Narendra Modi’s approval ratings stay high at 74% BY A STAFF WRITER NEW DELHI
Prime Minister Narendra Modi’s approval ratings remain rock-solid, unshaken by the assorted controversies that have dogged his less than 22-month-old government, a poll conducted this week shows.
The poll by instaVaani showed that 74% of the respondents (769 of 1,044 respondents) approved of Modi’s performance as Prime Minister—unchanged from the finding of an end-November survey, conducted after the ruling coalition’s loss in the crucial Bihar assembly polls.
The Mint-instaVaani approval rating poll is the only one on the Prime Minister and his government, and has been conducted regularly since 2014, the year the National Democratic Alliance (NDA) won power.
In the latest edition, 76% (615 of 805 respondents) said they would re-elect Modi if the elections were held now. Some 68% (461 of 679 respondents) of people who responded to a specific question said they approved of the NDA government’s performance.
The findings should be encouraging for the Bharatiya Janata Party, coming ahead of crucial April-May elections in four states and a Union territory.
Street sinks as swift revival hopes fade By Dipti Sharma Mumbai
Indian equity markets started Wednesday on a cautious footing, but the mood quickly turned sour as a broad-based sell-off gathered pace. Benchmark indices fell nearly 2%, closing at a 10-month low, quickly erasing the optimism seen in the previous session.
Early hopes that tensions in West Asia might cool soon faded as reports of fresh military activity surfaced and concerns about a protracted closure of the Strait of Hormuz returned. The sell-off wiped out ₹5.48 trillion in BSE market capitalization in a single session. Since the West Asia war began, BSE-listed companies have now seen nearly ₹21.95 trillion of investor wealth evaporate, underscoring the turmoil’s toll on the markets.
The Nifty closed 1.63% lower at 23,866.85, and the Sensex ended down 1.72% at 76,863.71. However, losses in the broader market were comparatively lower, with the Nifty Midcap 100 and Nifty Smallcap 250 falling 1.3% and 0.4%, respectively, suggesting bargain hunting. The market’s fear gauge, India Vix, jumped over 11%, reflecting investor anxiety.
“Equity markets tend to reprice swiftly in response, particularly in oil-sensitive sectors such as aviation, paints, cement, and chemicals,” said Devarsh Vakil, head of Prime Research, HDFC Securities. Indian markets are likely to remain under pressure until there are credible signs of de-escalation and crude oil prices retreat meaningfully from elevated levels, he added.
Financials and automobiles led the selling on Wednesday. Bajaj Finance (-4.9%), Axis Bank (-4.6%), and Bajaj Finserv (-3.8%) were the biggest laggards, followed by Eicher Motors (-3.7%), M&M (-3.5%), and Bajaj Auto (-3.0%). Among NSE’s sector indices, Nifty Auto was the worst performer, down 3.15%, while Nifty Private Bank was the second-worst performer, falling 2.4%.
Vakil noted that higher crude oil and gas prices are squeezing profit margins for most Indian companies, as India imports over 85% of its energy needs. These elevated costs often cannot be fully passed on to consumers due to slowing demand, leading analysts to slash earnings forecasts across autos, fast-moving consumer goods (FMCG), and industrials.
The International Energy Agency (IEA) has authorized a historic release of 400 million barrels of oil to stabilize global markets as Iran intensified its maritime campaign. Despite 125 basis points of prior rate cuts and keeping rates unchanged in February, European markets also declined.
Rahul Singh, chief investment officer of equities at Tata Asset Management, noted that West Asia tensions have raised the risk premium for Indian equities, fuelled by concerns over rising crude prices and a weakening rupee. “However, valuations have become more reasonable with the Nifty trading around 20 times earnings,” he said. Despite global volatility, the consumer and pharma sectors remain resilient, while metals and energy benefit from the evolving crisis.
In such a volatile environment, Vakil advised that leveraged positions should be appropriately hedged. However, he added that “sharp market dislocations—when they arrive—historically offer compelling entry points for long-term investors with capital to deploy”.
The article concerning Reliance's purported investment in the United States is primarily covered in the news report titled "RIL to make major investment in US refinery: Trump" (pages 1 and 6). While the header "Reliance in the US" appears as a Mint Primer on page 2, the text provided under that specific heading in the sources actually details a government order regarding natural gas diversion.
The following is the reproduction of the main news article and the related Quick Edit commentary from the sources:
RIL to make major investment in US refinery: Trump
By Nehal Chaliawala Mumbai
In the wee hours of Wednesday, India time, President Donald Trump announced that Reliance Industries Ltd (RIL) will partner America First Refining to set up the first new refinery in the US in nearly 50 years, in a deal valued at $300 billion.
Reliance Industries, however, had not confirmed the development as of press time. Shares initially surged but reversed to close 1.27% lower at ₹1,391.1 on the BSE, while the Sensex ended 1.72% down.
“Today I am proud to announce that America First Refining is opening the first new US oil refinery in 50 years in Brownsville, Texas,” Trump wrote on Truth Social. “Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment”.
Separately, America First Refining said that it received a “9-figure investment from a global supermajor at a 10-figure valuation” in February, without naming the investor. (A 10-figure valuation ranges between $1-9.9 billion; a 9-figure investment between $100-999 million). The company also said it had signed a binding 20-year off-take term sheet with the unnamed investor.
Reliance did not respond to Mint’s requests for comment. The lack of confirmation from Reliance and the anonymity of America First’s investor leaves the Indian company’s role in the project unclear. Trump’s announcement comes as Reliance pursues a $10-billion investment to diversify from petroleum into renewable energy near its Jamnagar refinery, including solar panels, green hydrogen, and other clean technologies. Last month, chairman Mukesh Ambani also announced plans to invest ₹10 trillion over seven years in AI infrastructure, including data centres.
India’s most valuable company with a market capitalization of ₹18.8 trillion, RIL runs the world’s largest refinery complex in Jamnagar, processing 1.2 million barrels per day. America First Refining added that construction would begin before June. The refinery is expected to process 60 million barrels of US light shale oil annually, totalling 1.2 billion barrels worth $125 billion over two decades. It would produce 50 billion gallons of refined products valued at $175 billion.
Quick Edit: Springing a surprise
Springing a surprise, US President Donald Trump on Wednesday announced a plan for what he called America’s first new refinery in half-a-century, backed by investment from India’s Reliance. To be built by America First Refining, it is part of a deal whose value Trump put at $300 billion, calling it the biggest in US history. Still, Trump’s exuberance is a sharp contrast from his administration’s past denunciation of India’s “energy titans” for allegedly supporting Russia’s war machine by buying oil from it. News of the project also suggests that an Indian promise to invest large sums in the United States, if this is indeed made part of a bilateral trade deal, may not be all that hard to meet. If the refinery comes up, Trump could claim a victory for “America First” while Reliance seeks to make the most of America’s shale oil revolution.
28 Indian ships stuck in Persian Gulf: govt
By Rituraj Baruah NEW DELHI
A total of 28 India-flagged ships with 778 Indian seafarers are stranded in the Persian Gulf region due to the blockade of the Strait of Hormuz, the government said on Wednesday. Of these, 24 vessels are located west of the strait, while the rest are in the east, officials said, adding that their safety and security are being actively monitored by the government.
“A total of 24 Indian-flagged vessels with 677 Indian seafarers are currently located to the west of the Strait of Hormuz, while four vessels with 101 Indian seafarers are to the east of the crucial waterway,” Rajesh Kumar Sinha, special secretary in the shipping ministry, told reporters.
The most recent conflicts in West Asia have resulted in Indian casualties, too. Two Indians were killed and another reported missing following two recent attacks on oil tankers in the Persian Gulf, said the spokesperson of the external affairs ministry, Randhir Jaiswal. Officials said that a 24-hour control room has been operational in the ministry and the Directorate General of Shipping since 28 February to monitor developments and coordinate assistance.
For an extended version of this story, go to livemint.com.
A NEW CHAPTER OPENS FOR BOOKS IN INDIA Digital fatigue, litfests, bookstores and a new generation of readers are fuelling a revival in reading By Neha Bhatt GURUGRAM
In January, crowds spilled out of festival tents on Kozhikode’s seafront, jostling their way from one venue to another. The ninth edition of the Kerala Literature Festival (KLF) pulled in over 700,000 people, featuring speakers like astronaut Sunita Williams, Wikipedia founder Jimmy Wales, and author Kiran Desai. The massive turnout led to the festival bookstore expanding from one outlet to three, with sales exceeding ₹2 crore over five days. KLF officials estimated the total economic impact on local businesses at ₹130 crore.
This was not an isolated event. The Kolkata Book Fair drew a record 3.2 million visitors in February, with sales reaching ₹27 crore. The New Delhi World Book Fair reported a 20% rise in attendance, while the Jaipur Literature Festival saw over 44,000 books sold. These figures indicate that India’s book business is undergoing a structural upswing rather than a temporary post-pandemic blip.
According to international studies, India led global growth in book sales revenue in the first eight months of 2025 with a 28.6% increase. The market is estimated to have generated $10.37 billion in 2024, with projections reaching $16.42 billion by 2033; fantasy is currently the fastest-growing segment. Hachette India reported hit sales of over ₹110 crore in 2025, compared to ₹45 crore in 2019.
DIGITAL DETOX
With digital fatigue setting in after years of screen overload, reading is back in vogue. Kapish Mehra, managing director of Rupa (noted in sources), observed an upswing in categories like cookery, health, and spirituality. Anish Chandy, founder of Labyrinth Literary Agency, noted that people are craving deeper engagement again after hitting "peak digital overload". This momentum is further fueled by buzz around global platforms for Indian authors like Arundhati Roy and Kiran Desai.
Manoj Satti of Penguin Random House India highlighted double-digit year-on-year growth at major fairs, noting that international awards are bringing wider visibility to Indian stories. While English publishing thrives, regional language publishing is seeing renewed energy; for example, the Malayalam novel Ram C/O Anandhi sold 300,000 copies in a single year.
A younger demographic is driving this growth, with readers aged 16–24 accounting for approximately 37% of print book purchases. Popular culture also plays a role; sales of Julia Quinn’s books jumped from under 1,000 a year to over 10,000 after the release of the show Bridgerton.
DRAWING READERS IN
Although the retail base is smaller than pre-covid levels, independent bookstores are reinventing themselves. Atta Galatta in Bengaluru has increased its footfall by 20–25% since 2024 by hosting curated events like theatre performances, literary meet-ups, and food-and-literature clubs.
Publishers are also focusing on sharper curation and better forecasting. Bloomsbury India managing director Rahul Srivastava noted that the industry is publishing more intentionally. However, challenges remain, such as the cost of paper, which surged from ₹75 to ₹140 a kilo post-pandemic.
DISCOVERING BOOKS
Book discovery has become more participatory and community-driven. Social media platforms, "Bookstagrammers," and influencers are now powerful discovery channels. Celebrity-led book clubs, such as those by Sonali Bendre and Twinkle Khanna, help turn single recommendations into long-term conversations.
The Silent Book Club’s Delhi-NCR branch grew from a handful of members to over 1,900. Similarly, the Mumbai Literary Club hosts monthly book swaps and author talks to satisfy a "real hunger" for like-minded community spaces. By all accounts, books are finding new life in India through a combination of community, curation, and the enduring pleasure of the printed word.
India’s energy supplies are secure, says govt
Rishi Ranjan Kala New Delhi
The government asserted that emergency measures, including directing refineries and petrochemical complexes to maximise LPG production and the invocation of the Essential Commodities Act and Petroleum Products (Maintenance of Production, Storage and Supply) Order from March 5, have helped boost India’s LPG production by 25 per cent.
The government also underlined that 70 per cent of India’s crude imports are now being routed outside the Strait of Hormuz and that energy supplies are secure.
Household Use
Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, stated that the entire domestic LPG production is being directed towards household consumers. She noted that on March 8, the government directed all domestic or SEZ oil-refining companies to ensure that the entire production of C3 and C4 streams (including propane, butane, and propylene) is utilised for LPG production. This directive led to the 25 per cent increase in domestic LPG production, a significant jump from the 10 per cent increase reported earlier in the week.
LPG Output
India’s average daily LPG production has shown a rising trend:
- October 2025: ~34,613 tonnes
- November 2025: 34,533 tonnes
- December 2025: 35,968 tonnes
- January 2026: 37,355 tonnes
Based on the latest available January figures, India’s average daily output has risen to roughly 46,694 tonnes.
LNG Consumption
On the subject of LNG, Sharma reported that India’s cumulative natural gas consumption is approximately 189 million standard cubic meters per day (mscmd). Of this:
- 97.5 mscmd is domestically produced.
- 91.5 mscmd is imported.
- 47.4 mscmd of supply is currently affected due to force majeure.
Sharma concluded that while the global situation remains challenging, India’s energy supplies are under control.
Nifty slips to 10-month low amid war woes
Anupama Ghosh Mumbai
The markets suffered a sharp, broad-based sell-off on Wednesday, with the Nifty50 closing at its lowest level in nearly 10 months. Escalating geopolitical tensions in West Asia, a firming dollar, and persistent foreign institutional selling battered investor confidence.
The Sensex plunged 1,342.27 points, or 1.72 per cent, to close at 76,863.71, while the Nifty50 shed 394.75 points, or 1.63 per cent, to end at 23,866.85. It slipped below the psychological 24,000 mark for the first time since the record highs seen at the start of 2026.
Nifty Financial Services was among the hardest hit sectoral indices, dropping 2.32 per cent, while Nifty Bank fell 2.13 per cent, erasing the entire gains of the previous session. Nifty Midcap 100 lost 1.25 per cent and Nifty Next 50 declined 1.08 per cent. Nifty Smallcap 100 showed relative resilience, shedding just 0.36 per cent. Auto was the worst-hit sector, losing over 3 per cent. Selective buying in pharma and oil & gas provided limited support.
Energy policy success
Deft diplomacy, strategic reserves can avert crisis Tuhin A Sinha Sumit Kaushik
The temporary disruption in LPG supplies in parts of India is a reminder of how deeply interconnected the global energy system has become. The closure of the Strait of Hormuz amid escalating tensions in West Asia has triggered shocks across global energy logistics.
The government responded quickly by invoking the Essential Services Maintenance Act to ensure supply chains continue functioning smoothly. Officials have clarified that the disruption is logistical rather than structural and is expected to stabilise soon as alternative supply routes and inventories are activated. Moments like these test not only the resilience of energy systems but also the maturity of political discourse. The Strait of Hormuz is among the world’s most critical energy choke-points; when it is disrupted, the global supply chain inevitably feels the impact. In such extraordinary geopolitical circumstances, responsible politics requires calm assessment rather than alarmism.
A CRITICAL PILLAR
Energy security is a critical pillar of national security for a country that imports nearly 85 per cent of its crude oil requirements. Global oil market disruptions can directly affect inflation, trade balances and economic stability. Recognising this vulnerability, the government has spent the past decade strengthening India’s energy resilience through diversification, infrastructure investment and diplomatic engagement.
One key factor behind this resilience is diversification of suppliers. Over the last decade, India has expanded the number of countries from which it imports crude oil. By 2025, the number of supplier nations had increased from 27 to 40, ensuring that no single geopolitical crisis can cripple India’s supply chain.
India also maintains significant energy buffers. The country currently holds between six and eight weeks of crude and fuel inventory. Commercial refiners maintain roughly 25 days of stock while strategic petroleum reserves provide additional coverage. Combined, these reserves allow India to withstand supply disruptions for nearly 70 days.
Strategic petroleum reserves have been particularly important. Underground storage facilities at Visakhapatnam, Mangaluru and Padur provide about 5.3 million tonnes of crude storage capacity. In addition, India maintains substantial onshore crude storage.
Another pillar of stability has been India’s pragmatic energy sourcing strategy. Following changes in global markets, India significantly increased imports of discounted Russian crude. By 2025, Russia accounted for roughly 35 per cent of India’s oil imports, helping stabilise supplies and shield domestic markets from global price volatility.
During the current crisis, the government has also reviewed contingency options including supply diversification and maritime security. State-run refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have explored alternative supplies from the US, West Africa and Latin America. While these shipments involve longer transit times than Gulf routes, India’s diversified supplier network ensures viable alternatives remain available.
Energy security depends not only on infrastructure but also on diplomacy. India has remained engaged with key regional actors including Israel, Iran, Saudi Arabia and the United Arab Emirates. Such diplomatic balance is crucial in a region that remains central to global energy markets. It is also important because nearly nine million Indians live in West Asia.
The country is projected to be one of the largest drivers of global oil demand growth in the coming years. To support this growth, India has expanded refining capacity and upgraded energy infrastructure. Energy security is constructed gradually through sustained policy planning, infrastructure investment and diplomatic engagement.
Tuhin A Sinha is National Spokesperson, BJP; Sumit Kaushik is a social impact and public policy consultant.
Germany can weather Iran war if it doesn’t last long
Kamil Kowalcze
Germany’s economy is expected to suffer only a minor setback from the war in Iran if the conflict doesn’t escalate further, according to the German Institute for Economic Research (DIW) in Berlin.
Higher oil and gas costs are projected to reduce growth in Europe’s biggest economy by about 0.1 to 0.2 percentage point this year, leaving expansion at around 1 per cent. This outlook assumes that the biggest surge in energy prices linked to military intervention has already passed.
Inflation and Energy Costs
The inflation rate is expected to rise by roughly 0.4 percentage point due to higher energy costs, putting price growth at about 2.4 per cent in 2026, even without further escalation. DIW expects energy costs to ease “significantly” between April and June. Following military strikes by the US and Israel on Iran, oil prices jumped above €100 ($115.95) a barrel, prompting Friedrich Merz’s government to establish a task force to monitor sharp increases in gasoline and diesel costs.
Economic Uncertainty
While US President Donald Trump has suggested the war could end soon—contributing to a recent pullback in crude prices—the lack of visibility regarding its duration continues to weigh on the global economy. DIW president Marcel Fratzscher emphasized that politicians must work to reduce uncertainty and implement key reforms without hesitation.
Fratzscher also warned that subsidising gasoline prices, as requested by some lobby groups, would be a “serious mistake”. He argued it would be expensive and result in a “misguided redistribution of wealth from people with low incomes to those with high incomes”.
Despite these challenges, Germany’s growth is expected to remain supported by expansionary fiscal policy.
No comments:
Post a Comment