India is significantly increasing its crude oil imports from the United States without reducing its dependence on Russian oil, even as Western sanctions against Moscow tighten. In February 2025, U.S. crude exports to India surged to a two-year high of 357,000 barrels per day, up from 221,000 bpd the previous year. By April 2025, the U.S. became India’s fourth-largest crude supplier, overtaking the UAE. Meanwhile, Russia remains India’s top oil supplier at 1.58 million bpd. Indian refiners are diversifying their sources to balance geopolitical interests and ensure energy security. (PC: Forbes)  

IndiGo will terminate its wet lease agreement with Turkish Airlines by August 31, 2025, following a final three-month extension granted by India's Directorate General of Civil Aviation (DGCA). The lease, involving two Boeing 777-300ER aircraft operated on routes between Delhi, Mumbai, and Istanbul, faced scrutiny after Turkey expressed support for Pakistan during recent India-Pakistan tensions. IndiGo's request for a six-month extension was denied, with the DGCA approving a shorter period to minimize passenger disruption. The airline has committed not to seek further extensions, aligning with government directives to curtail business ties with Turkey. (PC: India Today)

A recent Jefferies report highlights India's exceptional growth in the global steel sector, with a 33% increase in steel output from 2019 to 2024, contrasting a 1% global decline. The report attributes this to India's robust infrastructure development, rising domestic demand, and supportive government policies, including a 12% safeguard duty on flat steel imports introduced in April 2025. Jefferies projects an 8–10% compound annual growth rate (CAGR) in steel volumes for FY25–27. The firm has upgraded ratings for major Indian steel companies, such as Tata Steel and JSW Steel, citing strong fundamentals and growth prospects. (PC: ANI)

India and the U.S. are progressing towards finalizing an interim trade deal by June 25, 2025, aiming to resolve longstanding trade issues before potential new tariffs from U.S. President Donald Trump. The agreement seeks to enhance bilateral trade relations, focusing on reducing tariffs and non-tariff barriers, and improving market access. A U.S. delegation is scheduled to visit India in June for the final round of discussions. Both nations have committed to doubling their bilateral trade to $500 billion by 2030, emphasizing the importance of a mutually beneficial agreement to strengthen economic ties and supply chain integration. (PC: X)

India has enacted stringent regulations mandating all internet-connected CCTV camera manufacturers to undergo rigorous security testing in government-approved laboratories. Effective from April 9, 2025, the policy requires submission of hardware, software, and potentially source code for examination, aiming to address espionage concerns, particularly from Chinese firms like Hikvision and Xiaomi. This move has led to significant industry pushback due to delays, inadequate testing infrastructure, and project disruptions. Out of 342 applications for camera model approvals, only 35 had been processed by late May, with just one from a foreign firm. Given that China accounts for 80% of CCTV components in India, and Hikvision and Dahua hold 30% of the market share, the new rules have disrupted the $3.5 billion surveillance market, projected to double by 2030. Retailers report plummeting sales due to approval bottlenecks, while the government maintains the policy is crucial for national security.(PC: The Telegraph)

As India surpasses Japan to become the world’s fourth-largest economy with a $4 trillion GDP, strategist Sidharth dismisses critiques centered on India’s low per capita GDP. “India isn’t catching up, it’s overtaking,” he said, highlighting India’s 9.2% per capita growth in 2023, faster than most European nations. While India’s per capita GDP of $2,400 trails many countries, Sidharth emphasizes the nation’s scale, momentum, and strategic impact over boutique metrics. NITI Aayog CEO expects India to become the third-largest economy within 2-3 years. Experts link India’s rise to Japan’s economic decline due to aging and deflation. (PC: Business Today)

The Liberian-flagged container ship MSC ELSA 3 sank off Kerala's coast, releasing 640 containers, including 13 with hazardous materials. Containers have begun washing ashore, prompting the Kerala government to declare a statewide emergency due to potential ecological threats. The Indian Coast Guard has deployed ships and aircraft to contain oil spills and track drifting containers. Public advisories urge maintaining a 200-meter distance from any found containers and to report sightings. Fishing activities within a 20-nautical mile radius have been halted. Rapid Response Teams equipped with cranes are managing container recovery, while the Pollution Control Board addresses shoreline oil mitigation. The incident poses significant risks to Kerala's marine ecosystems and coastal communities. (PC: The Tribune)

India has officially surpassed Japan to become the world’s fourth-largest economy, with its GDP reaching $4 trillion, as announced by NITI Aayog CEO B V R Subrahmanyam. This milestone places India behind only the US, China, and Germany. Subrahmanyam attributed this achievement to domestic reforms and a favorable global environment. He expressed optimism that India could ascend to the third-largest economy within 2.5 to 3 years if current growth trajectories continue. This development underscores India's growing influence in the global economic landscape. (PC: The Hindu)

A Dubai-based brokerage firm, Gulf First Commercial Brokers, has vanished overnight, leaving numerous investors, including many Indian expatriates, in financial distress. Operating from two offices in Dubai's Business Bay, the firm abruptly ceased operations without notice. The offices are now abandoned, with no response from the company. Among the defrauded are Kerala-based expats Mohammad and Fayaz Poyyl, who invested $75,000. The firm allegedly directed clients to an unregulated online platform, Sigma-One Capital, promising safe returns. Investigations revealed that Sigma-One Capital is not authorized by the Dubai Financial Services Authority or the Securities and Commodities Authority. The firm's sudden disappearance has left investors scrambling for answers and recovery of their funds. (PC: The Indian Express)

The London College of Business Studies (LCBS) has opened a new campus in Ilford, East London. A special event was held to mark the opening. A modern IT suite at the campus was named after Lord Patel of Bradford OBE. Lord Patel attended the event and officially unveiled the IT suite. He thanked the college and spoke about the importance of education. “To be associated with an innovative space dedicated to learning, technology, and empowerment is deeply humbling,” he said. “I hope this suite will inspire students to dream boldly and use their education to create meaningful change.” The new IT suite will give students access to advanced technology and support learning in business, IT, and management. LCBS also announced three scholarships in Lord Patel’s honour. Two will support UK students from under-represented backgrounds. One will fund an international student to study for a full undergraduate degree. These scholarships aim to make education more accessible. Lakbir Singh, part of LCBS’s strategy team, said, “This is more than a new building, it marks a new chapter in LCBS’s story.” Local leader Kam Rai added, “It’s great to see a Lord back us here today... we look forward to working with you.” LCBS says the campus will support growth, equality, and opportunity.