Piyush Goyal, the Union Minister, said that India is not facing any fuel shortage despite rising uncertainty in global energy markets caused by the ongoing tensions in West Asia. Speaking to reporters in Tiruchirappalli, he stated that the government is carefully monitoring the situation and taking necessary measures to ensure uninterrupted fuel availability across the country. He added that authorities remain alert and relevant departments are continuously reviewing developments to protect domestic supply chains.

Goyal noted that while a serious conflict is underway, officials are closely observing the situation and will keep the public informed whenever required. He emphasised that there is currently no shortage of fuel in the country. His remarks come after the government invoked the Essential Commodities Act to stabilise the domestic energy market amid global supply concerns. The Ministry of Petroleum and Natural Gas also issued a directive asking refineries and petrochemical units to increase the production of liquefied petroleum gas and redirect key hydrocarbon streams to maintain adequate cooking gas supply nationwide.

Under the revised allocation framework, households have been given top priority for natural gas distribution. The government has guaranteed full supply of piped natural gas for homes and compressed natural gas for vehicles. Other sectors will receive regulated supplies based on their consumption patterns from the past six months.

Industries such as tea processing units and other manufacturing facilities connected to the gas grid will receive about eighty percent of their usual supply. Industrial and commercial consumers are also limited to the same level, while fertiliser plants have been allocated around seventy percent of their average consumption.

Officials said the redistribution plan also includes a reduction in natural gas supply from refineries and petrochemical plants by about thirty five percent in order to prioritise essential domestic needs. The decision comes as India deals with logistical challenges linked to disruptions in the Strait of Hormuz, a key route through which a large share of the country’s natural gas imports normally pass. To manage possible short term shortages, the government is exploring alternative trade routes for natural gas procurement while ensuring that LPG availability for households remains a priority during the ongoing geopolitical tensions.
Disclaimer: This image is taken from PTI.

Two Russian oil cargoes that were initially headed toward East Asia have redirected their routes to India, according to ship tracking information, indicating that New Delhi may be more open to accepting the crude as tensions in the Middle East escalate. Data from Kpler and Vortexa show that two tankers carrying a combined total of about 1.4 million barrels of Urals crude are scheduled to unload at Indian ports this week. Earlier signals suggested the shipments were bound for destinations farther east. Urals crude, typically loaded from ports in the Baltic and Black Seas, had once been widely purchased by Indian refiners. However, imports have dropped significantly this year amid pressure from the United States urging India to reduce purchases.

The Suezmax tanker Odune, transporting roughly 730000 barrels, reached Paradip on India’s eastern coast on Wednesday, according to ship tracking data and port agent reports, though it remains unclear whether the cargo has been unloaded. Another tanker, the Aframax vessel Matari carrying more than 700000 barrels, is expected to arrive at Vadinar on the western coast on Thursday.

Indian refiners had recently scaled back their purchases of Russian crude to avoid complicating trade discussions with Washington. This shift forced Russia to increasingly look toward China for buyers. However, the ongoing conflict in the Middle East and the disruption around the Strait of Hormuz are raising concerns about possible supply shortages, prompting Indian processors to reconsider Russian supplies.

Further route changes may also occur. The Suezmax tanker Indri, currently in the Arabian Sea and previously indicating Singapore as its destination, recently altered course toward India while carrying around 730000 barrels of Urals crude, according to tracking data. All three tankers — Odune, Matari and Indri — were sanctioned last year by both the United Kingdom and the European Union.

Global Ship Solutions LLC, based in Azerbaijan and listed in the Equasis database as the manager of Odune, did not immediately respond to an email request for comment. Contact details for the vessel’s Hong Kong based owner, Sylvarn Fleetline Ltd, were unavailable. Similarly, Anchor Elite Shipmanagement, the Azerbaijan registered manager of Matari, did not respond to an emailed inquiry, and contact information for the ship’s owner, Oasis Bloom Corp, could not be located. No email or telephone contact information was available for Indri’s Hong Kong based owner Veyronda Seaborne Ltd or its Azerbaijan based manager Stellar Ship Solutions LLC.
Disclaimer: This image is taken from Bloomberg.

India needs to boost its investment rate, expand labour-intensive manufacturing, and improve basic health and education to become a developed economy by 2047, said Mahendra Dev, chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), on Tuesday. He warned that job creation will remain slow unless private investment and state-level reforms accelerate. Speaking at the Business Standard Manthan Summit 2026, Dev said India’s per capita income must reach around $18,000 by 2047, which requires 7-8% annual real GDP growth, supported by an investment rate of 34-35% of GDP—up from the current 30-31%—and sustained export growth. “Investment and exports are the two main drivers,” he emphasized.

He noted that no country has achieved 7-8% growth without strong exports. India currently contributes about 2% to global merchandise trade, while its services exports account for roughly 4.3%. Dev outlined three key development goals: achieving developed-country-level per capita income by 2047, making growth genuinely inclusive through quality jobs rather than just redistribution, and meeting the net-zero emissions target by 2070. Inclusion, he stressed, should focus on providing quality employment, not just taxing the rich.

India has historically underperformed, growing at about 3.5% annually for nearly four decades, which translated into only 1% per capita income growth due to population growth of 2.5%. “We lost twice—first by focusing on large-scale industries without labour-intensive manufacturing, and second by delaying reforms by 15-20 years,” he explained.

Dev highlighted chronic weaknesses in basic health and education, despite India producing world-class institutions like IITs and IIMs. He noted that reforms since 2014, such as increased public spending on infrastructure and capital formation, are beginning to address these issues and attract private investment.

However, he warned that private sector investment remains insufficient. Many industrialists cite uncertainty and weak demand as reasons to hold back. “Without private capital, higher growth is not possible,” he said. He also emphasized the importance of state-level reforms, noting that implementation occurs at the state level and requires coordination for effectiveness.

On manufacturing, Dev rejected claims of stagnation, pointing out that real value added in the sector has grown 35% over the last decade, with employment also rising. However, manufacturing’s share of GDP and employment hasn’t increased because services have grown faster. To generate mass employment, he urged policies promoting labour-intensive sectors such as garments, leather, footwear, gems & jewellery, and marine products, supported by free trade agreements for better market access.

In agriculture, he advocated shifting from a production-focused approach to a full value-chain strategy, emphasizing post-harvest infrastructure like storage, logistics, and agro-processing. Integrating small farmers into cooperatives and providing access to inputs, technology, credit, and markets is crucial. He also noted that non-farm income is increasingly critical, as households “walk on two legs”—farm and non-farm—for adequate livelihoods. Skills development is vital to bridge the gap between farm and non-farm opportunities. With a median age of 28-29, India has a 10-12 year “demographic dividend” window, which will be lost without urgent upgrades to education and vocational training.

Dev expressed cautious optimism about artificial intelligence (AI) and digital technologies, which could boost GDP by up to 1 percentage point and be applied in sectors like agriculture, health, and education. He stressed that AI must be inclusive to avoid widening inequality, citing examples like “drone didis” delivering digital services to farmers. Finally, he highlighted the need to strengthen decentralization and governance, particularly in health and education. He noted that local governments in countries like China manage nearly half of public spending, compared to just 3% in India, and called for more fiscal and functional powers to flow to urban local bodies and panchayats. “States often stop at themselves—they hesitate to delegate to urban councils and panchayats,” he said.
Disclaimer: This image is taken from Priyanka Parashar.

Chhattisgarh is projected to maintain strong economic growth in the financial year 2025-26. According to the Economic Survey presented in the state assembly on Monday, the state’s Gross State Domestic Product (GSDP) at current prices is expected to rise from Rs 5.65 lakh crore in 2024-25 to around Rs 6.31 lakh crore in 2025-26, reflecting an estimated growth rate of 11.57 percent. This performance is set to surpass the national average, signaling continued economic momentum.

Even at constant prices (base year 2011-12), the state demonstrates solid fundamentals. The report, tabled by Planning, Economics and Statistics Minister OP Choudhary, estimates GSDP at Rs 3.31 lakh crore in 2024-25, rising to Rs 3.58 lakh crore in 2025-26, representing a real growth rate of 8.11 percent. This indicates sustained expansion in actual output and production capacity.

Sector-wise, growth remains broad-based. At current prices, agriculture and allied sectors are expected to grow 12.53 percent, industry 10.26 percent, and services 13.15 percent, highlighting balanced development across key sectors. In real terms, agriculture is projected to grow 7.49 percent, industry 7.21 percent, and services 9.11 percent, reflecting steady expansion and structural resilience.

In terms of GSDP composition at current prices, agriculture is expected to contribute 20.64 percent, industry 46.59 percent, and services 32.77 percent, emphasizing the state’s strong manufacturing and mining base alongside consistent growth in services. Per capita income is also expected to rise from Rs 1,62,848 to Rs 1,79,244 in 2025-26, an increase of 10.07 percent, which is likely to boost consumption, domestic demand, and overall economic activity.

Reacting to the survey, Chief Minister Vishnu Deo Sai stated that the government remains focused on “inclusive and balanced growth,” prioritizing agriculture, industrial investment, and services. He expressed confidence that infrastructure development, a favorable investment climate, and human resource development will further strengthen the state’s growth in the coming years.
Disclaimer: This image is taken from CMO.

Oil prices have jumped significantly as tensions in the Middle East intensify, with concerns over potential supply disruptions pushing crude prices up by double digits. If this upward trend persists, rising energy costs could reignite inflation and affect transportation, manufacturing, and household expenses globally. Andrea Heng and Hairianto Diman examine how various countries are stockpiling oil, diversifying their supplies, and managing the impact of higher prices, including insights from Vandana Hari, Founder of Vanda Insights.

Disclaimer: This podcast is taken from CNA.

On Saturday, President Donald Trump increased the US global import tariff to 15%, following the Supreme Court’s ruling that invalidated much of his previous tariff program. Trump described the new 15% rate as “fully allowed and legally tested,” replacing the earlier 10% plan, and said it would be temporary under current trade law for 150 days. Questions remain about how enforceable this measure is and what will happen once the 150-day period ends. Andrea Heng and Hairianto Diman discuss the implications with Angela Mancini, Partner and Head of the Global Risk Analysis Practice for Asia Pacific at Control Risks.

Disclaimer: This podcast is taken from CNA.

2026 is shaping up to be a defining year for the AI-driven economy. According to Saxo Bank’s latest analysis, the upcoming IPO pipeline is dominated by tech giants poised to move from private backing to public scrutiny. While OpenAI and Anthropic represent high-risk, high-reward bets on generative AI, companies like Canva and Stripe showcase more established models in SaaS and Fintech at scale. Andrea Heng and Susan Ng highlight the key factors investors should monitor — including governance, computing costs, and revenue sustainability — as these “private unicorns” prepare for their public market debut, with insights from Chan Yew Kiang, ASEAN IPO Leader at EY.
Disclaimer: This podcast is taken from CNA.

During the daily markets segment on Open For Business, hosts Andrea Heng and Hairianto Diman engage in an in-depth discussion with Rachana Mehta, who serves as the Head of Regional Fixed Income at Maybank Asset Management, exploring the latest trends, insights, and developments in the financial markets and their potential impact on investors and the broader economy.

Disclaimer: This podcast is taken from CNA.