed tanker movements through the Strait due to heightened security risks. Although Iranian authorities have not formally declared a complete closure, vessel tracking data shows significant slowdowns and rerouting activity. Analysts warn that even partial disruptions could tighten global supply chains.

Energy experts estimate that if flows through Hormuz were fully blocked, the global market could temporarily lose between 8 million and 10 million barrels per day, a volume difficult to replace quickly despite strategic reserves or alternative pipeline routes in Saudi Arabia and the UAE.

The price spike also reflects growing concern about retaliatory strikes and possible expansion of the conflict across the Gulf region. Traders are building in a geopolitical risk premium, pushing futures contracts higher across near-term delivery months.

Oil-importing nations face immediate pressure. Countries such as India, Japan and several European economies depend heavily on crude shipped through the Gulf. Higher prices could translate into rising fuel costs, inflationary pressures and widening trade deficits if the situation persists.

Meanwhile, producer alliance OPEC+ has signaled readiness to increase output modestly, but market analysts caution that incremental supply hikes may not offset a major disruption in Hormuz.

Financial markets reacted sharply, with global equities falling while safe-haven assets such as gold rose. Energy stocks, however, rallied on expectations of stronger earnings.

With geopolitical tensions intensifying and military exchanges continuing, oil markets remain highly volatile. Traders are closely monitoring developments around the Strait of Hormuz, as any confirmation of extended disruption could push crude prices toward the $90–$100 per barrel range in the near term.

Also Read: Gold ₹1.73 lakh, Silver ₹2.94 lakh

Categories
Beyond

Gold ₹1.73 lakh, Silver ₹2.94 lakh

Gold and silver prices surged sharply as escalating tensions in the Middle East drove investors toward safe-haven assets. Heightened geopolitical risks following the US–Israel strikes on Iran triggered volatility across global equity markets, boosting demand for precious metals.

In India, 24-carat gold climbed to ₹1,73,090 per 10 grams, marking a strong rebound from recent levels. The rally reflects a sharp increase of nearly ₹6,000 per 10 grams over a short span as buyers rushed to hedge against uncertainty. 22-carat gold also moved higher in line with the broader trend, tracking gains across major cities including Delhi, Mumbai and Chennai.

Silver prices remained firm, trading around ₹2.94 lakh per kilogram in domestic markets. On the Multi Commodity Exchange (MCX), silver witnessed heightened volatility but held near elevated levels as investment inflows supported prices.

Globally, spot gold prices rallied significantly, supported by safe-haven flows and concerns that the conflict could widen, impacting oil supply routes and global trade. Rising crude oil prices have added to inflation concerns, further strengthening gold’s appeal as a hedge. US gold futures also advanced in tandem with spot prices.

Market analysts say geopolitical instability typically benefits bullion, especially gold, which is considered a long-term store of value during crises. Exchange-traded funds (ETFs) backed by gold and silver also recorded increased inflows, reflecting institutional participation in the rally.

However, experts caution that bullion prices may remain volatile in the near term. Movements in the US dollar, global bond yields and further developments in the Middle East will likely dictate the next trend. If tensions persist or escalate further, gold could test higher levels, while silver may continue to track both safe-haven demand and industrial outlook.

Also Read: Sensex down 1,100 points, Nifty falls to 24,876

Categories
Beyond

New Micron chip plant worth ₹22,500 cr in Gujarat

A major semiconductor facility set up by Micron Technology in Sanand, Gujarat, was started on Friday. This was inaugurated by Prime Minister Narendra Modi, thus marking a significant step in India’s push to become a global electronics manufacturing hub.

The new plant, built with an investment of over ₹22,500 crore, will assemble, test and package semiconductor memory products such as DRAM and NAND chips. These components are widely used in smartphones, laptops, data centres and emerging technologies like artificial intelligence.

The facility is part of the government’s broader semiconductor strategy aimed at reducing India’s dependence on imported chips and strengthening its position in the global supply chain. Officials described it as one of the first large-scale semiconductor projects to begin operations under the national semiconductor mission.

Spread across a large industrial site in Sanand, the plant is expected to generate thousands of jobs over time. Around 2,000 people are already employed, and the workforce is likely to grow significantly as production ramps up. The project is also expected to create indirect employment in logistics, services and ancillary industries.

At the inauguration, Modi said the plant reflects growing global confidence in India’s manufacturing ecosystem. He highlighted the government’s efforts to attract high-tech investments and build a robust semiconductor base in the country.

Industry experts see the Micron facility as a crucial milestone. While India has traditionally relied on other countries for semiconductor production, projects like this are seen as laying the groundwork for a stronger domestic electronics sector.

The chips produced in Gujarat will serve both Indian and international markets, helping integrate the country more deeply into global technology value chains. As demand for memory and data storage continues to rise worldwide, the Sanand plant could play an important role in supporting next-generation digital infrastructure.

Also Read: Fino Payments Bank CEO arrested in GST case

Categories
Beyond

US halts use of Anthropic AI

US President Donald Trump has ordered federal agencies to stop using artificial intelligence tools developed by Anthropic, marking a sharp escalation in tensions between the administration and the fast-growing AI sector.

The directive requires departments to begin phasing out Anthropic’s systems, including those already embedded in administrative and defence operations. According to officials familiar with the decision, the move follows weeks of disagreement over limits placed on the company’s flagship AI model, Claude, particularly in military contexts.

At the heart of the conflict are safeguards built into Anthropic’s technology. The company has imposed restrictions designed to prevent applications such as mass domestic surveillance and fully autonomous weapons. Representatives from the Department of Defense have argued that those constraints reduce operational flexibility and complicate legitimate national security planning.

Trump described the decision as necessary to protect executive authority and ensure that government agencies are not constrained by private-sector policies. The administration is reportedly reviewing existing contracts and examining whether additional regulatory steps could follow.

Anthropic’s chief executive, Dario Amodei, defended the company’s approach, stating that its safety guardrails are central to responsible AI deployment. He warned that removing such protections could lead to unintended and potentially dangerous outcomes. The firm has indicated it may pursue legal avenues if further punitive measures are imposed.

The dispute has drawn significant attention across Silicon Valley, where AI companies are increasingly partnering with government agencies.

Also Read: OpenAI wins Pentagon deal as Donald Trump clashes with Anthropic