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Iran war day 21: US President Donald Trump declares a 30-day waiver on Iranian oil. With 140 million barrels of oil unlocked, does this mean the end of the global energy crisis? How will this bankrupt Tehran? All you need to know.

Iran war day 21: US President Donald Trump declares a 30-day waiver on Iranian oil. With 140 million barrels of oil unlocked, does this mean the end of the global energy crisis? How will this bankrupt Tehran? All you need to know.

US's oil gambit: How Trump is using Iranian crude to bankrupt Tehran amid Strait of Hormuz blockade | In Pics

In a high-stakes gambit to break the global energy crisis, the Donald Trump administration has issued a shock 30-day sanctions waiver, seeking to flood the market with 140 million barrels of stranded Iranian oil. Treasury Secretary Scott Bessent confirmed the move on Friday (Mar 20), stating that the US will effectively "use Iranian barrels against Tehran" to drive down prices as the Iran War enters its 22nd day. By unlocking oil currently, allegedly being "hoarded by China on the cheap," Washington aims to provide a massive 440-million-barrel cushion to the global market, undercutting Iran’s leverage over the Strait of Hormuz while ensuring the "head of the snake" remains financially strangled.Also read | <a href="https://www.wionews.com/world/mission-accomplished-trump-reveals-5-iran-war-goals-announces-surprise-exit-strategy-as-us-nears-victory-what-are-they-and-is-the-war-ending-soon-1774045708559">'Winding down': Trump sets 5 goals—what are they and is Iran war ending soon?</a><h2>The 140 Million Barrel Surge: How the US is Using Iranian Oil to Bankrupt Tehran</h2>Taking to X, Trump's treasury secretary confirmed that the US was issuing a "narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea."Calling Iran the "head of the snake for global terrorism," he claimed Operation Epic Fury was closer to winning the critical fight than previously anticipated. Scott Bessent revealed that America plans to use "Iranian barrels against Tehran to keep the price down".By his estimates, this move will flood the global crude market with approximately 140 million barrels of oil. This, he said, would relieve the "temporary pressures on supply caused by Iran". Since the start of the US-Israel-Iran war, Iran has effectively closed the shipping channel through which over one-fifth of global oil and one-quarter of liquefied natural gas (LNG) pass daily. This has led to the price of a barrel of North Sea Brent crude to skyrocket to $112.19 on Friday, up 3.26 per cent.The Trump aide noted Iran will not be able to access any revenue generated from this oil, effectively emptying Tehran's oil coffers, while denying it any money in return. "The United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system," he added.Also read | <a href="https://www.wionews.com/world/-we-don-t-use-it-trump-demands-other-nations-need-to-guard-strait-of-hormuz-says-us-considering-winding-down-military-operations-in-iran-1774043538465">‘US does not!’ Trump refuses to guard Strait of Hormuz amid Iran war</a><h2>Targeting the 'China Discount': Why Trump is Ending Beijing’s Cheap Energy Monopoly</h2>According to Beesent's X post, as the global markets battle soaring oil prices, China has been hoarding Iranian oil "on the cheap". By waiving off the sanctions on Iranian oil, the US is effectively flooding the market with millions of barrels of oil, temporarily bringing down the oil prices.He noted that the waiver is strictly applicable "to oil that is already in transit and does not allow new purchases or production".&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

US announced a 30-day "waiver" allowing the sale of Iranian crude already loaded on vessels (as of March 20). The goal? Release 140 million barrels immediately to stabilise a market rattled by Strait of Hormuz closure. The Catch: Iran is blocked from accessing the revenue.

In a high-stakes gambit to break the global energy crisis, the Donald Trump administration has issued a shock 30-day sanctions waiver, seeking to flood the market with 140 million barrels of stranded Iranian oil. Treasury Secretary Scott Bessent confirmed the move on Friday (Mar 20), stating that the US will effectively "use Iranian barrels against Tehran" to drive down prices as the Iran War enters its 22nd day. By unlocking oil currently, allegedly being "hoarded by China on the cheap," Washington aims to provide a massive 440-million-barrel cushion to the global market, undercutting Iran’s leverage over the Strait of Hormuz while ensuring the "head of the snake" remains financially strangled. Also read | 'Winding down': Trump sets 5 goals—what are they and is Iran war ending soon? The 140 Million Barrel Surge: How the US is Using Iranian Oil to Bankrupt Tehran Taking to X, Trump's treasury secretary confirmed that the US was issuing a "narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea." Calling Iran the "head of the snake for global terrorism," he claimed Operation Epic Fury was closer to winning the critical fight than previously anticipated. Scott Bessent revealed that America plans to use "Iranian barrels against Tehran to keep the price down". By his estimates, this move will flood the global crude market with approximately 140 million barrels of oil. This, he said, would relieve the "temporary pressures on supply caused by Iran". Since the start of the US-Israel-Iran war, Iran has effectively closed the shipping channel through which over one-fifth of global oil and one-quarter of liquefied natural gas (LNG) pass daily. This has led to the price of a barrel of North Sea Brent crude to skyrocket to $112.19 on Friday, up 3.26 per cent. The Trump aide noted Iran will not be able to access any revenue generated from this oil, effectively emptying Tehran's oil coffers, while denying it any money in return. "The United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system," he added. Also read | ‘US does not!’ Trump refuses to guard Strait of Hormuz amid Iran war Targeting the 'China Discount': Why Trump is Ending Beijing’s Cheap Energy Monopoly According to Beesent's X post, as the global markets battle soaring oil prices, China has been hoarding Iranian oil "on the cheap". By waiving off the sanctions on Iranian oil, the US is effectively flooding the market with millions of barrels of oil, temporarily bringing down the oil prices. He noted that the waiver is strictly applicable "to oil that is already in transit and does not allow new purchases or production". Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

US announced a 30-day "waiver" allowing the sale of Iranian crude already loaded on vessels (as of March 20). The goal? Release 140 million barrels immediately to stabilise a market rattled by Strait of Hormuz closure. The Catch: Iran is blocked from accessing the revenue.

'Using their barrels against them': Trump floods market with Iranian oil to crash global prices, issues 30-day sanctions waiver

India's premium petrol price has been increased by up to Rs 2.35 per litre by the oil marketing companies with immediate effect on Friday amid the West Asia war, leading to disruptions in the global energy market. Let's have a look at how much people in metro cities are paying for petrol.

India's premium petrol price has been increased by up to Rs 2.35 per litre by the oil marketing companies with immediate effect on Friday amid the West Asia war, leading to disruptions in the global energy market. Let's have a look at how much people in metro cities are paying for petrol.

Petrol gets costlier: Premium fuel up by Rs 2.35/L - Check latest rates in top cities

The Iran-US-Israel conflict is turning into an economic war as an oil tanker operator reportedly paid Tehran a $2 million fee for safe passage through the Strait of Hormuz. Iran is now charging “favoured” countries millions of dollars per oil tanker for safe passage, even as gasoline prices have crossed $8 a gallon in some US pumps.&nbsp;<h2>The cost of war: Oil companies feel the pinch; Iran mulls Strait of Hormuz transit surcharge</h2>According to Lloyd’s List Intelligence, cited by the Financial Times and other media, at least one tanker operator is understood to have paid around $2 million as part of an agreement to transit via Iran’s newly established “safe corridor” along the Strait of Hormuz. This is a route near Iranian territorial waters around Larak Island, where the IRGC Navy and port authorities are reportedly conducting visual vetting and verification of vessels. Based on recent reports, at least nine vessels have used this corridor, mostly from diplomatically cleared nations such as India, Pakistan and China.As per reports, India did not pay for passage of its LPG carriers Shivalik and Nanda Devi. A Pakistan-flagged Karachi tanker was also similarly cleared through government-to-government talks.While Iran is negotiating such arrangements with operators on a case-by-case basis, its parliament is debating formalised surcharges. Iran, in effect, is creating a “protection” racket in Strait of Hormuz.Also read: <a href="https://www.wionews.com/world/iran-missile-strike-hits-haifa-oil-refinery-israel-reports-no-significant-damage-1773957556388">Iran missile strike hits Haifa oil refinery, Israel reports ‘no significant damage’</a><h2>Trump administration moves to allow passage of Iranian oil</h2>Treasury Secretary Scott Bessent said the US will allow 140 million barrels of Iranian oil already at sea to move. This de-sanctioning will free up roughly 10–14 days of global supply and drive prices down in the near term. This Iranian oil was originally headed mostly to China.This is the second instance of the US de-sanctioning oil in recent weeks, following the decision to allow Russian oil meant mainly for India to pass through.&nbsp;These are short-term releases of existing cargoes to bring down global oil prices, which have crossed $100 per barrel in recent days.Also read: <a href="https://www.wionews.com/world/us-to-release-140-million-barrels-of-sanctioned-iranian-oil-floating-on-water-says-bessent-1773930578453">US to release 140 million barrels of sanctioned Iranian oil floating on water, says Bessent</a><h2>Iran’s twin war strategy: Shut Hormuz, attack Gulf energy installations</h2>In the past few days, Iran has intensified attacks on oil and gas installations in Saudi Arabia, Qatar and Kuwait. Combined with its threats of selective closure of the Strait of Hormuz to enemy vessels, the strategy appears to be working in driving up oil prices. Surcharges and payments to Iran for passage would amount to the country funding the war through its leverage over Hormuz traffic.While Bessent framed the freeing up of Iranian oil as using its own barrels “against Tehran”, the real goal appears to be to stabilise oil prices for US consumers and industry: America acts when Americans are pinched.&nbsp;<a href="https://www.wionews.com/videos/us-iran-war-attacks-on-oil-infrastructure-in-west-asia-triggers-price-spike-1773926960482/embed">https://www.wionews.com/videos/us-iran-war-attacks-on-oil-infrastructure-in-west-asia-triggers-price-spike-1773926960482/embed</a>Brent crude has spiked by up to 60 per cent since the joint US–Israeli strikes on Iran on 28 February started the war, hitting $118 per barrel at one point.&nbsp;At the pump, US gas prices are up sharply, with some reports citing increases of up to 90 cents per gallon nationally.In reality, overall tanker traffic through Hormuz has collapsed. Only around 15 vessels have transited in recent days, mostly Iran-linked ones.

Iran is leveraging control over the Strait of Hormuz by charging tanker fees, and US is desanctioning Iranian oil stuck at sea. Spike in global crude prices is driving up US petrol costs. All in all, we are witnessing an economic warfare

The Iran-US-Israel conflict is turning into an economic war as an oil tanker operator reportedly paid Tehran a $2 million fee for safe passage through the Strait of Hormuz. Iran is now charging “favoured” countries millions of dollars per oil tanker for safe passage, even as gasoline prices have crossed $8 a gallon in some US pumps. The cost of war: Oil companies feel the pinch; Iran mulls Strait of Hormuz transit surcharge According to Lloyd’s List Intelligence, cited by the Financial Times and other media, at least one tanker operator is understood to have paid around $2 million as part of an agreement to transit via Iran’s newly established “safe corridor” along the Strait of Hormuz. This is a route near Iranian territorial waters around Larak Island, where the IRGC Navy and port authorities are reportedly conducting visual vetting and verification of vessels. Based on recent reports, at least nine vessels have used this corridor, mostly from diplomatically cleared nations such as India, Pakistan and China. As per reports, India did not pay for passage of its LPG carriers Shivalik and Nanda Devi. A Pakistan-flagged Karachi tanker was also similarly cleared through government-to-government talks. While Iran is negotiating such arrangements with operators on a case-by-case basis, its parliament is debating formalised surcharges. Iran, in effect, is creating a “protection” racket in Strait of Hormuz. Also read: Iran missile strike hits Haifa oil refinery, Israel reports ‘no significant damage’ Trump administration moves to allow passage of Iranian oil Treasury Secretary Scott Bessent said the US will allow 140 million barrels of Iranian oil already at sea to move. This de-sanctioning will free up roughly 10–14 days of global supply and drive prices down in the near term. This Iranian oil was originally headed mostly to China. This is the second instance of the US de-sanctioning oil in recent weeks, following the decision to allow Russian oil meant mainly for India to pass through. These are short-term releases of existing cargoes to bring down global oil prices, which have crossed $100 per barrel in recent days. Also read: US to release 140 million barrels of sanctioned Iranian oil floating on water, says Bessent Iran’s twin war strategy: Shut Hormuz, attack Gulf energy installations In the past few days, Iran has intensified attacks on oil and gas installations in Saudi Arabia, Qatar and Kuwait. Combined with its threats of selective closure of the Strait of Hormuz to enemy vessels, the strategy appears to be working in driving up oil prices. Surcharges and payments to Iran for passage would amount to the country funding the war through its leverage over Hormuz traffic. While Bessent framed the freeing up of Iranian oil as using its own barrels “against Tehran”, the real goal appears to be to stabilise oil prices for US consumers and industry: America acts when Americans are pinched. https://www.wionews.com/videos/us-iran-war-attacks-on-oil-infrastructure-in-west-asia-triggers-price-spike-1773926960482/embed Brent crude has spiked by up to 60 per cent since the joint US–Israeli strikes on Iran on 28 February started the war, hitting $118 per barrel at one point. At the pump, US gas prices are up sharply, with some reports citing increases of up to 90 cents per gallon nationally. In reality, overall tanker traffic through Hormuz has collapsed. Only around 15 vessels have transited in recent days, mostly Iran-linked ones.

Iran is leveraging control over the Strait of Hormuz by charging tanker fees, and US is desanctioning Iranian oil stuck at sea. Spike in global crude prices is driving up US petrol costs. All in all, we are witnessing an economic warfare

Crude war: Oil tanker firm paid Iran $2 million for Strait of Hormuz safe passage; Iran mulls surcharge as US gas costs $8 at some pumps

The United States and Japan have announced a major energy partnership, agreeing to invest $40 billion in building next-generation nuclear reactors across the American South. The plan was confirmed on Thursday (Mat 19) after talks in Washington between US President Donald Trump and Japanese Prime Minister Sanae Takaichi. At the centre of the deal are small modular reactors, or SMRs, to be developed in Tennessee and Alabama. The technology is being pitched as a more flexible, scalable alternative to traditional nuclear plants. This comes as Tokyo last year agreed to invest $550 billion through 2029 under a new trade pact with Washington.Also read | <a href="https://www.wionews.com/world/-a-moment-of-silence-for-the-0-07-internet-reacts-as-kim-jong-un-s-perfect-election-marred-by-rare-dissent-north-korea-1773819815156">'A moment of silence for the 0.07%': Internet reacts as Kim Jong Un’s ‘perfect’ election marred by rare dissent</a><h2>What the projects involve</h2>The so-called small modular reactors (SMRs) will be built with support from GE Vernova Hitachi, which has been working on SMR technology for years. In simple terms, these are smaller, factory-built reactors that can be deployed faster and at lower cost. Alongside the nuclear investment, both countries also announced $33 billion for natural gas power facilities in Pennsylvania and Texas.<h2>Next-gen stable power</h2>A joint statement by the two nations said that the SMRs would serve as "a tremendous next-generation stable power source, stabilising electricity prices for the American people and strengthening the Japan-US leadership in global technological competition."These projects are part of a broader investment framework agreed last year, under which Tokyo committed up to $550 billion in investment in the US economy through 2029. The first set of projects under that framework was rolled out earlier this year in February, a $36 billion in commitments in three infrastructure projects. According to Thursday's announcement, the projects would ensure security by "accelerating economic growth of both countries, thereby paving the way for a New Golden Age of the ever-growing Japan-US Alliance."Also read | <a href="https://www.wionews.com/world/-divorce-paper-bloodshed-woman-kills-self-after-shooting-husband-at-us-military-base-in-new-mexico-holloman-air-force-base-shoppette-1773802929441">‘Divorce paper’ bloodshed: Woman commits suicide after shooting husband at US' Holloman Air Force Base in New Mexico</a><h2>Focus on critical minerals</h2>The two countries also released a separate action plan targeting supply chains for critical minerals, an area where China currently dominates. The plan includes exploring coordinated trade policies and mechanisms, such as border-adjusted price floors, "focusing in the first instance on select critical minerals."

The US and Japan have announced a $40 billion partnership to build next-generation nuclear reactors, specifically small modular reactors (SMRs), in Tennessee and Alabama. The deal was finalised after talks between Donald Trump and Sanae Takaichi

The United States and Japan have announced a major energy partnership, agreeing to invest $40 billion in building next-generation nuclear reactors across the American South. The plan was confirmed on Thursday (Mat 19) after talks in Washington between US President Donald Trump and Japanese Prime Minister Sanae Takaichi. At the centre of the deal are small modular reactors, or SMRs, to be developed in Tennessee and Alabama. The technology is being pitched as a more flexible, scalable alternative to traditional nuclear plants. This comes as Tokyo last year agreed to invest $550 billion through 2029 under a new trade pact with Washington. Also read | 'A moment of silence for the 0.07%': Internet reacts as Kim Jong Un’s ‘perfect’ election marred by rare dissent What the projects involve The so-called small modular reactors (SMRs) will be built with support from GE Vernova Hitachi, which has been working on SMR technology for years. In simple terms, these are smaller, factory-built reactors that can be deployed faster and at lower cost. Alongside the nuclear investment, both countries also announced $33 billion for natural gas power facilities in Pennsylvania and Texas. Next-gen stable power A joint statement by the two nations said that the SMRs would serve as "a tremendous next-generation stable power source, stabilising electricity prices for the American people and strengthening the Japan-US leadership in global technological competition." These projects are part of a broader investment framework agreed last year, under which Tokyo committed up to $550 billion in investment in the US economy through 2029. The first set of projects under that framework was rolled out earlier this year in February, a $36 billion in commitments in three infrastructure projects. According to Thursday's announcement, the projects would ensure security by "accelerating economic growth of both countries, thereby paving the way for a New Golden Age of the ever-growing Japan-US Alliance." Also read | ‘Divorce paper’ bloodshed: Woman commits suicide after shooting husband at US' Holloman Air Force Base in New Mexico Focus on critical minerals The two countries also released a separate action plan targeting supply chains for critical minerals, an area where China currently dominates. The plan includes exploring coordinated trade policies and mechanisms, such as border-adjusted price floors, "focusing in the first instance on select critical minerals."

The US and Japan have announced a $40 billion partnership to build next-generation nuclear reactors, specifically small modular reactors (SMRs), in Tennessee and Alabama. The deal was finalised after talks between Donald Trump and Sanae Takaichi.

US, Japan unveil nuclear deal, bet $40B on small modular reactors in next gen energy push after Trump-Takaichi meet

The Sensex plunged nearly 2,500 points as Indian benchmark indices tumbled over 3% on Thursday and the Nifty 50 closed near the 23,000 mark. The market rout wiped out over Rs 11.5 lakh crore in the market capitalisation of all BSE-listed firms, dragging the total down to a little over Rs 427 lakh crore. The Sensex crashed 2,497 points to end at 74,207, while the Nifty 50 slumped 776 points to settle at 23,002 after briefly dipping below 23,000. Markets snapped a three-day winning streak and posted their sharpest fall in nearly two years. Market analysts claimed that surging crude prices and a hawkish Federal Reserve stance triggered the selloff. Besides, concerns around HDFC Bank also unsettled investors.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-may-impose-toll-and-taxes-on-ships-passing-through-strait-of-hormuz-1773918080590">Iran may impose toll and taxes on ships passing through Strait of Hormuz</a>&nbsp;Crude oil prices surged past $111 per barrel, raising fears of a prolonged disruption, while developments at HDFC Bank added to investor nervousness, even as global cues remained weak after the US Federal Reserve signalled limited room for rate cuts.&nbsp;Higher oil prices can push up inflation, weaken the rupee and hit corporate margins, putting pressure across sectors.&nbsp;Also Read: <a href="https://www.wionews.com/world/pakistan-major-nuclear-threat-to-us-besides-china-russia-and-n-korea-tulsi-gabbard-tells-senate-1773856393463">‘Pakistan major nuclear threat to US besides China, Russia and North Korea,’ Tulsi Gabbard tells Senate</a>&nbsp;Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned, citing “certain happenings and practices” within the bank that were “not in congruence with my personal values and ethics”.Other banking stocks such as Axis Bank, ICICI Bank, and State Bank of India also traded lower, weighing on benchmark indices.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-police-arrest-500-spies-for-sharing-information-with-enemies-and-anti-iranian-media-1773607871855">Iranian police arrest 500 ‘spies’ for sharing information with enemies and anti-Iranian media</a>&nbsp;IT stocks such as Infosys, TCS and Wipro remained under pressure amid weak global cues.Aviation stock IndiGo fell over 3% as rising fuel costs threaten margins, highlighting the immediate impact of higher crude prices. Coal India was among the few stocks showing resilience, supported by higher energy prices.&nbsp;Also Read: <a href="https://www.wionews.com/world/-they-say-i-m-what-netanyahu-mocks-rumours-of-his-death-posts-video-from-coffee-shop-1773591045235">‘They say I’m what?’ Netanyahu mocks rumours of his death, posts video from coffee shop</a>&nbsp;The US Federal Reserve has kept interest rates unchanged while signalling a cautious stance, keeping global liquidity tight and reducing the appeal of emerging markets.&nbsp;The Indian rupee weakened further, touching a record low of 92.63 against the US dollar.&nbsp;

Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned. Surging crude prices and a hawkish Federal Reserve stance also unsettled the investors.

The Sensex plunged nearly 2,500 points as Indian benchmark indices tumbled over 3% on Thursday and the Nifty 50 closed near the 23,000 mark. The market rout wiped out over Rs 11.5 lakh crore in the market capitalisation of all BSE-listed firms, dragging the total down to a little over Rs 427 lakh crore. The Sensex crashed 2,497 points to end at 74,207, while the Nifty 50 slumped 776 points to settle at 23,002 after briefly dipping below 23,000. Markets snapped a three-day winning streak and posted their sharpest fall in nearly two years. Market analysts claimed that surging crude prices and a hawkish Federal Reserve stance triggered the selloff. Besides, concerns around HDFC Bank also unsettled investors. Also Read: Iran may impose toll and taxes on ships passing through Strait of Hormuz Crude oil prices surged past $111 per barrel, raising fears of a prolonged disruption, while developments at HDFC Bank added to investor nervousness, even as global cues remained weak after the US Federal Reserve signalled limited room for rate cuts. Higher oil prices can push up inflation, weaken the rupee and hit corporate margins, putting pressure across sectors. Also Read: ‘Pakistan major nuclear threat to US besides China, Russia and North Korea,’ Tulsi Gabbard tells Senate Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned, citing “certain happenings and practices” within the bank that were “not in congruence with my personal values and ethics”. Other banking stocks such as Axis Bank, ICICI Bank, and State Bank of India also traded lower, weighing on benchmark indices. Also Read: Iranian police arrest 500 ‘spies’ for sharing information with enemies and anti-Iranian media IT stocks such as Infosys, TCS and Wipro remained under pressure amid weak global cues. Aviation stock IndiGo fell over 3% as rising fuel costs threaten margins, highlighting the immediate impact of higher crude prices. Coal India was among the few stocks showing resilience, supported by higher energy prices. Also Read: ‘They say I’m what?’ Netanyahu mocks rumours of his death, posts video from coffee shop The US Federal Reserve has kept interest rates unchanged while signalling a cautious stance, keeping global liquidity tight and reducing the appeal of emerging markets. The Indian rupee weakened further, touching a record low of 92.63 against the US dollar.

Banking stocks led the decline, with HDFC Bank emerging as a key drag on the indices. The stock fell over 5% to around Rs 800 after part-time chairman Atanu Chakraborty resigned. Surging crude prices and a hawkish Federal Reserve stance also unsettled the investors.

Sensex tanks 2,500 pts, Nifty ends down 3.3% at 23,000; Rs 12 lakh crore wiped off

After the sudden resignation of chairman Atanu Chakraborty over differences on “values and ethics”, HDFC Bank’s newly appointed interim chairman Keki Mistry on Thursday reassured investors and stakeholders, confirming that the bank remains stable and there are no material concerns. He said the board is firmly committed to preserving confidence in the country’s largest private-sector lender. “The board remains committed to safeguarding investor confidence,” Mistry said, and added the bank would like to assure all stakeholders that there were “no material matters at this point in time”. HDFC Bank’s chief executive also underscored continuity in the operations of the lender. “We will continue to ensure that trust in the bank is maintained,” the CEO said. His remarks came shortly after Atanu Chakraborty resigned with immediate effect, citing ethical concerns in a letter dated March 17.<h3>Atanu Chakraborty cites several concerns</h3>Atanu Chakraborty flagged several concerns in his resignation letter over the internal mechanism of the bank. "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty said in a letter to the Chairman of Governance, Nomination, and Remuneration Committee of the bank. Chakraborty further wrote in the letter, "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though the benefits of the merger are yet to fully fructify." Chakraborty is a retired 1985-batch Indian Administrative Service (IAS) officer from the Gujarat cadre, with more than 30 years of experience in public policy and financial administration. He graduated in electronics and communication engineering from the National Institute of Technology, Kurukshetra and completed his MBA from the University of Hull in the United Kingdom. He had been serving as part-time chairman since April 2021 and was reappointed in May 2024 for a term extending to May 2027. During his tenure, HDFC Bank completed its landmark merger with Housing Development Finance Corporation, forming one of the world’s largest financial services groups.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/who-is-atanu-chakraborty-hdfc-bank-chairman-steps-down-citing-ethical-concerns-1773899089497">Who is Atanu Chakraborty? HDFC Bank chairman steps down citing ‘ethical concerns’</a> &nbsp;

HDFC Bank’s newly appointed interim chairman, Keki Mistry, on Thursday reassured investors and stakeholders that the bank remains stable and the board is firmly committed to preserving confidence in the country’s largest private-sector lender.

After the sudden resignation of chairman Atanu Chakraborty over differences on “values and ethics”, HDFC Bank’s newly appointed interim chairman Keki Mistry on Thursday reassured investors and stakeholders, confirming that the bank remains stable and there are no material concerns. He said the board is firmly committed to preserving confidence in the country’s largest private-sector lender. “The board remains committed to safeguarding investor confidence,” Mistry said, and added the bank would like to assure all stakeholders that there were “no material matters at this point in time”. HDFC Bank’s chief executive also underscored continuity in the operations of the lender. “We will continue to ensure that trust in the bank is maintained,” the CEO said. His remarks came shortly after Atanu Chakraborty resigned with immediate effect, citing ethical concerns in a letter dated March 17. Atanu Chakraborty cites several concerns Atanu Chakraborty flagged several concerns in his resignation letter over the internal mechanism of the bank. "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty said in a letter to the Chairman of Governance, Nomination, and Remuneration Committee of the bank. Chakraborty further wrote in the letter, "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though the benefits of the merger are yet to fully fructify." Chakraborty is a retired 1985-batch Indian Administrative Service (IAS) officer from the Gujarat cadre, with more than 30 years of experience in public policy and financial administration. He graduated in electronics and communication engineering from the National Institute of Technology, Kurukshetra and completed his MBA from the University of Hull in the United Kingdom. He had been serving as part-time chairman since April 2021 and was reappointed in May 2024 for a term extending to May 2027. During his tenure, HDFC Bank completed its landmark merger with Housing Development Finance Corporation, forming one of the world’s largest financial services groups. Also read: Who is Atanu Chakraborty? HDFC Bank chairman steps down citing ‘ethical concerns’

HDFC Bank’s newly appointed interim chairman, Keki Mistry, on Thursday reassured investors and stakeholders that the bank remains stable and the board is firmly committed to preserving confidence in the country’s largest private-sector lender.

'No material concerns': New HDFC chairman breaks silence after sudden resignation of Atanu Chakraborty

Atanu Chakraborty, part-time chairman and independent director of HDFC Bank, resigned with immediate effect on Wednesday, drawing sharp attention on Dalal Street and raising several questions around internal practices in the bank. Chakraborty flagged several concerns in his resignation letter over the internal mechanism of the bank. "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty said in a letter to the Chairman of Governance, Nomination, and Remuneration Committee of the bank. Chakraborty further wrote in the letter, "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of the merger are yet to fully fructify." Following resignation, Atanu Chakraborty told NDTV Profit, "HDFC Bank is an organisation I nurtured for 5 years. I am not pointing out any wrongdoings at the bank. My ideologies did not match with the organisation, and hence it was time to part ways."<h3>Who is Atanu Chakraborty?</h3>Chakraborty is a retired 1985-batch Indian Administrative Service (IAS) officer from the Gujarat cadre, with more than 30 years of experience in public policy and financial administration. He graduated in electronics and communication engineering from the National Institute of Technology, Kurukshetra and completed his MBA from the University of Hull in the United Kingdom. He served as Secretary in the Department of Economic Affairs under the Ministry of Finance and also worked with the Department of Investment and Public Asset Management, where he played a role in the disinvestment programme of the government. Over the course of his public service career, Chakraborty gained experience across multiple sectors, including finance, petroleum, infrastructure, and industry. His responsibilities ranged from coordinating economic policy and overseeing multilateral project financing to shaping capital market frameworks and managing privatisation efforts. After retiring from the civil services, Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the board of HDFC Bank as an independent director in May 2021 and later assumed the position of part-time chairman.&nbsp;His tenure came during a significant phase for the bank, including its merger with HDFC Ltd. In his resignation letter, Chakraborty termed the merger as a “momentous” development that “created a conglomerate under the bank”, while noting that “the benefits of the merger are yet to fully fructify”.&nbsp;Also read: <a href="https://www.wionews.com/india-news/who-is-matthew-vandyke-us-national-held-in-india-as-nia-investigates-hidden-links-1773855559300">Who is Matthew VanDyke? US national held in India as NIA investigates hidden links</a>

After retiring from the civil services, Atanu Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the HDFC Bank board as an independent director in May 2021 and later served as part-time chairman.

Atanu Chakraborty, part-time chairman and independent director of HDFC Bank, resigned with immediate effect on Wednesday, drawing sharp attention on Dalal Street and raising several questions around internal practices in the bank. Chakraborty flagged several concerns in his resignation letter over the internal mechanism of the bank. "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty said in a letter to the Chairman of Governance, Nomination, and Remuneration Committee of the bank. Chakraborty further wrote in the letter, "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of the merger are yet to fully fructify." Following resignation, Atanu Chakraborty told NDTV Profit, "HDFC Bank is an organisation I nurtured for 5 years. I am not pointing out any wrongdoings at the bank. My ideologies did not match with the organisation, and hence it was time to part ways." Who is Atanu Chakraborty? Chakraborty is a retired 1985-batch Indian Administrative Service (IAS) officer from the Gujarat cadre, with more than 30 years of experience in public policy and financial administration. He graduated in electronics and communication engineering from the National Institute of Technology, Kurukshetra and completed his MBA from the University of Hull in the United Kingdom. He served as Secretary in the Department of Economic Affairs under the Ministry of Finance and also worked with the Department of Investment and Public Asset Management, where he played a role in the disinvestment programme of the government. Over the course of his public service career, Chakraborty gained experience across multiple sectors, including finance, petroleum, infrastructure, and industry. His responsibilities ranged from coordinating economic policy and overseeing multilateral project financing to shaping capital market frameworks and managing privatisation efforts. After retiring from the civil services, Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the board of HDFC Bank as an independent director in May 2021 and later assumed the position of part-time chairman. His tenure came during a significant phase for the bank, including its merger with HDFC Ltd. In his resignation letter, Chakraborty termed the merger as a “momentous” development that “created a conglomerate under the bank”, while noting that “the benefits of the merger are yet to fully fructify”. Also read: Who is Matthew VanDyke? US national held in India as NIA investigates hidden links

After retiring from the civil services, Atanu Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the HDFC Bank board as an independent director in May 2021 and later served as part-time chairman.

Who is Atanu Chakraborty? HDFC Bank chairman steps down citing 'ethical concerns'

Policymakers, strategic observers, and industry titans from the fields of defence, automobiles, technology, and business converged at the WION World Pulse Summit in the national capital on Wednesday (March 18). The summit, themed "Rhythm of the New World Order," served as a premier platform to discuss the evolving global landscape, emerging technologies, and the future of international business amidst shifting geopolitics.The event featured a high-powered lineup of speakers, including Nitin Gadkari, the Union Minister of Road Transport and Highways, and Pralhad Joshi, the Union Minister for New &amp; Renewable Energy. They were joined by Gajendra Singh Shekhawat, who serves as the Union Minister of Culture and Tourism, and ACM Rakesh Bhadauria (Retd.), the former Chief of the Air Staff, who shared profound insights on national security and strategic defence.<h2>Celebrating excellence: WION Icon Awards</h2>Beyond the strategic dialogues, WION recognised extraordinary achievers across various fields for their relentless dedication and impact on society.&nbsp;Ruskin Bond: WION Icon Award for Lifetime Achievement in LiteratureThe legendary 91-year-old author, known as the "Wordsworth of India," has spent seven decades capturing the soul of the Himalayas. With over 500 short stories and novels, Bond’s simple yet evocative prose has made him a household name, inspiring generations of readers to find beauty in nature and the ordinary.&nbsp;

Saina Nehwal: WION Icon Award in Sports A trailblazer in Indian badminton, Saina Nehwal is the first Indian shuttler to win an Olympic medal. With 24 international titles, including a Commonwealth Games gold, she has been instrumental in making badminton a premier sport in India and remains a symbol of resilience for young athletes.&nbsp;Krishna Ella: WION Icon Award for Contributions in Public Health As the co-founder of Bharat Biotech, Dr Krishna Ella played a pivotal role in India’s battle against COVID-19 by developing Covaxin. His leadership in vaccine research and focus on affordable healthcare have placed India on the global map as a biotechnology powerhouse.&nbsp;Alok Bansal: WION Icon Award for Contributions in the Financial Sector A visionary leader in the fintech space, Alok Bansal has been instrumental in democratising financial services in India. As a co-founder of Policybazaar, he has significantly contributed to increasing insurance penetration and financial literacy across the country.&nbsp;Babita Phogat: WION Icon Award in Sports A Commonwealth Games gold medallist, Babita Phogat, has been a fierce representative of Indian wrestling on the world stage. Her journey from a small village in Haryana to international podiums has become a powerful narrative of women’s empowerment in sports.&nbsp;Chirag Paswan: WION Icon Award in Politics Representing the new generation of Indian leadership, Chirag Paswan was recognised for his active role in shaping regional and national discourse. His focus on youth-centric policies and administrative accountability marks him as a key figure in the "New World Order."

Milind Soman: WION Icon Award for Fitness The "Ironman of India," Milind Soman, has redefined the standards of health and ageing. An actor and supermodel, Soman is best known for his marathon running and his commitment to promoting a barefoot running culture, proving that fitness is a lifelong journey regardless of age.&nbsp;

Anupam Kher: WION Icon Award in Entertainment A veteran of over 500 films, Anupam Kher is a global face of Indian cinema. From his breakthrough in Saaransh to his international acclaim in New Amsterdam, Kher has been a vocal advocate for the arts and a versatile performer who continues to push the boundaries of storytelling.

WION recognised extraordinary achievers across various fields for their relentless dedication and impact on society.

Policymakers, strategic observers, and industry titans from the fields of defence, automobiles, technology, and business converged at the WION World Pulse Summit in the national capital on Wednesday (March 18). The summit, themed "Rhythm of the New World Order," served as a premier platform to discuss the evolving global landscape, emerging technologies, and the future of international business amidst shifting geopolitics. The event featured a high-powered lineup of speakers, including Nitin Gadkari, the Union Minister of Road Transport and Highways, and Pralhad Joshi, the Union Minister for New & Renewable Energy. They were joined by Gajendra Singh Shekhawat, who serves as the Union Minister of Culture and Tourism, and ACM Rakesh Bhadauria (Retd.), the former Chief of the Air Staff, who shared profound insights on national security and strategic defence. Celebrating excellence: WION Icon Awards Beyond the strategic dialogues, WION recognised extraordinary achievers across various fields for their relentless dedication and impact on society. Ruskin Bond: WION Icon Award for Lifetime Achievement in Literature The legendary 91-year-old author, known as the "Wordsworth of India," has spent seven decades capturing the soul of the Himalayas. With over 500 short stories and novels, Bond’s simple yet evocative prose has made him a household name, inspiring generations of readers to find beauty in nature and the ordinary.

WION recognised extraordinary achievers across various fields for their relentless dedication and impact on society.

WION World Pulse: From Ruskin Bond to Saina Nehwal, icons of excellence honoured; check full list

The number of cars on the road is going to increase phenomenally and so will the energy import bills, and hence we need to move to sustainable mobility as fast as possible, said Vikram Gulati, Country Head &amp; EVP (Corporate Affairs &amp; Governance), Toyota Kirloskar Motor. He was addressing ‘Auto Pulse: The Future of Mobility,’ the automobile segment of the WION World Pulse summit in New Delhi on Wednesday (Mar 18).&nbsp;“Last calendar year, car sales in India were around 4.5 million, a six per cent growth year on year, and a penetration rate of 30 people per thousand. At the pace at which we are growing, and the market we see ahead, the number of cars on the road is going to increase phenomenally,” said Gulati.The market is very diverse and the needs of customers are very different, he said, adding, “At Toyota, we are looking at the end objective of decarbonisation, our goal is to achieve a life cycle of zero-carbon by 2050. Therefore, we believe that we need to move to sustainable mobility as fast as possible.”There would be multiple clean, sustainable technologies that would be needed, and so we need to act with speed and scale now, the Country Head &amp; EVP, Toyota Kirloskar Motor, said.Reflecting on the competition between traditional fuel and electric, and hybrid vehicles, Gulati said the advantage is with incumbent technology, as petrol and diesel have been around for a hundred years, but the gap is closing fast because of technology evolution and the declining cost of key components in electric cars like batteries, besides scale, and the huge support the government is giving, like just five per cent of GST. In addition, state governments are also giving incentives.&nbsp;“With the new evolving technologies like flex fuel vehicles, there is no need for new infrastructure, and the fuel is also indigenous, so that can be a game changer for sustainability and self-reliance in energy going forward,” Gulati said.

Vikram Gulati, Country Head & EVP, Toyota Kirloskar Motor said car sales in India were around 4.5 million, a 6% growth year-on-year, and a penetration rate of 30 people per thousand. At the pace at which we are growing, the number of cars on the road is going to increase phenomenally.

The number of cars on the road is going to increase phenomenally and so will the energy import bills, and hence we need to move to sustainable mobility as fast as possible, said Vikram Gulati, Country Head & EVP (Corporate Affairs & Governance), Toyota Kirloskar Motor. He was addressing ‘Auto Pulse: The Future of Mobility,’ the automobile segment of the WION World Pulse summit in New Delhi on Wednesday (Mar 18). “Last calendar year, car sales in India were around 4.5 million, a six per cent growth year on year, and a penetration rate of 30 people per thousand. At the pace at which we are growing, and the market we see ahead, the number of cars on the road is going to increase phenomenally,” said Gulati. The market is very diverse and the needs of customers are very different, he said, adding, “At Toyota, we are looking at the end objective of decarbonisation, our goal is to achieve a life cycle of zero-carbon by 2050. Therefore, we believe that we need to move to sustainable mobility as fast as possible.” There would be multiple clean, sustainable technologies that would be needed, and so we need to act with speed and scale now, the Country Head & EVP, Toyota Kirloskar Motor, said. Reflecting on the competition between traditional fuel and electric, and hybrid vehicles, Gulati said the advantage is with incumbent technology, as petrol and diesel have been around for a hundred years, but the gap is closing fast because of technology evolution and the declining cost of key components in electric cars like batteries, besides scale, and the huge support the government is giving, like just five per cent of GST. In addition, state governments are also giving incentives. “With the new evolving technologies like flex fuel vehicles, there is no need for new infrastructure, and the fuel is also indigenous, so that can be a game changer for sustainability and self-reliance in energy going forward,” Gulati said.

Vikram Gulati, Country Head &amp; EVP, Toyota Kirloskar Motor said car sales in India were around 4.5 million, a 6% growth year-on-year, and a penetration rate of 30 people per thousand. At the pace at which we are growing, the number of cars on the road is going to increase phenomenally.

Wion World Pulse: ‘We need to move to sustainable mobility as fast as possible’: Vikram Gulati

Managing Director and CEO of the National Stock Exchange (NSE), Ashish Kumar Chauhan, advised investors on Wednesday (Mar 18) to stay calm during market volatility and focus on long-term investing, highlighting the benefits of systematic accumulation of equities. He was speaking at Wion World Pulse summit. Reacting to a question on whether it is the right time to invest in the stock market, Chauhan refrained from making direct market predictions, but pointed to historical trends."I'm mainly a regulator, so I don't have opinions on where the prices go up or down. But broadly speaking, because of what I call the short-term nature of the wars and other things, people do get panicked, they sell things and then it happened during COVID times. In March 2020, things started going bad for the markets, it went down by 40 per cent. And then whoever bought today, even today's numbers are like 5x, 10x increase, right? So during panic time, if you are able to think through well, if you have cash available, why not?" he said at the WION World Pulse in New Delhi.When NSE MD &amp; CEO was asked whether the systematic accumulation of stocks was a good choice for somebody who's already in the market, he responded that money invested 30 years back would have tuned into 30X. He added that if anyone stays systematic every year, and put little money in the stock market can give returns of around 10-12 per cent.He said, "Now I'm taking from a perspective of somebody who understands the stock market. Again, over 30 years, if you look at Nifty, when it started in November 3, 1995 was the base at 1000. Today, it's close to 25,000. And if you take the dividends which companies have given in that index, it could be close to 30,000. So 1,000 rupees, if you're invested around 30 years back, today, it would be 30,000. So 30x times, if you stay systematic every year, if you put in little money, every month, you get returns of around 10, 12 per cent. So I was speaking at say, European conference last year, and I was giving the price earnings ratio of India, which is like somewhere around about 20.""And they couldn’t believe it, because they are getting price-to-earnings ratios of around two or three, while many European and American companies are raising funds from India. We have also seen Korean companies like LG, Samsung, and Hyundai raise billions of dollars from India. This puts India in a unique position, it is growing, has strong demographics, rising demand, and rapid technology adoption. That’s why, in my view, if you keep investing small amounts regularly, say every month, you can benefit in the long run. The key is not to panic. One of the biggest mistakes people make is reacting negatively when markets turn volatile and withdrawing their investments. That’s where we go wrong. Don’t panic, that’s the most important lesson."<h3>Technology-oriented countries to grow faster</h3>Highlighting India’s broader economic position, Chauhan said the country remains well-placed amid global uncertainty and volatility.&nbsp;He also gave broader views on India's adoption towards technology noting that technology-oriented countries are likely to grow the fastest.“India continues to be among the most promising long-term equity markets in the world. Despite the current global volatility, it remains a bright spot. I believe the world will continue to become more volatile due to imbalances in geopolitics, geoeconomics, societies, and even religions. When problems cannot be solved through dialogue, countries often resort to other means, which do not truly resolve underlying issues. At the core of many of these changes is technology. Most global imbalances arise from how technology evolves, and nations compete to gain advantage in areas like AI, oil, and other strategic sectors," he said."This is where India holds a unique advantage. Countries that adapt to technology grow faster. Younger nations tend to have stronger demand. And countries that are large, young, and technology-oriented are likely to grow the fastest. For instance, Japan already has an ageing population, and China has also aged rapidly due to its one-child policy. In contrast, India remains young, technology-driven, and demand-rich, " Chauhan added.He stated that while there are other young regions, not all of them are equally focused on technology.&nbsp;Africa is still stabilising but has the potential to emerge as a future powerhouse. Europe, on the other hand, is ageing, and even the United States is experiencing demographic shifts that could slow growth unless it continues to attract talent.&nbsp;In contrast, India is expected to remain young, with strong demographics and rising demand. Younger populations tend to drive higher consumption, spending more on devices, goods, and services, unlike older populations."This combination of demand and technological orientation is crucial. Whether it is drones, biotechnology, or AI, India has one of the largest user bases and a vast pool of talent. We produce millions of engineers every year—more than the population of many countries. For me, this is India’s moment. The country is at the right place at the right time and is now part of the global technology core. India’s time has come, and those words will resonate," NSE CEO further added.&nbsp;Also read: <a href="https://www.wionews.com/india-news/-businesses-can-be-built-without-balance-sheet-nse-chief-ashish-kumar-chauhan-at-wion-world-pulse-1773816091249">'Businesses can be built without balance sheet': NSE MD &amp; CEO Ashish Kumar Chauhan at WION World Pulse</a>&nbsp;

Managing Director and CEO of the National Stock Exchange (NSE), Ashish Kumar Chauhan, said that money invested 30 years back would have turned into 30X, adding that if anyone stays systematic every year, and put little money in the stock market, it can give returns of around 10-12 per cent.

Managing Director and CEO of the National Stock Exchange (NSE), Ashish Kumar Chauhan, advised investors on Wednesday (Mar 18) to stay calm during market volatility and focus on long-term investing, highlighting the benefits of systematic accumulation of equities. He was speaking at Wion World Pulse summit. Reacting to a question on whether it is the right time to invest in the stock market, Chauhan refrained from making direct market predictions, but pointed to historical trends. "I'm mainly a regulator, so I don't have opinions on where the prices go up or down. But broadly speaking, because of what I call the short-term nature of the wars and other things, people do get panicked, they sell things and then it happened during COVID times. In March 2020, things started going bad for the markets, it went down by 40 per cent. And then whoever bought today, even today's numbers are like 5x, 10x increase, right? So during panic time, if you are able to think through well, if you have cash available, why not?" he said at the WION World Pulse in New Delhi. When NSE MD & CEO was asked whether the systematic accumulation of stocks was a good choice for somebody who's already in the market, he responded that money invested 30 years back would have tuned into 30X. He added that if anyone stays systematic every year, and put little money in the stock market can give returns of around 10-12 per cent. He said, "Now I'm taking from a perspective of somebody who understands the stock market. Again, over 30 years, if you look at Nifty, when it started in November 3, 1995 was the base at 1000. Today, it's close to 25,000. And if you take the dividends which companies have given in that index, it could be close to 30,000. So 1,000 rupees, if you're invested around 30 years back, today, it would be 30,000. So 30x times, if you stay systematic every year, if you put in little money, every month, you get returns of around 10, 12 per cent. So I was speaking at say, European conference last year, and I was giving the price earnings ratio of India, which is like somewhere around about 20." "And they couldn’t believe it, because they are getting price-to-earnings ratios of around two or three, while many European and American companies are raising funds from India. We have also seen Korean companies like LG, Samsung, and Hyundai raise billions of dollars from India. This puts India in a unique position, it is growing, has strong demographics, rising demand, and rapid technology adoption. That’s why, in my view, if you keep investing small amounts regularly, say every month, you can benefit in the long run. The key is not to panic. One of the biggest mistakes people make is reacting negatively when markets turn volatile and withdrawing their investments. That’s where we go wrong. Don’t panic, that’s the most important lesson." Technology-oriented countries to grow faster Highlighting India’s broader economic position, Chauhan said the country remains well-placed amid global uncertainty and volatility. He also gave broader views on India's adoption towards technology noting that technology-oriented countries are likely to grow the fastest. “India continues to be among the most promising long-term equity markets in the world. Despite the current global volatility, it remains a bright spot. I believe the world will continue to become more volatile due to imbalances in geopolitics, geoeconomics, societies, and even religions. When problems cannot be solved through dialogue, countries often resort to other means, which do not truly resolve underlying issues. At the core of many of these changes is technology. Most global imbalances arise from how technology evolves, and nations compete to gain advantage in areas like AI, oil, and other strategic sectors," he said. "This is where India holds a unique advantage. Countries that adapt to technology grow faster. Younger nations tend to have stronger demand. And countries that are large, young, and technology-oriented are likely to grow the fastest. For instance, Japan already has an ageing population, and China has also aged rapidly due to its one-child policy. In contrast, India remains young, technology-driven, and demand-rich, " Chauhan added. He stated that while there are other young regions, not all of them are equally focused on technology. Africa is still stabilising but has the potential to emerge as a future powerhouse. Europe, on the other hand, is ageing, and even the United States is experiencing demographic shifts that could slow growth unless it continues to attract talent. In contrast, India is expected to remain young, with strong demographics and rising demand. Younger populations tend to drive higher consumption, spending more on devices, goods, and services, unlike older populations. "This combination of demand and technological orientation is crucial. Whether it is drones, biotechnology, or AI, India has one of the largest user bases and a vast pool of talent. We produce millions of engineers every year—more than the population of many countries. For me, this is India’s moment. The country is at the right place at the right time and is now part of the global technology core. India’s time has come, and those words will resonate," NSE CEO further added. Also read: 'Businesses can be built without balance sheet': NSE MD & CEO Ashish Kumar Chauhan at WION World Pulse

Managing Director and CEO of the National Stock Exchange (NSE), Ashish Kumar Chauhan, said that money invested 30 years back would have turned into 30X, adding that if anyone stays systematic every year, and put little money in the stock market, it can give returns of around 10-12 per cent.

Wion World Pulse | Is it right time to invest in stock market now? NSE CEO Ashish Kumar Chauhan says...

Ratnesh Kumar, Executive Director at Oil and Natural Gas Corporation (ONGC), said on Wednesday (Mar 18) that India’s energy transition must follow a balanced approach, stressing that decarbonisation should focus on “phase down” rather than a complete “phase out” of conventional energy sources.Speaking at the WION World Pulse summit in New Delhi, Ratnesh Kumar highlighted that coal continues to play a crucial role in India’s energy mix, particularly in ensuring grid stability and meeting rising power demand. "For de-carbonisastion, instead of phasing out, you have to go phase down. The current energy mix of India indicates that coal is still the backbone of our energy. For grid power, we also need power. In terms of renewable energy, it now comprises 51 per cent, which is more than the installed capacity. Alone, solar and wind can't do it; we need a battery, a storage system and PSP."<h3>ONGC shifts towards renewable energy</h3>Responding to a question on whether climate diplomacy is increasingly shaped by geopolitics rather than planetary urgency, Kumar underscored the need for a balanced and sustainable approach.He said, “As Mahatma Gandhi has said, 'Nature has sufficient to provide everyone's need, not everyone's greed.' So, nature has its own way of balancing everything. However, a change has come, and we are looking to decarbonise our operation and focus more on renewable energy. We incorporated ONGC Green Limited in 2024 and acquired Ana Power with 2.4 GW capacity. Our target is 10 GW by 2030. We are diversifying into NSMR (Nuclear Small Model Reactor), solar, wind and Geo-thermal other than oil producing.”Kumar’s remarks reflect India’s broader strategy of balancing energy security with sustainability, as the country continues to expand its renewable energy capacity while maintaining reliance on conventional sources to meet growing demand.&nbsp;Also read:<a href="https://www.wionews.com/technology/wion-world-pulse-ai-is-new-geopolitical-power-nitin-pai-on-india-s-strategy-towards-new-tech-1773829495043"> WION World Pulse | 'AI is new geopolitical power': Nitin Pai on India’s strategy towards new technologies</a> &nbsp;

Executive Director of Oil and Natural Gas Corporation (ONGC), Ratnesh Kumar, underscored the need for a balanced and sustainable approach when questioned on whether climate diplomacy is increasingly shaped by geopolitics rather than planetary urgency.

Ratnesh Kumar, Executive Director at Oil and Natural Gas Corporation (ONGC), said on Wednesday (Mar 18) that India’s energy transition must follow a balanced approach, stressing that decarbonisation should focus on “phase down” rather than a complete “phase out” of conventional energy sources. Speaking at the WION World Pulse summit in New Delhi, Ratnesh Kumar highlighted that coal continues to play a crucial role in India’s energy mix, particularly in ensuring grid stability and meeting rising power demand. "For de-carbonisastion, instead of phasing out, you have to go phase down. The current energy mix of India indicates that coal is still the backbone of our energy. For grid power, we also need power. In terms of renewable energy, it now comprises 51 per cent, which is more than the installed capacity. Alone, solar and wind can't do it; we need a battery, a storage system and PSP." ONGC shifts towards renewable energy Responding to a question on whether climate diplomacy is increasingly shaped by geopolitics rather than planetary urgency, Kumar underscored the need for a balanced and sustainable approach. He said, “As Mahatma Gandhi has said, 'Nature has sufficient to provide everyone's need, not everyone's greed.' So, nature has its own way of balancing everything. However, a change has come, and we are looking to decarbonise our operation and focus more on renewable energy. We incorporated ONGC Green Limited in 2024 and acquired Ana Power with 2.4 GW capacity. Our target is 10 GW by 2030. We are diversifying into NSMR (Nuclear Small Model Reactor), solar, wind and Geo-thermal other than oil producing.” Kumar’s remarks reflect India’s broader strategy of balancing energy security with sustainability, as the country continues to expand its renewable energy capacity while maintaining reliance on conventional sources to meet growing demand. Also read: WION World Pulse | 'AI is new geopolitical power': Nitin Pai on India’s strategy towards new technologies

Executive Director of Oil and Natural Gas Corporation (ONGC), Ratnesh Kumar, underscored the need for a balanced and sustainable approach when questioned on whether climate diplomacy is increasingly shaped by geopolitics rather than planetary urgency.

Coal still backbone of India’s energy, says ONGC Executive Director Ratnesh Kumar at WION World Pulse summit

Indian IT industry will play a big role in the AI domain, said Abhishek Singh, CEO of India AI Mission, who is also the Director General of National Informatics Centre, (NIC), and Additional Secretary in the Union Ministry of Electronics and Information Technology (MeitY). He was speaking at ‘Tech Pulse: Decoding Emerging Technologies,' the technology session of the Wion World Pulse summit on Wednesday (Mar 18).&nbsp;Referring to Indian artificial intelligence company Sarvam, he said that there are several Sarvams in the pipleline. Sarvam AI, founded in 2023, is a Bengaluru-headquartered Indian artificial intelligence company that develops large language models and multimodal AI systems with a focus on Indian languages and region-specific use cases.Singh also said that India will have AI use cases that will become the model for the world to monetise AI, and that the Indian IT industry will help add value by helping embed and integrate AI models into legacy systems.Singh said, “AI is already defining everything that we do, the way it is impacting our lives, geopolitics, industry, almost every dimension that we can think of, almost every sector is impacted by AI. And when it comes to India, primarily we rely on the key strength of India and our core strength for the development of AI is our talent base that we have, the human resources, which helped in digital transformation not only in India… but our companies and engineers have been building impactful solutions across the world.”Admitting that India is lagging behind the US and China in the AI industry, Singh said, “We have a very large population and a large access to data sets and multiple languages, and the natural corollary is that we should be leading in the field of AI, but currently we are at number three, and we are behind the US and China, and the gap is quite a bit.”“So we are trying to bridge that gap.”<h2>‘Our companies like Sarvam are competing with the best’</h2>“What we are seeing in the evolution of the Indian AI ecosystem is not what we had seen in the 90s when we relied on the advantage of our manpower systems,” he commented.&nbsp;"Currently, what I see is when companies like Sarvam and others are raising money and are building impactful products, they are competing with the best. Yesterday, in the GTC, Sarvam was counted along with six other companies and the Nemotron group that Nvidia has formed,” he said.Singh was referring to US chip giant Nvidia’s push for open and sovereign AI, for which it has brought together a group of global AI labs, including India’s Sarvam, to co-develop next-generation open foundation models under a new initiative called the Nemotron Coalition.The coalition, announced at Nvidia’s GTC conference, positions Sarvam among a select group of frontier AI players such as Mistral AI, Perplexity, Thinking Machines Lab, LangChain, Cursor, Reflection AI, and Black Forest Labs, working jointly on building open models that can rival proprietary systems.Sarvam will contribute its expertise in building multilingual and voice-first models tailored to local contexts, a key gap in current global AI systems.&nbsp;<a href="https://www.wionews.com/videos/wion-world-pulse-john-bolton-warns-iran-s-nuclear-ambitions-among-biggest-global-threats-1773836110196/embed">https://www.wionews.com/videos/wion-world-pulse-john-bolton-warns-iran-s-nuclear-ambitions-among-biggest-global-threats-1773836110196/embed</a><h2>‘We are there right at the top when it comes to building products’</h2>“So, we are there right at the top when it comes to building products. On all international benchmarks, Sarvam’s models have performed way better than many of the more well-known models. At least 12 other companies are building similar products and a whole lot of other companies applied for building the foundational models.”“Our challenge currently is to ensure that I am able to allocate sufficient compute for the hunger that exists. So I am fully confident that it will not only be one Sarvam, but there will be several Sarvams in the pipeline, and on top of it, just like we innovated the digital public infrastructure, and we built up services across sectors, we will have AI use cases that will become the model for the world to monetize AI.”&nbsp;<h2>‘The West built AI models but just having the models is not sufficient’</h2>&nbsp;“The West has built the models but they still don’t know the way of getting returns on their investment because they don’t know how people will use it and how people will adopt it,” Singh pointed out.&nbsp;“Ultimately, you will have to orchestrate the whole thing, like the legacy system will have to embed the AI system, just having the models is not sufficient. You have to integrate the models into your systems, and that is where the India IT industry, that is where the TCS, Infosys, Wipro and Tech Mahindra will add value,” he said.

Abhishek Singh, CEO of India AI Mission, said that India will have AI use cases that will become the model for the world to monetize AI, and that the Indian IT industry will help add value by helping embed and integrate AI models into legacy systems.

Indian IT industry will play a big role in the AI domain, said Abhishek Singh, CEO of India AI Mission, who is also the Director General of National Informatics Centre, (NIC), and Additional Secretary in the Union Ministry of Electronics and Information Technology (MeitY). He was speaking at ‘Tech Pulse: Decoding Emerging Technologies,' the technology session of the Wion World Pulse summit on Wednesday (Mar 18). Referring to Indian artificial intelligence company Sarvam, he said that there are several Sarvams in the pipleline. Sarvam AI, founded in 2023, is a Bengaluru-headquartered Indian artificial intelligence company that develops large language models and multimodal AI systems with a focus on Indian languages and region-specific use cases. Singh also said that India will have AI use cases that will become the model for the world to monetise AI, and that the Indian IT industry will help add value by helping embed and integrate AI models into legacy systems. Singh said, “AI is already defining everything that we do, the way it is impacting our lives, geopolitics, industry, almost every dimension that we can think of, almost every sector is impacted by AI. And when it comes to India, primarily we rely on the key strength of India and our core strength for the development of AI is our talent base that we have, the human resources, which helped in digital transformation not only in India… but our companies and engineers have been building impactful solutions across the world.” Admitting that India is lagging behind the US and China in the AI industry, Singh said, “We have a very large population and a large access to data sets and multiple languages, and the natural corollary is that we should be leading in the field of AI, but currently we are at number three, and we are behind the US and China, and the gap is quite a bit.” “So we are trying to bridge that gap.” ‘Our companies like Sarvam are competing with the best’ “What we are seeing in the evolution of the Indian AI ecosystem is not what we had seen in the 90s when we relied on the advantage of our manpower systems,” he commented. "Currently, what I see is when companies like Sarvam and others are raising money and are building impactful products, they are competing with the best. Yesterday, in the GTC, Sarvam was counted along with six other companies and the Nemotron group that Nvidia has formed,” he said. Singh was referring to US chip giant Nvidia’s push for open and sovereign AI, for which it has brought together a group of global AI labs, including India’s Sarvam, to co-develop next-generation open foundation models under a new initiative called the Nemotron Coalition. The coalition, announced at Nvidia’s GTC conference, positions Sarvam among a select group of frontier AI players such as Mistral AI, Perplexity, Thinking Machines Lab, LangChain, Cursor, Reflection AI, and Black Forest Labs, working jointly on building open models that can rival proprietary systems. Sarvam will contribute its expertise in building multilingual and voice-first models tailored to local contexts, a key gap in current global AI systems. https://www.wionews.com/videos/wion-world-pulse-john-bolton-warns-iran-s-nuclear-ambitions-among-biggest-global-threats-1773836110196/embed ‘We are there right at the top when it comes to building products’ “So, we are there right at the top when it comes to building products. On all international benchmarks, Sarvam’s models have performed way better than many of the more well-known models. At least 12 other companies are building similar products and a whole lot of other companies applied for building the foundational models.” “Our challenge currently is to ensure that I am able to allocate sufficient compute for the hunger that exists. So I am fully confident that it will not only be one Sarvam, but there will be several Sarvams in the pipeline, and on top of it, just like we innovated the digital public infrastructure, and we built up services across sectors, we will have AI use cases that will become the model for the world to monetize AI.” ‘The West built AI models but just having the models is not sufficient’ “The West has built the models but they still don’t know the way of getting returns on their investment because they don’t know how people will use it and how people will adopt it,” Singh pointed out. “Ultimately, you will have to orchestrate the whole thing, like the legacy system will have to embed the AI system, just having the models is not sufficient. You have to integrate the models into your systems, and that is where the India IT industry, that is where the TCS, Infosys, Wipro and Tech Mahindra will add value,” he said.

Abhishek Singh, CEO of India AI Mission, said that India will have AI use cases that will become the model for the world to monetise AI, and that the Indian IT industry will help add value by helping embed and integrate AI models into legacy systems.

Wion World Pulse: ‘Several Sarvams in pipeline, Indian IT industry will play big role in AI’: India AI Mission CEO

India's National Stock Exchange (NSE) MD &amp; CEO Ashishkumar Chauhan, speaking at WION’s World Pulse summit, said on Wednesday (Mar 18) that the nature of capitalism has undergone a significant transformation, allowing businesses to scale without the traditional requirement of large capital or strong balance sheets. Responding to a question at the panel disussion ‘Economy Pulse’, he said, Chauhan highlighted how technological advancements have reshaped entrepreneurship over the decades.Chauhan said, "I watch businesses go up, raising funds over the last 35 years. In the early days, 50-100 years back, you required a lot of money to make more money that's what is called capitalism. In the early 90s, people began experimenting with new styles of businesses which were IT-driven after the advancement of new technology. Some came to start businesses with their engineering degree and began making 100-200 billion dollars in the last 30 years."<h3>Capitalism doesn't require capital: Ashishkumar Chauhan</h3>He further emphasised that modern-day capitalism is less dependent on capital and more driven by ideas and innovation. "Earlier capitalism required capital, but today capitalism doesn't require capital. That's why, without a balance sheet, you can create businesses. When Infosys came in 1993 with its IPO, it failed because nobody knew how the IT business would work. Recently, Zomato, Swiggy, and many others came out of nowhere with no money at all, and they started with very small, without capital, without a balance sheet, and they became 10-20-50 billion dollar companies. And I have seen this in every sector. That's why, for me, modern India with modern technology allows you to create very large-scale businesses. If you preserve your ideas, NSE will raise money for you," he added.<h3>WION World Pulse</h3>On Wednesday (Mar 18), WION World PULSE came together with the policymakers, diplomats and industry leaders from different sectors at a time of heightened global uncertainty. The global thought leadership forum came at a time when globally the lines between geopolitics, economics and technology are increasingly blurred.&nbsp;The dynamic event began with a keynote address by Dr Subhash Chandra, Founder and Mentor of Zee Group and Former Rajya Sabha member. Addressing the diverse audience, Dr Chandra noted that "we are in an era of information overload" and in times like these, "diplomacy needs credible global platforms like WION".&nbsp;Also read: <a href="https://www.wionews.com/india-news/wion-world-pulse-india-s-ancient-wisdom-is-the-most-relevant-in-today-s-world-culture-minister-gajendra-singh-shekhawat-1773813587526">WION World Pulse | India's ancient wisdom is the most relevant in today's world: Culture Minister Gajendra Singh Shekhawat</a> &nbsp;

National Stock Exchange (NSE) MD & CEO Ashishkumar Chauhan emphasised that modern-day capitalism is less dependent on capital and more driven by ideas and innovation, as companies like Zomato and Swiggy came out with no money but became 10-20-50 billion dollar companies. 

India's National Stock Exchange (NSE) MD & CEO Ashishkumar Chauhan, speaking at WION’s World Pulse summit, said on Wednesday (Mar 18) that the nature of capitalism has undergone a significant transformation, allowing businesses to scale without the traditional requirement of large capital or strong balance sheets. Responding to a question at the panel disussion ‘Economy Pulse’, he said, Chauhan highlighted how technological advancements have reshaped entrepreneurship over the decades. Chauhan said, "I watch businesses go up, raising funds over the last 35 years. In the early days, 50-100 years back, you required a lot of money to make more money that's what is called capitalism. In the early 90s, people began experimenting with new styles of businesses which were IT-driven after the advancement of new technology. Some came to start businesses with their engineering degree and began making 100-200 billion dollars in the last 30 years." Capitalism doesn't require capital: Ashishkumar Chauhan He further emphasised that modern-day capitalism is less dependent on capital and more driven by ideas and innovation. "Earlier capitalism required capital, but today capitalism doesn't require capital. That's why, without a balance sheet, you can create businesses. When Infosys came in 1993 with its IPO, it failed because nobody knew how the IT business would work. Recently, Zomato, Swiggy, and many others came out of nowhere with no money at all, and they started with very small, without capital, without a balance sheet, and they became 10-20-50 billion dollar companies. And I have seen this in every sector. That's why, for me, modern India with modern technology allows you to create very large-scale businesses. If you preserve your ideas, NSE will raise money for you," he added. WION World Pulse On Wednesday (Mar 18), WION World PULSE came together with the policymakers, diplomats and industry leaders from different sectors at a time of heightened global uncertainty. The global thought leadership forum came at a time when globally the lines between geopolitics, economics and technology are increasingly blurred. The dynamic event began with a keynote address by Dr Subhash Chandra, Founder and Mentor of Zee Group and Former Rajya Sabha member. Addressing the diverse audience, Dr Chandra noted that "we are in an era of information overload" and in times like these, "diplomacy needs credible global platforms like WION". Also read: WION World Pulse | India's ancient wisdom is the most relevant in today's world: Culture Minister Gajendra Singh Shekhawat

National Stock Exchange (NSE) MD &amp; CEO Ashishkumar Chauhan emphasised that modern-day capitalism is less dependent on capital and more driven by ideas and innovation, as companies like Zomato and Swiggy came out with no money but became 10-20-50 billion dollar companies.&nbsp;

'Businesses can be built without balance sheet': NSE MD and CEO Ashishkumar Chauhan at WION World Pulse summit

The effective closure of the Strait of Hormuz ever since the war broke out in West Asia has created a ‘stagflation risk’ for the global economy since the start of March, according to a report by Fidelity International. The report highlighted that the situation has now moved beyond mere market fears to actual supply constraints. "The Strait of Hormuz being effectively closed since the start of March means that the mechanism has shifted from headline fear to physical constraint," the report said, underscoring the seriousness of the disruption. The report added that the continuous disruption in the Strait is likely to create a supply-side shock, and make the nations with higher inflation and weaker economic growth globally.<h3>Europe and Asia are likely to face a greater impact</h3>It noted that such a situation will lead to higher headline inflation via higher energy/commodity prices as well as negative growth via real income compression, margin pressure and tighter financial conditions. It further highlighted that the impact would vary across regions, with import-dependent economies expected to suffer more because of unfavourable trade conditions. According to the report, Europe and Asia are also likely to face a greater impact, while the United States may remain relatively less affected, underscoring the risks for regions reliant on energy imports. The report also warned that the economic consequences could continue even after the conflict ends. It noted that the aftermath will not mean a complete return to normal, as oil prices are expected to retain a sustained premium in the near term, keeping pressure on global energy markets. This outlook is consistent with its broader view of growing global fragmentation, which it describes as a medium-term scenario of “strategic fragmentation." On the policy note, the report indicated that governments and central banks also face problems if risks continue. It expects "a swift policy response focused on affordability ahead of the mid-term elections," particularly in major economies.&nbsp;Also read: <a href="https://www.wionews.com/world/india-stands-firm-as-west-asia-conflict-fails-to-dent-trade-momentum-piyush-goyal-1773747201092">India stands firm as West Asia conflict fails to dent trade momentum: Piyush Goyal</a>&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Fidelity International reports highlighted that the impact would vary across regions, with import-dependent economies expected to suffer more because of unfavourable trade conditions.

The effective closure of the Strait of Hormuz ever since the war broke out in West Asia has created a ‘stagflation risk’ for the global economy since the start of March, according to a report by Fidelity International. The report highlighted that the situation has now moved beyond mere market fears to actual supply constraints. "The Strait of Hormuz being effectively closed since the start of March means that the mechanism has shifted from headline fear to physical constraint," the report said, underscoring the seriousness of the disruption. The report added that the continuous disruption in the Strait is likely to create a supply-side shock, and make the nations with higher inflation and weaker economic growth globally. Europe and Asia are likely to face a greater impact It noted that such a situation will lead to higher headline inflation via higher energy/commodity prices as well as negative growth via real income compression, margin pressure and tighter financial conditions. It further highlighted that the impact would vary across regions, with import-dependent economies expected to suffer more because of unfavourable trade conditions. According to the report, Europe and Asia are also likely to face a greater impact, while the United States may remain relatively less affected, underscoring the risks for regions reliant on energy imports. The report also warned that the economic consequences could continue even after the conflict ends. It noted that the aftermath will not mean a complete return to normal, as oil prices are expected to retain a sustained premium in the near term, keeping pressure on global energy markets. This outlook is consistent with its broader view of growing global fragmentation, which it describes as a medium-term scenario of “strategic fragmentation." On the policy note, the report indicated that governments and central banks also face problems if risks continue. It expects "a swift policy response focused on affordability ahead of the mid-term elections," particularly in major economies. Also read: India stands firm as West Asia conflict fails to dent trade momentum: Piyush Goyal Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Fidelity International reports highlighted that the impact would vary across regions, with import-dependent economies expected to suffer more because of unfavourable trade conditions. It added that Europe and Asia are also likely to face a greater impact.

West Asia conflict triggers 'stagflation' risks for global economy; Europe, Asia to bear brunt: Fidelity Report

There is a growing view that the disruption of the Strait of Hormuz, as a strategy by Iran amid the war, is affecting countries that have nothing to do with its ongoing conflict with US and Israel. The strait, which carries roughly 20–25 per cent of global oil traffic and other goods, has become a central flashpoint of the war. Analysts, officials, the shipping and freight industries, and even US allies are explicitly arguing that the strait’s security and Iran’s leverage over it should be treated as a distinct issue, separate from the joint US-Israeli military campaign against Iran.No amount of US or allied attempts to secure the strait by military means is likely to be sustainable. Air or naval strikes, warship or coastguard escorts, or coalition-building efforts would not fully wrest control. Iran will still maintain some level of disruption capacity due to the advantages of geography, asymmetric capabilities, and the nature of commercial risks associated with the chokepoint.<h2>Nobody wants to ‘shift the war to the Strait of Hormuz’</h2>European allies of the US, such as Germany’s Defence Minister Boris Pistorius, along with countries including the UK, France, Canada, India and China, have either refused or diluted calls for warship coalitions to escort tankers. Such participation, they feel, would entangle them in the war while not securing their energy needs.There is a perception that the war has “shifted to the Strait of Hormuz” in recent days. However, Hormuz is not just a military issue. International bodies treat safe passage as a global shipping concern, not the responsibility of any single belligerent in the war. The International Maritime Organization has stated that naval escorts alone cannot guarantee the safety of vessels passing through, particularly without Iranian cooperation.Many believe that the strait crisis should not be allowed to escalate or become an extension of the war.Also read: <a href="https://www.wionews.com/world/saudi-arabia-has-offered-alternative-to-strait-of-hormuz-but-there-s-a-problem-1773669907156">Saudi Arabia has offered alternative to Strait of Hormuz - but there's a problem</a><h2>Navies or militaries cannot take Hormuz control away from Iran</h2>Several shipping, freight and oil industry executives, regional experts, military planners and officials are of the view that Iran has enduring leverage over the strait, having influenced traffic through it for decades.Iran borders the narrow strait, which is only about 21 miles wide at its narrowest point. The Islamic Revolutionary Guard Corps (IRGC) can conduct mine-laying and has demonstrated the ability to launch drone or missile strikes, or engage in swarm tactics using fast boats from the sea or shore.These capabilities remain cheap, dispersed and quickly replaceable. Mines and coastal threats persist even after US strikes significantly degraded Iranian naval assets.Military escorts and naval presence are not enough for commercial vessels, given the volume of traffic transiting the strait. Insurers, shipping firms and crews still consider passage too risky even with naval protection. The strait effectively becomes a high-risk “kill zone” because threats cannot be eliminated, increasing war-risk premiums for freight passage.<a href="https://www.wionews.com/videos/iran-war-fruit-exporters-face-mounting-losses-disruption-1773746062782/embed">https://www.wionews.com/videos/iran-war-fruit-exporters-face-mounting-losses-disruption-1773746062782/embed</a><h2>US is aware of Iran’s capacity for nuisance and disruption</h2>US officials initially underestimated Iran’s willingness to escalate in the strait. However, Pentagon briefings now indicate that escort missions are currently too dangerous.Even if the US prioritises military operations to secure control of the strait, restoring transit could take months; it is prudent not to worsen the situation. Mine-clearing alone could take weeks. Restoring full transit and trade is more complex than achieving military dominance.Markets respond to perceived risk rather than raw force, and this has already been reflected in stock markets as well as crude oil and gas prices.Also read: <a href="https://www.wionews.com/world/-us-allowing-iranian-oil-tankers-through-strait-of-hormuz-to-maintain-global-supply-says-scott-bessent-1773664766747">'US allowing Iranian oil tankers through Strait of Hormuz to maintain global supply', says Scott Bessent</a><h2>Iran has de facto control of the Strait of Hormuz: The world needs to live with it</h2>For all practical purposes, Iran retains de facto control over the strait. Even attempting to wrest that control through bombardment would not secure safe transit for the ships. Beyond mine-clearing, Iran’s capacity to disrupt the strait through guerrilla-style or asymmetric operations from the near shore or mainland cannot be ruled out.If the US were to attempt full control of the strait through military means, it would also need control over adjacent coastal territory. This would imply creating a ‘buffer zone’ to push Iranian forces away—an idea that might be unworkable.&nbsp;Given Iran’s ability to launch missile and drone strikes from inland, even a limited physical presence near the coast would not be necessary for Tehran to disrupt shipping.<h2>Negotiate a deal for Hormuz, separate trade from war</h2>It is important that hostilities around the Strait of Hormuz end as soon as possible. Strategic oil reserve releases or contingency plans for oil- and gas-importing countries cannot be sustained for more than a few weeks. Iran’s selective allowance of ship passage through the strait is also not sustainable.Iran’s disruption capacity vis-à-vis the strait is proximity-based. Restoring safe global oil transit will remain difficult as long as Hormuz remains a factor in the war. The situation echoes the 1980s Tanker War, where escorts mitigated risks but never eliminated the threat without addressing land-based sources. It is imperative to end this crisis fast, even if the main war drags on.

Amid the Iran–US–Israel conflict, theres' a growing view that the Strait of Hormuz must be treated separately. Military action cannot eliminate Iran’s disruption capacity, nor can constant Navy escorts be used to ensure safe global oil transit 

There is a growing view that the disruption of the Strait of Hormuz, as a strategy by Iran amid the war, is affecting countries that have nothing to do with its ongoing conflict with US and Israel. The strait, which carries roughly 20–25 per cent of global oil traffic and other goods, has become a central flashpoint of the war. Analysts, officials, the shipping and freight industries, and even US allies are explicitly arguing that the strait’s security and Iran’s leverage over it should be treated as a distinct issue, separate from the joint US-Israeli military campaign against Iran. No amount of US or allied attempts to secure the strait by military means is likely to be sustainable. Air or naval strikes, warship or coastguard escorts, or coalition-building efforts would not fully wrest control. Iran will still maintain some level of disruption capacity due to the advantages of geography, asymmetric capabilities, and the nature of commercial risks associated with the chokepoint. Nobody wants to ‘shift the war to the Strait of Hormuz’ European allies of the US, such as Germany’s Defence Minister Boris Pistorius, along with countries including the UK, France, Canada, India and China, have either refused or diluted calls for warship coalitions to escort tankers. Such participation, they feel, would entangle them in the war while not securing their energy needs. There is a perception that the war has “shifted to the Strait of Hormuz” in recent days. However, Hormuz is not just a military issue. International bodies treat safe passage as a global shipping concern, not the responsibility of any single belligerent in the war. The International Maritime Organization has stated that naval escorts alone cannot guarantee the safety of vessels passing through, particularly without Iranian cooperation. Many believe that the strait crisis should not be allowed to escalate or become an extension of the war. Also read: Saudi Arabia has offered alternative to Strait of Hormuz - but there's a problem Navies or militaries cannot take Hormuz control away from Iran Several shipping, freight and oil industry executives, regional experts, military planners and officials are of the view that Iran has enduring leverage over the strait, having influenced traffic through it for decades. Iran borders the narrow strait, which is only about 21 miles wide at its narrowest point. The Islamic Revolutionary Guard Corps (IRGC) can conduct mine-laying and has demonstrated the ability to launch drone or missile strikes, or engage in swarm tactics using fast boats from the sea or shore. These capabilities remain cheap, dispersed and quickly replaceable. Mines and coastal threats persist even after US strikes significantly degraded Iranian naval assets. Military escorts and naval presence are not enough for commercial vessels, given the volume of traffic transiting the strait. Insurers, shipping firms and crews still consider passage too risky even with naval protection. The strait effectively becomes a high-risk “kill zone” because threats cannot be eliminated, increasing war-risk premiums for freight passage. https://www.wionews.com/videos/iran-war-fruit-exporters-face-mounting-losses-disruption-1773746062782/embed US is aware of Iran’s capacity for nuisance and disruption US officials initially underestimated Iran’s willingness to escalate in the strait. However, Pentagon briefings now indicate that escort missions are currently too dangerous. Even if the US prioritises military operations to secure control of the strait, restoring transit could take months; it is prudent not to worsen the situation. Mine-clearing alone could take weeks. Restoring full transit and trade is more complex than achieving military dominance. Markets respond to perceived risk rather than raw force, and this has already been reflected in stock markets as well as crude oil and gas prices. Also read: 'US allowing Iranian oil tankers through Strait of Hormuz to maintain global supply', says Scott Bessent Iran has de facto control of the Strait of Hormuz: The world needs to live with it For all practical purposes, Iran retains de facto control over the strait. Even attempting to wrest that control through bombardment would not secure safe transit for the ships. Beyond mine-clearing, Iran’s capacity to disrupt the strait through guerrilla-style or asymmetric operations from the near shore or mainland cannot be ruled out. If the US were to attempt full control of the strait through military means, it would also need control over adjacent coastal territory. This would imply creating a ‘buffer zone’ to push Iranian forces away—an idea that might be unworkable. Given Iran’s ability to launch missile and drone strikes from inland, even a limited physical presence near the coast would not be necessary for Tehran to disrupt shipping. Negotiate a deal for Hormuz, separate trade from war It is important that hostilities around the Strait of Hormuz end as soon as possible. Strategic oil reserve releases or contingency plans for oil- and gas-importing countries cannot be sustained for more than a few weeks. Iran’s selective allowance of ship passage through the strait is also not sustainable. Iran’s disruption capacity vis-à-vis the strait is proximity-based. Restoring safe global oil transit will remain difficult as long as Hormuz remains a factor in the war. The situation echoes the 1980s Tanker War, where escorts mitigated risks but never eliminated the threat without addressing land-based sources. It is imperative to end this crisis fast, even if the main war drags on.

Amid the Iran–US–Israel conflict, theres' a growing view that the Strait of Hormuz must be treated separately. Military action cannot eliminate Iran’s disruption capacity, nor can constant Navy escorts be used to ensure safe global oil transit&nbsp;

Trade zone, not war zone: Decouple Strait of Hormuz from Iran-US-Israel conflict if the global economy is to stay afloat

The United Arab Emirates on Tuesday (Mar 17) announced an “exceptional precautionary measure”, temporarily closing its airspace after its military reported incoming missile and drone threats from Iran. This marks a sharp escalation in the Gulf amid the ongoing war between the US, Israel, and Iran. The country’s General Civil Aviation Authority said the move was intended to ensure flight safety and protect the national airspace. It remains unclear how long the closure will stay in place.Also read | <a href="https://www.wionews.com/world/vance-accuses-press-of-driving-a-wedge-between-him-and-trump-defends-iran-war-blasts-dumb-predecessors-1773708013155">Vance accuses press of 'driving a wedge' between him and Trump; defends Iran war, blasts 'dumb' predecessors</a><h2>Dubai airport hit, flights disrupted</h2>The decision came a day after a drone attack set a fuel tank ablaze at Dubai International Airport, the world’s busiest hub for international travel. Flight operations were disrupted, with airlines including India's IndiGo advising passengers to check real-time updates before heading to the airport.Witnesses described thick smoke rising near the airport, while passengers inside the terminals were moved to safer areas for several hours.Previously, Dubai Airport said that flights to and from DXB are gradually resuming to selected destinations. However, in a later advisory, the airport asked passengers "not to proceed to DXB unless you have been contacted directly by your airline with a confirmed departure time, as schedules remain subject to change.<h2>Civilian killed, multiple strikes reported</h2>A Palestinian civilian was killed on the outskirts of Abu Dhabi after a missile struck a car, according to state media. In Umm Al Quwain, a drone damaged a building but caused no casualties. The UAE has reported at least seven deaths since the conflict began.Also read | <a href="https://www.wionews.com/world/amid-iran-war-trump-wants-to-delay-trip-to-china-summit-with-xi-for-a-month-or-so-here-s-why-1773697685355">Trump wants to delay trip to China, summit with Xi for ‘a month or so’. Here's why</a><h2>Oil operations disrupted in Fujairah</h2>The attacks have begun to hit critical energy infrastructure. A strike on oil infrastructure in Fujairah sparked a fire that authorities said was still being contained. State oil company ADNOC, as per an AFP report citing sources, has halted oil loading operations at its Fujairah facility following repeated strikes.This comes as Iran has stepped up its strikes across Gulf countries, targeting US-linked assets as well as civilian infrastructure such as airports, ports and energy facilities.Officials say more than 1,900 missiles and drones have been launched at the UAE alone, although most have been intercepted. Tehran has meanwhile accused the UAE of aiding strikes on Iranian targets, a claim Emirati authorities have denied. &nbsp;

The United Arab Emirates has taken the "exceptional" step of closing its entire airspace on Tuesday (Mar 17) following a barrage of missile and drone threats from Iran.

The United Arab Emirates on Tuesday (Mar 17) announced an “exceptional precautionary measure”, temporarily closing its airspace after its military reported incoming missile and drone threats from Iran. This marks a sharp escalation in the Gulf amid the ongoing war between the US, Israel, and Iran. The country’s General Civil Aviation Authority said the move was intended to ensure flight safety and protect the national airspace. It remains unclear how long the closure will stay in place. Also read | Vance accuses press of 'driving a wedge' between him and Trump; defends Iran war, blasts 'dumb' predecessors Dubai airport hit, flights disrupted The decision came a day after a drone attack set a fuel tank ablaze at Dubai International Airport, the world’s busiest hub for international travel. Flight operations were disrupted, with airlines including India's IndiGo advising passengers to check real-time updates before heading to the airport. Witnesses described thick smoke rising near the airport, while passengers inside the terminals were moved to safer areas for several hours. Previously, Dubai Airport said that flights to and from DXB are gradually resuming to selected destinations. However, in a later advisory, the airport asked passengers "not to proceed to DXB unless you have been contacted directly by your airline with a confirmed departure time, as schedules remain subject to change. Civilian killed, multiple strikes reported A Palestinian civilian was killed on the outskirts of Abu Dhabi after a missile struck a car, according to state media. In Umm Al Quwain, a drone damaged a building but caused no casualties. The UAE has reported at least seven deaths since the conflict began. Also read | Trump wants to delay trip to China, summit with Xi for ‘a month or so’. Here's why Oil operations disrupted in Fujairah The attacks have begun to hit critical energy infrastructure. A strike on oil infrastructure in Fujairah sparked a fire that authorities said was still being contained. State oil company ADNOC, as per an AFP report citing sources, has halted oil loading operations at its Fujairah facility following repeated strikes. This comes as Iran has stepped up its strikes across Gulf countries, targeting US-linked assets as well as civilian infrastructure such as airports, ports and energy facilities. Officials say more than 1,900 missiles and drones have been launched at the UAE alone, although most have been intercepted. Tehran has meanwhile accused the UAE of aiding strikes on Iranian targets, a claim Emirati authorities have denied.

The United Arab Emirates has taken the "exceptional" step of closing its entire airspace on Tuesday (Mar 17) following a barrage of missile and drone threats from Iran.

Do not 'proceed to DXB unless...': Dubai shuts airspace; massive flight chaos as 1,900 Iranian missiles, drones rain down on UAE

Goldman Sachs has lowered India’s GDP growth forecast for FY26 to 6.5% from 7%, according to a report cited by Bloomberg on Friday (March 13). Meanwhile, Fitch Ratings expects India’s economy to grow at 7.5% in FY26 but sees the pace moderating to 6.7% in FY27. Goldman Sachs also estimates inflation to rise to 4.2% from 3.9%, while Fitch projects inflation could climb to 4.5% by December due to rising crude oil prices.&nbsp;For the remainder of the current fiscal year, Fitch expects domestic demand to remain the key driver of economic expansion. However, it projects growth to slow to 6.7% in FY27 and further to 6.5% in FY28. The rating agency also expects interest rates to remain unchanged in FY27 and FY28.&nbsp;Also Read: <a href="https://www.wionews.com/world/saudi-oil-production-falls-to-8-million-bpd-after-20-cut-amid-iran-war-report-1773410882494">Saudi oil production falls to 8 million bpd after 20% cut amid Iran war: Report</a><h2>India's Q3 FY26 GDP</h2>India’s economy expanded by a strong 7.8% in the October–December quarter of the current financial year, according to the first official data released under the government’s revised framework for calculating national output. The growth figure was higher than the 7.6% estimate projected by economists tracked by Bloomberg. Despite global trade tensions and geopolitical challenges, India continues to be one of the fastest-growing major economies. The government has also revised the GDP base year to 2022–23 from 2011–12 to better reflect evolving production and consumption patterns in the economy.&nbsp;&nbsp;Under the updated series, the government revised the FY26 GDP growth estimate to 7.6%, up from the earlier projection of 7.4%. The Economic Survey has also revised its FY27 growth projection upward to 7%–7.4% under the new series, compared with 6.8%–7.2% under the earlier series, Chief Economic Advisor V Anantha Nageswaran informed in a press briefing. "As per projections, India is on track to cross $4-trillion GDP mark in 2026-27," the CEA added.&nbsp;<a href="https://www.wionews.com/videos/us-iran-war-g7-tells-trump-to-ensure-opening-of-strait-of-hormuz-1773413058636/embed">https://www.wionews.com/videos/us-iran-war-g7-tells-trump-to-ensure-opening-of-strait-of-hormuz-1773413058636/embed</a>&nbsp;Earlier in FY26, the economy recorded an 8.2% expansion in the second quarter despite US tariffs reaching as high as 50% on certain Indian imports. Lower inflation also helped narrow the gap between nominal and real growth rates, with nominal GDP rising 8.9% during the December quarter.

India GDP outlook: Goldman Sachs lowers FY26 growth to 6.5%, Fitch expects gradual cooling

Goldman Sachs has lowered India’s GDP growth forecast for FY26 to 6.5% from 7%, according to a report cited by Bloomberg on Friday (March 13). Meanwhile, Fitch Ratings expects India’s economy to grow at 7.5% in FY26 but sees the pace moderating to 6.7% in FY27. Goldman Sachs also estimates inflation to rise to 4.2% from 3.9%, while Fitch projects inflation could climb to 4.5% by December due to rising crude oil prices. For the remainder of the current fiscal year, Fitch expects domestic demand to remain the key driver of economic expansion. However, it projects growth to slow to 6.7% in FY27 and further to 6.5% in FY28. The rating agency also expects interest rates to remain unchanged in FY27 and FY28. Also Read: Saudi oil production falls to 8 million bpd after 20% cut amid Iran war: Report India's Q3 FY26 GDP India’s economy expanded by a strong 7.8% in the October–December quarter of the current financial year, according to the first official data released under the government’s revised framework for calculating national output. The growth figure was higher than the 7.6% estimate projected by economists tracked by Bloomberg. Despite global trade tensions and geopolitical challenges, India continues to be one of the fastest-growing major economies. The government has also revised the GDP base year to 2022–23 from 2011–12 to better reflect evolving production and consumption patterns in the economy. Under the updated series, the government revised the FY26 GDP growth estimate to 7.6%, up from the earlier projection of 7.4%. The Economic Survey has also revised its FY27 growth projection upward to 7%–7.4% under the new series, compared with 6.8%–7.2% under the earlier series, Chief Economic Advisor V Anantha Nageswaran informed in a press briefing. "As per projections, India is on track to cross $4-trillion GDP mark in 2026-27," the CEA added. https://www.wionews.com/videos/us-iran-war-g7-tells-trump-to-ensure-opening-of-strait-of-hormuz-1773413058636/embed Earlier in FY26, the economy recorded an 8.2% expansion in the second quarter despite US tariffs reaching as high as 50% on certain Indian imports. Lower inflation also helped narrow the gap between nominal and real growth rates, with nominal GDP rising 8.9% during the December quarter.

Goldman Sachs has cut India’s FY26 GDP forecast to 6.5% while Fitch sees gradual slowdown ahead, even as Q3 growth beats expectations

The US economy missed 4th quarter growth estimates for 2025 with a significant margin as it grew at a modest 0.7 per cent, government data showed on Friday (Mar 13), marking a major downgrade amid fears of fallout from war in West Asia looms, and Washington's trade ties remain in flux in the aftermath of President Trump's trade war.&nbsp;The October to December quarter growth is sharply down from earlier estimates of 1.4 per cent, suggesting that the world's biggest economy was on a weaker footing than anticipated ahead of US-Israeli strikes targeting Iran on February 28, leading to spillover of war across the oil rich gulf region.&nbsp;The crude witnessed a steep rise to reach nearly $115 per barrel last week and remained near $100 on Friday due to pressure from the closure of the Strait of Hormuz by Iran, which accounts for shipping of around one-third of the world's oil supply.&nbsp;In the fourth quarter, the growth adjustment reflected "downward revisions to exports, consumer spending, government spending, and investment," the Commerce Department said.&nbsp;The poor growth figures came as Donald Trump completed one year in office after returning to White House, sparking fears of a cooling job market and rising inflation in the United States. However, the full-year growth figures stand at 2.1 per cent, marginally lower than earlier estimates of 2.2 per cent. &nbsp;&nbsp;Also Read:<a href="https://www.wionews.com/world/-aytollah-mojabata-is-injured-and-hiding-underground-hegesth-claims-us-struk-15000-targets-in-iran-1773404739066"> 'Ayatollah Mojtaba is disfigured and hiding underground': Hegseth claims US struck 15,000 targets in Iran</a>&nbsp;President Trump was quick to jump the gun to blame the opposition for the lengthy government shutdown late last year for the slowdown in growth when early estimates were released last month.&nbsp;Trump, who touted himself as the most suitable candidate to lead the US economy, initiated a sweeping tariff war in April 2025 shortly after his inauguration. Dubbing the move "Liberation Day," he announced a slew of reciprocal tariffs on dozens of countries, citing the massive fiscal deficit and unfair trade practices. At the time, he claimed that Washington would ink major new trade deals within 90 days. However, even after nearly 11 months, the US has only been able to sign a handful of deals with smaller nations and mid-sized economies like Indonesia, while negotiations with major powers remain stalled.&nbsp;A major shock to Trump's policies came in February 2026 when the US Supreme Court ruled that his use of the International Emergency Economic Powers Act (IEEPA) to impose those tariffs was unconstitutional. The 6-3 decision struck down the core of his trade agenda, plunging firms and international partners into a period of deep uncertainty regarding their trade relations with Washington.&nbsp;With the mid-term elections approaching, Trump’s recent policy reversals and failure to deliver on key promises, including his high-profile vow to settle the Russia-Ukraine war in "24 hours" and his commitment to ending "endless wars" abroad, could potentially lead to significant setbacks for the Republican Party at the polls.

The poor growth figures came as Donald Trump completed one year in office after returning to White House, sparking fears of a cooling job market and rising inflation in the United States.

The US economy missed 4th quarter growth estimates for 2025 with a significant margin as it grew at a modest 0.7 per cent, government data showed on Friday (Mar 13), marking a major downgrade amid fears of fallout from war in West Asia looms, and Washington's trade ties remain in flux in the aftermath of President Trump's trade war. The October to December quarter growth is sharply down from earlier estimates of 1.4 per cent, suggesting that the world's biggest economy was on a weaker footing than anticipated ahead of US-Israeli strikes targeting Iran on February 28, leading to spillover of war across the oil rich gulf region. The crude witnessed a steep rise to reach nearly $115 per barrel last week and remained near $100 on Friday due to pressure from the closure of the Strait of Hormuz by Iran, which accounts for shipping of around one-third of the world's oil supply. In the fourth quarter, the growth adjustment reflected "downward revisions to exports, consumer spending, government spending, and investment," the Commerce Department said. The poor growth figures came as Donald Trump completed one year in office after returning to White House, sparking fears of a cooling job market and rising inflation in the United States. However, the full-year growth figures stand at 2.1 per cent, marginally lower than earlier estimates of 2.2 per cent. Also Read: 'Ayatollah Mojtaba is disfigured and hiding underground': Hegseth claims US struck 15,000 targets in Iran President Trump was quick to jump the gun to blame the opposition for the lengthy government shutdown late last year for the slowdown in growth when early estimates were released last month. Trump, who touted himself as the most suitable candidate to lead the US economy, initiated a sweeping tariff war in April 2025 shortly after his inauguration. Dubbing the move "Liberation Day," he announced a slew of reciprocal tariffs on dozens of countries, citing the massive fiscal deficit and unfair trade practices. At the time, he claimed that Washington would ink major new trade deals within 90 days. However, even after nearly 11 months, the US has only been able to sign a handful of deals with smaller nations and mid-sized economies like Indonesia, while negotiations with major powers remain stalled. A major shock to Trump's policies came in February 2026 when the US Supreme Court ruled that his use of the International Emergency Economic Powers Act (IEEPA) to impose those tariffs was unconstitutional. The 6-3 decision struck down the core of his trade agenda, plunging firms and international partners into a period of deep uncertainty regarding their trade relations with Washington. With the mid-term elections approaching, Trump’s recent policy reversals and failure to deliver on key promises, including his high-profile vow to settle the Russia-Ukraine war in "24 hours" and his commitment to ending "endless wars" abroad, could potentially lead to significant setbacks for the Republican Party at the polls.

The poor growth figures came as Donald Trump completed one year in office after returning to White House, sparking fears of a cooling job market and rising inflation in the United States.

US economic growth falters as Trump’s tariffs and wars hit fourth quarter estimates

Shantanu Narayen has stepped down as Chief Executive Officer of Adobe once a successor is appointed, but will continue to serve as Chair of the company, the design software firm confirmed in an official statement. The announcement came as the company released its financial results for its first quarter of FY2026, which ended on Feb. 27, 2026. Following the news, shares of Adobe listed on the NASDAQ Composite dropped 7 per cent in extended trading.&nbsp;In a filing with Nasdaq, the company said Narayen, who has led Adobe as CEO for 18 years, has decided to transition from the role after the board selects his successor. "Shantanu Narayen, who has served as CEO of Adobe for eighteen years, has decided to transition from his position as CEO after a successor has been appointed. Narayen will remain as Chair of the Board," the company said in its filing.&nbsp;Adobe added that its Board of Directors has begun the process of finding a replacement and has set up a special committee to oversee the search. "The Board of Directors has appointed Frank Calderoni, Lead Independent Director of Adobe, as Chair of the special committee to direct the process that will consider both internal and external candidates," the filing stated.<h3>Who is Shantanu Narayen?</h3>Shantanu Narayen was born on May 27, 1963, into a Telugu Hindu family in Hyderabad. His father used to run a plastics business, and his mother taught American literature with an unusual blend of Western writing and culture in 1960s India. He completed his schooling at the Hyderabad Public School, where Microsoft CEO Satya Nadella also studied. &nbsp;After his schooling, Narayen pursued a bachelor’s degree in electronics and communication engineering at University College of Engineering, Osmania University. Along with other engineers of his generation, Narayen decided to study abroad.&nbsp;In the mid-1980s, Shantanu Narayen moved to the United States and earned a master’s degree in computer science from Bowling Green State University in Ohio in 1986. During that time, he met Reni, who later became his wife and went on to earn a doctorate in clinical psychology.&nbsp;As he began building his career, Narayen continued his studies and completed an MBA from the Haas School of Business at the University of California, Berkeley in 1993, attending classes at night while working full-time.&nbsp;After receiving his master’s degree, Narayen started his professional journey at Measurex Automation Systems in 1986. In 1989, he joined Apple, where he held product development roles until 1995. Those years placed him at one of the world’s most influential technology companies during a period marked by both turbulence and innovation.&nbsp;Before co-founding Pictra Inc., he also held director-level roles at Silicon Graphics in 1996. Pictra Inc. was an early digital photo-sharing start-up that prefigured the explosion of online imaging platforms in the decades that followed.&nbsp;Later, Shantanu Narayen joined Adobe in 1998 and later rose to the roles of president and chief operating officer before becoming CEO in 2007. Under his leadership, Adobe transitioned its business model from selling software licenses to offering subscription-based services through Adobe Creative Cloud and broadened its range of digital products. When he joined Adobe in 1998 as vice president and general manager of its engineering technology group, Narayen had already built significant expertise in product development and enterprise software.&nbsp;Also read: <a href="https://www.wionews.com/photos/after-stryker-which-establishments-can-be-targeted-by-pro-iranian-hacktivists-1773375653703">After Stryker, pro-Iranian hacktivists targeting US data centres, Telegram conversations reveal</a>

When Shantanu Narayen joined Adobe in 1998 as vice president and general manager of its engineering technology group, Narayen had already built significant expertise in product development and enterprise software.

Shantanu Narayen has stepped down as Chief Executive Officer of Adobe once a successor is appointed, but will continue to serve as Chair of the company, the design software firm confirmed in an official statement. The announcement came as the company released its financial results for its first quarter of FY2026, which ended on Feb. 27, 2026. Following the news, shares of Adobe listed on the NASDAQ Composite dropped 7 per cent in extended trading. In a filing with Nasdaq, the company said Narayen, who has led Adobe as CEO for 18 years, has decided to transition from the role after the board selects his successor. "Shantanu Narayen, who has served as CEO of Adobe for eighteen years, has decided to transition from his position as CEO after a successor has been appointed. Narayen will remain as Chair of the Board," the company said in its filing. Adobe added that its Board of Directors has begun the process of finding a replacement and has set up a special committee to oversee the search. "The Board of Directors has appointed Frank Calderoni, Lead Independent Director of Adobe, as Chair of the special committee to direct the process that will consider both internal and external candidates," the filing stated. Who is Shantanu Narayen? Shantanu Narayen was born on May 27, 1963, into a Telugu Hindu family in Hyderabad. His father used to run a plastics business, and his mother taught American literature with an unusual blend of Western writing and culture in 1960s India. He completed his schooling at the Hyderabad Public School, where Microsoft CEO Satya Nadella also studied. After his schooling, Narayen pursued a bachelor’s degree in electronics and communication engineering at University College of Engineering, Osmania University. Along with other engineers of his generation, Narayen decided to study abroad. In the mid-1980s, Shantanu Narayen moved to the United States and earned a master’s degree in computer science from Bowling Green State University in Ohio in 1986. During that time, he met Reni, who later became his wife and went on to earn a doctorate in clinical psychology. As he began building his career, Narayen continued his studies and completed an MBA from the Haas School of Business at the University of California, Berkeley in 1993, attending classes at night while working full-time. After receiving his master’s degree, Narayen started his professional journey at Measurex Automation Systems in 1986. In 1989, he joined Apple, where he held product development roles until 1995. Those years placed him at one of the world’s most influential technology companies during a period marked by both turbulence and innovation. Before co-founding Pictra Inc., he also held director-level roles at Silicon Graphics in 1996. Pictra Inc. was an early digital photo-sharing start-up that prefigured the explosion of online imaging platforms in the decades that followed. Later, Shantanu Narayen joined Adobe in 1998 and later rose to the roles of president and chief operating officer before becoming CEO in 2007. Under his leadership, Adobe transitioned its business model from selling software licenses to offering subscription-based services through Adobe Creative Cloud and broadened its range of digital products. When he joined Adobe in 1998 as vice president and general manager of its engineering technology group, Narayen had already built significant expertise in product development and enterprise software. Also read: After Stryker, pro-Iranian hacktivists targeting US data centres, Telegram conversations reveal

When Shantanu Narayen joined Adobe in 1998 as vice president and general manager of its engineering technology group, Narayen had already built significant expertise in product development and enterprise software.

Who is Shantanu Narayen? Adobe CEO steps down after nearly two decades

The US Treasury Department on Thursday (Mar 12) announced a temporary 30-day waiver on sanctions for Russian oil currently at sea, a move aimed at stabilising global energy markets as prices hover near $100 per barrel amid the Iran war. Treasury Secretary Scott Bessent confirmed the exemption will remain in effect until April 11, 2026, allowing hundreds of millions of barrels of crude to reach buyers. This "emergency release" comes as the Donald Trump administration scrambles to offset the supply shock caused by the ongoing Iran War and the blockade of the Strait of Hormuz.Also read | <a href="https://www.wionews.com/world/us-kc-135-stratotanker-crashes-near-iraq-jordan-during-epic-fury-operations-rescue-mission-underway-1773360986341">US KC-135 Stratotanker crashes near Iraq-Jordan border during operation Epic Fury; rescue mission underway</a><h2>Russia lauds Trump admin waiver</h2>Soon after the US announced a sanctions waiver for Russian oil, Moscow's economic envoy Kirill Dmitriev on Friday (Mar 13) said that the global energy market "cannot remain stable" without his country's oil."The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable," Dmitriev posted on Telegram.<h2>‘Set on fire’: Iran's threat as oil pushes $100 a barrel</h2>As Brent crude inched further above $100 a barrel and stocks fell in early Asian trade on Friday, Iran vowed to attack oil resources in the Middle East and keep choking the Strait of Hormuz, threatening to "set the region's oil and gas on fire". A spokesperson for Tehran's military central operational command, in a statement, vowed that they will "set the region's oil and gas on fire with the slightest attack on Iran's energy infrastructure and ports".The punishing sanctions by the US and the Group of 7 advanced economies on Russian oil have been in place since 2022. These sanctions included a price cap on Russian oil and a crackdown on Moscow's so-called "shadow fleet", i.e., unmarked vessels that oil exporters used to evade sanctions.Also read | <a href="https://www.wionews.com/world/iran-claims-responsibility-for-twin-oil-tanker-blasts-near-iraq-1-dead-38-rescued-us-israel-iran-war-1773277311376">Iran claims responsibility for twin oil tanker blasts near Iraq; 1 dead, 38 rescued</a>Earlier, US President Trump had sought to blame Russian oil exports for the Ukraine war, which crossed the four-year mark on February 24, 2026. However, with Trump's war on Iran leading to economic turmoil with the price of crude oil rising to $100 and more, the US last week granted India a 30-day waiver to buy Russian oil.&nbsp; Bessent insisted that the temporary oil trade won't benefit Russia significantly. “To increase the global reach of existing supply, Treasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea,” he wrote in a social media post. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”

Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Trump admin lifts sanctions on Russian oil to curb volatile crude prices amid Iran war

The US Treasury Department on Thursday (Mar 12) announced a temporary 30-day waiver on sanctions for Russian oil currently at sea, a move aimed at stabilising global energy markets as prices hover near $100 per barrel amid the Iran war. Treasury Secretary Scott Bessent confirmed the exemption will remain in effect until April 11, 2026, allowing hundreds of millions of barrels of crude to reach buyers. This "emergency release" comes as the Donald Trump administration scrambles to offset the supply shock caused by the ongoing Iran War and the blockade of the Strait of Hormuz. Also read | US KC-135 Stratotanker crashes near Iraq-Jordan border during operation Epic Fury; rescue mission underway Russia lauds Trump admin waiver Soon after the US announced a sanctions waiver for Russian oil, Moscow's economic envoy Kirill Dmitriev on Friday (Mar 13) said that the global energy market "cannot remain stable" without his country's oil. "The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable," Dmitriev posted on Telegram. ‘Set on fire’: Iran's threat as oil pushes $100 a barrel As Brent crude inched further above $100 a barrel and stocks fell in early Asian trade on Friday, Iran vowed to attack oil resources in the Middle East and keep choking the Strait of Hormuz, threatening to "set the region's oil and gas on fire". A spokesperson for Tehran's military central operational command, in a statement, vowed that they will "set the region's oil and gas on fire with the slightest attack on Iran's energy infrastructure and ports". The punishing sanctions by the US and the Group of 7 advanced economies on Russian oil have been in place since 2022. These sanctions included a price cap on Russian oil and a crackdown on Moscow's so-called "shadow fleet", i.e., unmarked vessels that oil exporters used to evade sanctions. Also read | Iran claims responsibility for twin oil tanker blasts near Iraq; 1 dead, 38 rescued Earlier, US President Trump had sought to blame Russian oil exports for the Ukraine war, which crossed the four-year mark on February 24, 2026. However, with Trump's war on Iran leading to economic turmoil with the price of crude oil rising to $100 and more, the US last week granted India a 30-day waiver to buy Russian oil. Bessent insisted that the temporary oil trade won't benefit Russia significantly. “To increase the global reach of existing supply, Treasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea,” he wrote in a social media post. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”

Trump admin lifts sanctions on Russian oil to curb volatile crude prices amid Iran war

LPG is at the heart of India's domestic cooking solutions. Its availability is not a crisis until it is, because it has become overwhelmingly used in households and commercial outlets. As the Iran war is straining the LPG supply chain, it is interesting to ask: How did LPG become India's main cooking fuel? From where is India getting LPG? What percentage of India's cooking fuel is LPG? Does India produce LPG? Here is what you should know about India's tryst with LPG:<h2>How India embraced LPG as the main cooking fuel</h2>Liquefied Petroleum Gas became India's dominant cooking fuel as a result of long-term subsidies, the creation of infrastructure, and the massive government push through the Pradhan Mantri Ujjwala Yojana (PMUY) since 2016.Before the red cylinders became ever-present, rural cooking used wood, dung, crop residue, timber and coal, among others. Earlier, LPG was largely used in urban or middle-class households. But that changed in the last decade.Also read: <a href="https://www.wionews.com/photos/lpg-consumption-across-india-top-states-using-the-most-cylinders-from-uttar-pradesh-to-west-bengal-1773325207709">LPG consumption across India: Top states using the most cylinders, from Uttar Pradesh to West Bengal</a><h2>Burshane: The first brand of LPG</h2>LPG was introduced in India in December 1955 by Burmah Shell, from which evolved BPCL, under the brand Burshane. Mumbai saw the first packed LPG cylinders of Burshane, followed later by cities in Gujarat and Maharashtra. M/s L.D. Bhave &amp; Sons, India's first dedicated LPG distributor, began operations in Pune in January 1956.The first major LPG brand, Indane, was launched by Indian Oil in Kolkata in October 1965. India manufactured its first local gas cylinder in 1967.But these were the days when LPG was seen as an urban fuel. It was not so popular due to high costs, the lack of enough bottling plants, a shortage of cylinders, and challenges in distribution. There was also the fear of cylinder blasts, which made many people see LPG as unsafe.Also read: <a href="https://www.wionews.com/photos/india-lpg-cylinder-shortage-6-simple-alternatives-to-keep-your-kitchen-running-1773307213431">India LPG cylinder shortage: 6 simple alternatives to keep your kitchen running</a><h2>LPG usage grew in the 1990s</h2>With the liberalisation era of the 1990s, public sector oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum expanded LPG networks.The two and a half decades between 2000 and 2015 saw the growth of rural usage of LPG. The 2009 Rajiv Gandhi Gramin LPG Vitaran Yojana (RGGLVY) set up rural LPG distributors even in remote areas.<h2>Direct Benefit Transfer for LPG changed the game</h2>Even though subsidies on LPG cylinders had existed for decades for domestic use, they were benefiting mostly higher-income urban users. The DBTL, known locally as ‘PAHAL’, short for Pratyaksh Hanstantrit Labh, was introduced by the Narendra Modi government to curb leakages through cash transfers of the government subsidy directly to beneficiary bank accounts. Equally important was the "GiveItUp" scheme aimed encouraging affluent users to voluntarily give up their subsidies. Once the subsidies were rationalised, millions of poor households also moved to LPG as their cooking fuel.Also read:<a href="https://www.wionews.com/photos/how-do-lpg-lng-png-and-cng-fuel-india-s-homes-transport-and-industry-know-the-differences-1773309737906"> How do LPG, LNG, PNG and CNG fuel India’s homes, transport and industry? Know the differences</a><h2>The Pradhan Mantri Ujjwala Yojana and the rural expansion of LPG in India</h2>Modi launched PMUY on 1 May 2016, giving deposit-free LPG connections to women from Below Poverty Line (BPL) households, including a gas stove and a first refill subsidy of 1,600 rupees. The scheme benefited lower castes and tribes, forest dwellers, migrants, and other marginalised groups.&nbsp;Ujjwala 2.0, launched in August 2021, simplified the eligibility criteria for LPG connections. Ujjwala reduced indoor air pollution, empowered women by saving time, and helped address air pollution and deforestation.By 2024, India had 328.3 million active domestic LPG consumers, nearly doubling from 166.3 million in 2016. National LPG coverage jumped from around 62 per cent in 2016 to near-saturation today.Household LPG consumption went up by more than 50 per cent by 2019 and has grown ever since.&nbsp;<a href="https://www.wionews.com/videos/us-iran-war-india-lpg-prices-surge-amid-west-asia-war-pm-modi-says-no-need-to-panic-wion-1773259205110/embed">https://www.wionews.com/videos/us-iran-war-india-lpg-prices-surge-amid-west-asia-war-pm-modi-says-no-need-to-panic-wion-1773259205110/embed</a><h2>LPG is now the primary cooking fuel for most Indians</h2>The National Sample Survey Office Comprehensive Annual Modular Survey of 2022–23 showed that 63 per cent of Indian households use clean fuels, overwhelmingly LPG, as their primary cooking fuel: 93 per cent in urban areas and around 50 per cent in rural areas.Nearly all LPG in India goes to household cooking, making it the nation's main cooking fuel by a wide margin. An estimated 16 per cent of LPG use is in commercial and industrial sectors.However, nearly 37 per cent of households, mostly in rural areas, still use solid biomass fuels. Many rural and urban households also mix their fuels, combining LPG with wood or other biomass fuels or induction cooking.<h2>India's LPG production capacity</h2>India produces LPG domestically as a by-product of crude oil refining at public sector refineries of IOCL, BPCL and HPCL, as well as at private facilities such as Reliance Industries' Jamnagar complex.In FY 2024–25, domestic LPG production was around 40 per cent, about 12.8 million metric tonnes (MMT) out of total consumption of 31.3 MMT.The government is confident about the supply amid the Iran war because it can boost domestic production of LPG when required by diverting refinery streams of propane and butane from petrochemicals. India can also diversify its LPG imports from sources such as the US Gulf Coast.<h2>Why the Iran war is affecting LPG supplies to India</h2>In different years, India imports between 59 and 67 per cent of LPG. The Middle East accounted for more than 90 per cent of LPG imports in 2024. Qatar is often the largest single supplier. Other major suppliers are the UAE and Saudi Arabia. A large percentage of LPG &nbsp;shipments from the Middle East to India pass through the Strait of Hormuz, which is a flashpoint in the Iran war. As tensions rose, several Gulf nations have either reduced production or curbed shipments of LPG. Indian LPG consumers are now slowly feeling the pinch.

It's only at crisis times like this that we wonder how LPG became India’s main cooking fuel. Once used mostly by urban and affluent households, LPG saw nationwide adoption through subsidies and schemes. Here is that story

LPG is at the heart of India's domestic cooking solutions. Its availability is not a crisis until it is, because it has become overwhelmingly used in households and commercial outlets. As the Iran war is straining the LPG supply chain, it is interesting to ask: How did LPG become India's main cooking fuel? From where is India getting LPG? What percentage of India's cooking fuel is LPG? Does India produce LPG? Here is what you should know about India's tryst with LPG: How India embraced LPG as the main cooking fuel Liquefied Petroleum Gas became India's dominant cooking fuel as a result of long-term subsidies, the creation of infrastructure, and the massive government push through the Pradhan Mantri Ujjwala Yojana (PMUY) since 2016. Before the red cylinders became ever-present, rural cooking used wood, dung, crop residue, timber and coal, among others. Earlier, LPG was largely used in urban or middle-class households. But that changed in the last decade. Also read: LPG consumption across India: Top states using the most cylinders, from Uttar Pradesh to West Bengal Burshane: The first brand of LPG LPG was introduced in India in December 1955 by Burmah Shell, from which evolved BPCL, under the brand Burshane. Mumbai saw the first packed LPG cylinders of Burshane, followed later by cities in Gujarat and Maharashtra. M/s L.D. Bhave & Sons, India's first dedicated LPG distributor, began operations in Pune in January 1956. The first major LPG brand, Indane, was launched by Indian Oil in Kolkata in October 1965. India manufactured its first local gas cylinder in 1967. But these were the days when LPG was seen as an urban fuel. It was not so popular due to high costs, the lack of enough bottling plants, a shortage of cylinders, and challenges in distribution. There was also the fear of cylinder blasts, which made many people see LPG as unsafe. Also read: India LPG cylinder shortage: 6 simple alternatives to keep your kitchen running LPG usage grew in the 1990s With the liberalisation era of the 1990s, public sector oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum expanded LPG networks. The two and a half decades between 2000 and 2015 saw the growth of rural usage of LPG. The 2009 Rajiv Gandhi Gramin LPG Vitaran Yojana (RGGLVY) set up rural LPG distributors even in remote areas. Direct Benefit Transfer for LPG changed the game Even though subsidies on LPG cylinders had existed for decades for domestic use, they were benefiting mostly higher-income urban users. The DBTL, known locally as ‘PAHAL’, short for Pratyaksh Hanstantrit Labh, was introduced by the Narendra Modi government to curb leakages through cash transfers of the government subsidy directly to beneficiary bank accounts. Equally important was the "GiveItUp" scheme aimed encouraging affluent users to voluntarily give up their subsidies. Once the subsidies were rationalised, millions of poor households also moved to LPG as their cooking fuel. Also read: How do LPG, LNG, PNG and CNG fuel India’s homes, transport and industry? Know the differences The Pradhan Mantri Ujjwala Yojana and the rural expansion of LPG in India Modi launched PMUY on 1 May 2016, giving deposit-free LPG connections to women from Below Poverty Line (BPL) households, including a gas stove and a first refill subsidy of 1,600 rupees. The scheme benefited lower castes and tribes, forest dwellers, migrants, and other marginalised groups. Ujjwala 2.0, launched in August 2021, simplified the eligibility criteria for LPG connections. Ujjwala reduced indoor air pollution, empowered women by saving time, and helped address air pollution and deforestation. By 2024, India had 328.3 million active domestic LPG consumers, nearly doubling from 166.3 million in 2016. National LPG coverage jumped from around 62 per cent in 2016 to near-saturation today. Household LPG consumption went up by more than 50 per cent by 2019 and has grown ever since. https://www.wionews.com/videos/us-iran-war-india-lpg-prices-surge-amid-west-asia-war-pm-modi-says-no-need-to-panic-wion-1773259205110/embed LPG is now the primary cooking fuel for most Indians The National Sample Survey Office Comprehensive Annual Modular Survey of 2022–23 showed that 63 per cent of Indian households use clean fuels, overwhelmingly LPG, as their primary cooking fuel: 93 per cent in urban areas and around 50 per cent in rural areas. Nearly all LPG in India goes to household cooking, making it the nation's main cooking fuel by a wide margin. An estimated 16 per cent of LPG use is in commercial and industrial sectors. However, nearly 37 per cent of households, mostly in rural areas, still use solid biomass fuels. Many rural and urban households also mix their fuels, combining LPG with wood or other biomass fuels or induction cooking. India's LPG production capacity India produces LPG domestically as a by-product of crude oil refining at public sector refineries of IOCL, BPCL and HPCL, as well as at private facilities such as Reliance Industries' Jamnagar complex. In FY 2024–25, domestic LPG production was around 40 per cent, about 12.8 million metric tonnes (MMT) out of total consumption of 31.3 MMT. The government is confident about the supply amid the Iran war because it can boost domestic production of LPG when required by diverting refinery streams of propane and butane from petrochemicals. India can also diversify its LPG imports from sources such as the US Gulf Coast. Why the Iran war is affecting LPG supplies to India In different years, India imports between 59 and 67 per cent of LPG. The Middle East accounted for more than 90 per cent of LPG imports in 2024. Qatar is often the largest single supplier. Other major suppliers are the UAE and Saudi Arabia. A large percentage of LPG shipments from the Middle East to India pass through the Strait of Hormuz, which is a flashpoint in the Iran war. As tensions rose, several Gulf nations have either reduced production or curbed shipments of LPG. Indian LPG consumers are now slowly feeling the pinch.

It's only at crisis times like this that we wonder how LPG became India’s main cooking fuel. Once used mostly by urban and affluent households, LPG saw nationwide adoption through subsidies and schemes. Here is that story

India's tryst with LPG: How the red cylinders became nation's main cooking fuel. A lookback amid Iran war shortage news

A crude oil tanker captained by an Indian successfully navigated through the war-hit Strait of Hormuz and reached Mumbai by switching off its tracking system to enter “dark mode” while crossing the high-risk zone amid the ongoing conflict in the Middle East and Iran's warning to target vessels and not allow passage to oil tankers. Maritime tracking data showed the vessel’s signals were last visible on monitoring systems inside the Strait of Hormuz on March 8 before they disappeared.&nbsp;The Liberia-flagged tanker, Shenlong Suezmax, carrying crude oil loaded from Saudi Arabia’s Ras Tanura Port, arrived at Mumbai Port on Wednesday. It was carrying 135,335 metric tonnes of crude oil and has begun discharging the crude, which will be transported to refineries. The tanker had loaded crude at Ras Tanura Port in Saudi Arabia on March 1 and sailed two days later.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-threatens-to-strike-google-microsoft-nvidia-sites-banks-as-economic-infra-becomes-new-war-target-1773256316860">Iran threatens to strike Google, Microsoft, Nvidia sites, banks as economic infra becomes new war target</a>&nbsp;

<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Liberia-flagged tanker ship &#39;Shenlong&#39; enters Indian waters near Mumbai Port. It was captained by an Indian and was loaded with crude oil from the Saudi port Ras Tanura. Latest visuals from Mumbai Port <a href="https://t.co/4BWABAsZ88">pic.twitter.com/4BWABAsZ88</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/2031997649247965235?ref_src=twsrc%5Etfw">March 12, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;<h2>Liberian-flagged oil tanker is first vessel to safely transit Hormuz amid war</h2>&nbsp;The Liberian-flagged oil tanker became the first vessel to safely transit the Gulf waterway and arrive in India amid the US-Israeli war against Iran.&nbsp;According to tanker-tracking platforms, Shenlong Suezmax’s last recorded signal in the Strait of Hormuz appeared on March 8, after which it switched off its Automatic Identification System (AIS) while passing through the strait. The vessel reappeared on tracking systems a day later before docking in Mumbai on Wednesday.TankerTrackers.com, a tanker tracking platform, shared that two Very Large Crude Carriers (VLCCs), three Suezmax tankers, capable of transiting the Suez Canal fully loaded, and a Panamax tanker designed to meet the maximum dimensions allowed for the original Panama Canal locks went offline from AIS tracking for at least 48 hours. The destinations of these ships were China, India, and Japan.&nbsp;Also Read: <a href="https://www.wionews.com/world/-practically-nothing-left-to-target-in-iran-war-will-end-soon-says-trump-1773246460317">‘Practically nothing left to target in Iran, war will end soon,’ says Trump</a>&nbsp;

<blockquote class="twitter-tweet">Sanctions-Compliant Tankers Gone Dark Of the oil- or fuel-laden, sanctions-compliant tankers situated west of the Strait of Hormuz, the following have been offline from AIS for at least 48 hours: 2 VLCCs 3 Suezmax tankers 1 Panamax tanker Their stated destinations are China,…&mdash; TankerTrackers.com, Inc. (@TankerTrackers) <a href="https://twitter.com/TankerTrackers/status/2030808251172835676?ref_src=twsrc%5Etfw">March 9, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;<h2>AIS automatically transmits info about vessel’s identity, position, and movement</h2>&nbsp;&nbsp;The Automatic Identification System (AIS) is used on ships to automatically transmit information about a vessel’s identity, position, and movement to other ships and coastal authorities. It is primarily meant to enhance navigation safety, prevent collisions, and support maritime monitoring. Turning off the system makes the vessel effectively untraceable at sea.&nbsp;Shipping companies often use this tactic, also known as “going dark”, to avoid the risk of being targeted or tracked by hostile forces. However, the strategy is used only in exceptional circumstances, as international maritime rules require AIS to remain active for safety and tracking.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-s-lethal-black-clad-kill-squad-nopo-now-guards-new-supreme-leader-mojtaba-1773232310910">Iran’s lethal ‘black-clad’ kill squad NOPO now guards new supreme leader Mojtaba</a><h2>At least 16 ships attacked by Iran in past two weeks</h2>&nbsp;The Iranian military effectively closed the strategically vital Strait of Hormuz that handles more than 20 million barrels of crude oil per day after the US and Israel launched a military campaign against Iran.At least 16 ships have been attacked by Iran over the past two weeks, with Tehran warning of further strikes on vessels operating in the region.Meanwhile, the Indian government has said that 28 Indian-flagged vessels are currently operating in the Persian Gulf region. Of these vessels, 24 carrying 677 Indian seafarers are located west of the Strait of Hormuz, while four vessels with 101 Indian seafarers are positioned east of the strait.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-govt-won-t-leave-indians-stranded-says-pm-modi-slams-congress-for-politicising-iran-war-1773224945175">‘Govt won’t leave Indians stranded,’ says PM Modi, slams Congress for politicising Iran War</a>&nbsp;A Thai vessel bound for Kandla port in Gujarat was attacked in the strait on Wednesday, drawing strong criticism from New Delhi.&nbsp;Unrelenting attacks on shipping traffic and energy infrastructure pushed oil above $100 a barrel on Thursday.&nbsp;India, which is Asia’s third-largest economy, relies heavily on the Strait of Hormuz, as more than half of its crude oil and natural gas imports pass through the narrow maritime corridor.

The Automatic Identification System (AIS) automatically transmits information about a vessel’s identity, position, and movement to other ships and coastal authorities. The system helps enhance navigation safety, and turning it off makes the vessel effectively untraceable at sea.

A crude oil tanker captained by an Indian successfully navigated through the war-hit Strait of Hormuz and reached Mumbai by switching off its tracking system to enter “dark mode” while crossing the high-risk zone amid the ongoing conflict in the Middle East and Iran's warning to target vessels and not allow passage to oil tankers. Maritime tracking data showed the vessel’s signals were last visible on monitoring systems inside the Strait of Hormuz on March 8 before they disappeared. The Liberia-flagged tanker, Shenlong Suezmax, carrying crude oil loaded from Saudi Arabia’s Ras Tanura Port, arrived at Mumbai Port on Wednesday. It was carrying 135,335 metric tonnes of crude oil and has begun discharging the crude, which will be transported to refineries. The tanker had loaded crude at Ras Tanura Port in Saudi Arabia on March 1 and sailed two days later. Also Read: Iran threatens to strike Google, Microsoft, Nvidia sites, banks as economic infra becomes new war target

The Automatic Identification System (AIS) automatically transmits information about a vessel’s identity, position, and movement to other ships and coastal authorities. The system helps enhance navigation safety, and turning it off makes the vessel effectively untraceable at sea.

Oil tanker, with Indian captain, went ‘dark’ to cross high-risk Strait of Hormuz, reach Mumbai

The Indian rupee dipped to a record low on Thursday following a fresh surge in crude prices and a strengthening of the US dollar. The currency declined 0.3 per cent to 92.3575 per dollar, surpassing its previous all-time low of 92.3475 recorded earlier in the week.&nbsp;The decline of the rupee came alongside weakness in several other Asian currencies, which also dropped against the greenback. The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01.&nbsp;Meanwhile, the US Dollar Index, which measures the dollar’s strength against a basket of six major currencies, rose 0.24 per cent to 99.47. A sharp rise in crude oil prices has revived concerns about the economic impact of possible disruptions to global energy supplies.&nbsp;As a major importer of crude oil, India faces the risk of widening twin deficits, the fiscal deficit and the current account deficit, when oil prices climb, adding pressure on the local currency. In the latest developments in the US–Iran conflict, Iran continued its strikes on oil and transport facilities across the Middle East, pushing Brent crude prices to around $100 per barrel. Later, Tehran also warned that global oil prices could potentially rise to $200 per barrel.<h3>Stock Market crashes</h3>The increasing oil prices have heightened inflation concerns and risked several dented investors. Amid the ongoing crisis, the Indian stock market crashed again, after weakness in global equities on Thursday. The benchmark index of BSE Sensex touched 528.47 points, or 0.69 per cent, at 76,335.24, while the NSE Nifty 50 dipped to 171.40 points, or 0.72 per cent, to 23,693.85.&nbsp;Meanwhile, the USD/INR pair is currently trading around the 92.00–92.50 zone, marking mounting pressure on the Indian rupee. “The chart structure remains bullish, supported by an upward trend and a pattern of higher highs and higher lows in recent months. A sustained move above 92.30 could strengthen bullish momentum toward fresh record highs. On the downside, 91.80 – 91.60 acts as immediate support, and a break below this zone may trigger short-term profit booking, although the broader bias remains positive amid global uncertainties,” said Ponmudi R, CEO of Enrich Money. &nbsp;Also read: <a href="https://www.wionews.com/world/down-by-8-million-barrels-a-day-iea-issues-ominous-warning-on-oil-supplies-amid-iran-war-hours-after-largest-ever-stock-release-iran-israel-us-war-1773308810190">Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release</a>

The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01.

The Indian rupee dipped to a record low on Thursday following a fresh surge in crude prices and a strengthening of the US dollar. The currency declined 0.3 per cent to 92.3575 per dollar, surpassing its previous all-time low of 92.3475 recorded earlier in the week. The decline of the rupee came alongside weakness in several other Asian currencies, which also dropped against the greenback. The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01. Meanwhile, the US Dollar Index, which measures the dollar’s strength against a basket of six major currencies, rose 0.24 per cent to 99.47. A sharp rise in crude oil prices has revived concerns about the economic impact of possible disruptions to global energy supplies. As a major importer of crude oil, India faces the risk of widening twin deficits, the fiscal deficit and the current account deficit, when oil prices climb, adding pressure on the local currency. In the latest developments in the US–Iran conflict, Iran continued its strikes on oil and transport facilities across the Middle East, pushing Brent crude prices to around $100 per barrel. Later, Tehran also warned that global oil prices could potentially rise to $200 per barrel. Stock Market crashes The increasing oil prices have heightened inflation concerns and risked several dented investors. Amid the ongoing crisis, the Indian stock market crashed again, after weakness in global equities on Thursday. The benchmark index of BSE Sensex touched 528.47 points, or 0.69 per cent, at 76,335.24, while the NSE Nifty 50 dipped to 171.40 points, or 0.72 per cent, to 23,693.85. Meanwhile, the USD/INR pair is currently trading around the 92.00–92.50 zone, marking mounting pressure on the Indian rupee. “The chart structure remains bullish, supported by an upward trend and a pattern of higher highs and higher lows in recent months. A sustained move above 92.30 could strengthen bullish momentum toward fresh record highs. On the downside, 91.80 – 91.60 acts as immediate support, and a break below this zone may trigger short-term profit booking, although the broader bias remains positive amid global uncertainties,” said Ponmudi R, CEO of Enrich Money. Also read: Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release

The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01.

Indian rupee slides to record low of 92.35 per dollar amid Iran war: More details inside

Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks.<h2>What was the International Energy Agency warning on oil supply?</h2>In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day.All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output.Also read: <a href="https://www.wionews.com/world/world-s-largest-oil-company-ceo-warns-of-catastrophic-consequences-of-iran-war-as-nations-impose-emergency-measures-1773141477127">World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures</a><h2>Oil prices surge after wild swings as war disrupts global flows</h2>After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel.Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher.Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week.Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes.The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages.Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day.<a href="https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed">https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed</a><h2>IEA's report came hours after largest ever emergency oil stock release</h2>Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles.This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war.The move is aimed at curbing oil price spikes and stabilising markets in the near term.Also read: <a href="https://www.wionews.com/world/with-hormuz-in-its-grip-iran-ships-more-oil-even-as-war-halts-others-1773255260129">With Hormuz in its grip, Iran ships more oil even as war halts others</a>&nbsp;<h2>But strategic stock release may not be enough</h2>However, the IEA warned that the strategic reserve release may not be sufficient if the war continues.The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate.The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s.<h2>March IEA report more ominous than February</h2>IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks. What was the International Energy Agency warning on oil supply? In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day. All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output. Also read: World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures Oil prices surge after wild swings as war disrupts global flows After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel. Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher. Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week. Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes. The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages. Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day. https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed IEA's report came hours after largest ever emergency oil stock release Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles. This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war. The move is aimed at curbing oil price spikes and stabilising markets in the near term. Also read: With Hormuz in its grip, Iran ships more oil even as war halts others But strategic stock release may not be enough However, the IEA warned that the strategic reserve release may not be sufficient if the war continues. The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate. The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s. March IEA report more ominous than February IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release

Atlassian, the software company, has announced to lay off nearly 10 per cent of its workers, marking roughly 1,600 positions, along with the replacement of its chief technology officer, in order to invest further in artificial intelligence. A company spokesperson said that over 900 positions in software research and development have been affected, accounting for more than 50 per cent of its 13,813 full-time workforce in June 2025. In addition, around 640 affected employees are in North America, 480 in Australia, and 250 in India, with the rest from Japan, the Philippines, Europe, the Middle East, and Africa, the spokesperson said, The Guardian reported. Mike Cannon-Brookes, the company’s co-founder, stated that the decision to lay off was “the right move for Atlassian” in a note circulated late Wednesday, US time. “But that doesn’t mean it’s easy,” he said. “Far from it. I know this has a huge impact on each of you, and it weighs heavily on me and Atlassian today," Mike said.<h3>Atlassian loses market value</h3>Atlassian has seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant. The sharp fall in the share price has also slashed the personal fortunes of its Australian co-founders, Mike Cannon-Brookes and Scott Farquhar. Cannon-Brookes indicated that the growing adoption of AI has reshaped the types of skills and roles the company requires. According to him, the restructuring aims to improve Atlassian’s financial position and enable it to fund further investments in AI and enterprise sales. Answering the query whether AI had replaced the 1,600 sacked employees, he said, “Our approach is not ‘AI replaces people’. But it would be disingenuous to pretend AI doesn’t change the mix of skills we need or the number of roles required in certain areas.” He also said the company kept its Slack work chat channels open for about six hours longer than usual so employees could say goodbye to colleagues. “To Atlassians who are leaving us – I’m sorry for the impact this will have on you,” he wrote. “Thank you for everything you have contributed to our epic story.” Meanwhile, Professionals Australia, the union representing Atlassian employees, said affected workers were informed on Thursday. The consultation process is expected to continue until March 19, with final job terminations likely on April 2. Union director Paul Inglis said staff were made redundant without prior consultation or warning that a restructuring could threaten their roles.&nbsp;Also read:<a href="https://www.wionews.com/world/india-s-crude-vessel-reaches-mumbai-port-after-iran-s-nod-two-more-allowed-to-pass-strait-of-hormuz-1773292223873"> India's crude vessel reaches Mumbai port after Iran's nod, two more ships allowed to pass Strait of Hormuz</a>

The software giant, Atlassian, has also seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant.

Atlassian, the software company, has announced to lay off nearly 10 per cent of its workers, marking roughly 1,600 positions, along with the replacement of its chief technology officer, in order to invest further in artificial intelligence. A company spokesperson said that over 900 positions in software research and development have been affected, accounting for more than 50 per cent of its 13,813 full-time workforce in June 2025. In addition, around 640 affected employees are in North America, 480 in Australia, and 250 in India, with the rest from Japan, the Philippines, Europe, the Middle East, and Africa, the spokesperson said, The Guardian reported. Mike Cannon-Brookes, the company’s co-founder, stated that the decision to lay off was “the right move for Atlassian” in a note circulated late Wednesday, US time. “But that doesn’t mean it’s easy,” he said. “Far from it. I know this has a huge impact on each of you, and it weighs heavily on me and Atlassian today," Mike said. Atlassian loses market value Atlassian has seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant. The sharp fall in the share price has also slashed the personal fortunes of its Australian co-founders, Mike Cannon-Brookes and Scott Farquhar. Cannon-Brookes indicated that the growing adoption of AI has reshaped the types of skills and roles the company requires. According to him, the restructuring aims to improve Atlassian’s financial position and enable it to fund further investments in AI and enterprise sales. Answering the query whether AI had replaced the 1,600 sacked employees, he said, “Our approach is not ‘AI replaces people’. But it would be disingenuous to pretend AI doesn’t change the mix of skills we need or the number of roles required in certain areas.” He also said the company kept its Slack work chat channels open for about six hours longer than usual so employees could say goodbye to colleagues. “To Atlassians who are leaving us – I’m sorry for the impact this will have on you,” he wrote. “Thank you for everything you have contributed to our epic story.” Meanwhile, Professionals Australia, the union representing Atlassian employees, said affected workers were informed on Thursday. The consultation process is expected to continue until March 19, with final job terminations likely on April 2. Union director Paul Inglis said staff were made redundant without prior consultation or warning that a restructuring could threaten their roles. Also read: India's crude vessel reaches Mumbai port after Iran's nod, two more ships allowed to pass Strait of Hormuz

The software giant, Atlassian, has also seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant.

Atlassian to lay off 1,600 employees amid push for AI transformation