The following is the article titled "Iran sanctions rollback unlikely to disrupt India’s crude supplies" by Rishi Ranjan Kala, as published on the front page of the July 10, 2026, edition of The Hindu Business Line:
Iran sanctions rollback unlikely to disrupt India’s crude supplies
Rishi Ranjan Kala New Delhi
The rollback of the 60-day sanctions reprieve for Iran is unlikely to impact India's crude oil imports in August and September, with Russia, the US, West Africa and South America providing alternatives to the lost barrels from the Gulf.
However, trade sources and refiners indicated that liquefied petroleum gas (LPG) could again become a flashpoint if renewed hostilities continue for long, which would extend the closure of the Strait of Hormuz (SoH), impacting the supply of the key cooking medium for numerous Indian households.
'CAUTIOUS REVIEW' “We are reviewing the situation and awaiting clarity from the Ministry. Crude oil imports from Iran will get hit if the sanctions waiver is not extended. We will see more dark tanker activity. Besides, the plan to import [from Iran] is more of long-term,” said an executive with a domestic refiner.
Kpler said the recent exchange of fire in West Asia following President Donald Trump’s comments on ceasefire — had once again raised concerns over the security of the SoH.
“Crude flows through the Strait had not fully recovered before the latest escalation. For India, however, it has largely been business as usual over the past 100 days, with refiners successfully managing supply through a diversified import portfolio,” the global real-time data and analytics provider added.
Sumit Ritolia, Kpler’s Lead Research Analyst for Refining and Modeling, told BusinessLine: “Where I believe the market should pay closer attention is LPG and LNG. Unlike crude, these products have fewer short-term substitution options, and remain more exposed to Gulf supply and shipping disruptions. A prolonged period of instability could tighten availability, increase freight costs and add pressure to regional prices as we have seen over last few months”.
RESILIENT PATH Ritolia emphasized that India’s crude import basket today is much more resilient than it was a few years ago. For instance, Russian crude today accounts for a significant share of imports, while barrels from Saudi Arabia and the UAE are delivered via terminals on the Red Sea that provides an additional layer of security.
“West African and Latin American grades continue to complement refining requirements. Cargoes that can safely transit the Strait are still expected to move, although freight rates and insurance costs could rise if tensions persist,” he said.
For now, Ritolia explained that India’s crude supply story remains one of diversification and resilience, not immediate scarcity.
Based on the front page of the July 10, 2026, edition of The Hindu Business Line, the following is the reproduction of the article regarding the monsoon's progress:
Monsoon covers the entire country with 38% excess rain between July 1 and 9
Prabhudatta Mishra New Delhi
The South-West Monsoon covered the entire country on July 9, despite its onset being delayed by a day from its normal schedule. The monsoon’s coverage date in 2025 was July 2, earlier than the normal.
Amid forecasts of a super El Nino, the timely arrival of the monsoon in all parts of the North-West region and vigorous rainfall activity in the first nine days this month may help boost kharif sowing, which was a bit on account of 37 per cent deficit in June.
“The South-West monsoon has further advanced into the remaining parts of the North Arabian Sea, Rajasthan, Haryana and Punjab. Thus, it has covered the entire country today, against the normal date of July 8,” the India Meteorological Department (IMD) said. Monsoon set in over Kerala on June 4, delayed by three days from its normal date, though the IMD had predicted early arrival on May 31.
DELAYED ONSET The monsoon has covered the entire country on July 9 only six times since 2000; the earliest was on June 16 in 2013, when the seasonal rainfall for the entire year was 6 per cent surplus.
The IMD has predicted this year’s monsoon to be 96 per cent of normal (or 10 per cent deficit) in the June-September season.
According to IMD data, the country as a whole received 204.7 mm rainfall between June 1 and July 9, which is 14 per cent below the long period average (LPA). While the South Peninsula and North-east meteorological subdivision received 38 per cent deficit rainfall, the north-west subdivision saw rainfall at 41 per cent surplus and 15 per cent in Central India.
The seasonal rainfall was 1 per cent surplus and 15 per cent deficit in Central India until the June 1-July 9 period. Only 13 States and UTs are currently in the deficit category, including Punjab, Uttar Pradesh, Uttarakhand, Bihar, Kerala and Assam.
With more information from the June 1-30 period when rainfall was 37 per cent below normal after the IMD report, actually at 40 per cent deficit.
As per latest data, the area of kharif crops is down 21 per cent to 350.85 lakh hectares (lh) as on July 5 from 442.80 lh a year ago. Total rice sowing is down to 59.55 lh from 71.05 lh in different parts of the country including Punjab, Chhattisgarh, Haryana and Central Water Commission data. The current year's storage is nearly 63.52 per cent of last year's level of 107.82 BCM.
The following is the article titled "The minerals gap India cannot afford to ignore" by Ganesh Vallabh, published on page 4 of the July 10, 2026, edition of The Hindu Business Line:
The minerals gap India cannot afford to ignore
India’s demand for critical minerals is rising, and this could be leveraged by countries that control output and refining
Ganesh Vallabh
The next great resource contest is not over oil. It is over lithium, cobalt, graphite, and rare earth elements — without which there are no battery charges, no wind turbine turns, and no electric motor runs.
Major powers have recognised this. The US has made critical minerals a strategic mineral stockpiling. The EU has forged critical mineral partnership. China already controls the refining of most of what the world needs today. India’s strategic recognition, so far, has not translated into action.
The world’s supply of critical energy transition minerals is geographically concentrated in the hands of a few. For instance, the Democratic Republic of Congo (DRC) accounts for about 70 per cent of global cobalt mine output, 90 per cent of rare earth production, and 86 per cent of lithium is from just four countries. For some minerals like graphite, it is even more concentrated. China alone accounts for 85 per cent of graphite, lithium, and cobalt. Indonesia controls about 50 per cent of global nickel refining capacity.
India has set itself some of the most ambitious clean energy targets in the world: 500 GW of renewable energy capacity by 2030, aggressive EV adoption targets, and a growing semiconductor manufacturing ambition. Each of these goals is mineral-intensive.
India currently produces negligible quantities of most of these minerals domestically. It has limited refining capacity. And it has no significant strategic stockpile to buffer against supply disruptions. While Japan, which subsidises up to 50 per cent of eligible CETM project costs and maintains several months’ worth of stockpiles, and the US, which in 2026 launched Project 2025 to create a $12 billion public-private critical mineral reserve. The gap between India’s clean energy ambitions and its mineral security posture is, at present, very wide.
India already accounts for 4.4 per cent of global rare earth permanent magnet imports, a figure poised to rise as EV and wind capacity expand. Nearly all of that comes from China, a dependency that receives far less policy attention than oil imports.
The UNCTAD report documents that between 2023 and 2026, export restrictive measures have been introduced on CETMs globally; 37 licensing requirements, 31 export taxes, and 29 export bans. China alone has introduced 16 measures, predominantly licensing requirements framed around national security. The message is clear: countries that control critical minerals are increasingly willing to use that control as strategic leverage.
THE DIPLOMATIC GAP The UNCTAD report identifies India as one of a small group of major economies lagging in the formation of CETM bilateral partnerships, alongside the EU, the US, and South Korea. While India’s strategic recognition is welcome, its recognition of intent is not yet matched by demonstrated capacity.
The US signed 11 bilateral mineral frameworks at a single ministerial meeting in 2024, involving 54 countries. The EU has signed 15 bilateral partnerships, often backed by a €2 billion European Investment Bank financing commitment.
The minerals gap, while growing, has not yet reached a comparable scale, speed, or financial commitment. The window for securing long-term supplies, especially from mineral-rich nations, particularly in the Global South, is competitive and narrowing.
Countries like the DRC, Zimbabwe, and Chile are now being courted by multiple major powers simultaneously, which has given them significant diplomatic pace.
India possesses significant rare earth deposits that remain underexploited, and a diplomatic credibility with mineral-rich developing nations that could be leveraged more effectively than it currently is.
The global race for critical minerals is one that India cannot afford to lose. It must run analytically, strategically, and with a sense of urgency.
The writer is an Assistant Professor at Symbiosis Institute of International Business, Pune. Views are personal.
The following is the article titled "Container ports lagging" by Jose Paul, published on page 5 of the July 10, 2026, edition of The Hindu Business Line:
Container ports lagging
Indian ports need to join hands with global majors
Jose Paul
Recent media reports suggest that India's container ports have climbed to 6th position globally as per the Container Port Performance Index 2023 for 400 million TEUs (Twenty Foot Equivalent Units) in 2025. This does not reflect the factual position as the latest Lloyd’s List and Alphaliner publications suggest that Indian container ports lag far behind major container ports in Asia, Europe and the US.
Shanghai has handled 55 million TEUs in 2025 – more than twice the combined annual container traffic of all Indian ports. Out of the 30 top container ports in the world, 11 are Chinese ports.
Singapore continues to remain the world's No. 2 port and handled 44.6 million TEUs in 2025. Singapore Port Authority has developed an ambitious project to build a mega-port at TUAS which port represents the concept of "The Singapore Transhipment Hub". However, Singapore is now facing a strong challenge from the Chinese Port of Ningbo-Zhoushan which is closely behind having handled 42.5 million TEUs.
Port of Busan in South Korea has maintained consistently at the 7th place having handled 24.8 million TEUs. South Korean Government with private participation plans to invest more than $35 billion for developing 12 ports in the next 20 years to improve their ship handling capacity. Laem Chabang in Thailand has maintained its position as the 18th largest port in the world, while the Port of Ho Chi Minh City in Vietnam has sprung a surprise by elevating its rank from 22nd to 14th, now handling 10 million TEUs. It is important to note that Colombo is still ahead of the two premier Indian ports, viz. Mundra and JN Port in Nhava Sheva having secured the 24th, 25th and 26th positions respectively.
Although containerisation was born in the US, recent developments in the US did not match the latest developments in container shipping. The US and European ports lagged behind due to a number of structural and operational factors influenced by environmental issues. During the last two decades there have been substantial improvements in the designs of container ships, embracing new technology and were able to accommodate third and fourth generation container ships upto 25,000 TEUs.
SEEKING PARTNERS Indian ports need to collaborate and partner with global container shipping giants to develop sustainable port infrastructure. The recent collaborative deal of Adani Ports offering 49 per cent stake in Vizhinjam port for container terminal operations to Mediterranean Shipping Company is a model worth considering.
Another example is the APM Terminals at Pipavav port in Gujarat where the world’s second largest container line Maersk’s terminal arm APM terminals has partnered with the port for management and operations. It holds a majority stake in Gujarat Pipavav port Ltd.
The Malaysian port Tanjung Pelepas has partnered with APM terminals with a 30 per cent stake and it has become the 15th largest container port in the world within 25 years of its existence. The JM Baxi Group has partnered with the third largest container line CMA CGM and the fifth largest container line Hapag-Lloyd for container terminal development, management and operations in Mumbai and Tuticorin ports.
Cochin Port's Vallarpadam terminal operator DP World would do well to partner with one of the largest container shipping lines for more efficient, faster and sustainable development in a highly competitive market environment.
It is important to note that seven largest container shipping lines — Mediterranean Shipping Company (MSC), Maersk, CMA CGM Group, COSCO Shipping, Hapag-Lloyd, Ocean Network Express and Evergreen Marine control 74 per cent of the global container market share and, therefore, they have the capacity, power and influence in port selection and direction of container trade.
The writer is a former Chairman of Mormugao Port Trust, and an Adjunct Professor of Indian Maritime University, Chennai.
The following is the article titled "Why currency stability is crucial" by Ravi Pokharna, published on page 4 of the July 10, 2026, edition of The Hindu Business Line:
Why currency stability is crucial
INDUSTRY HIT. Given exporters’ reliance on imported intermediate goods, a weak rupee is not a competitive advantage
Ravi Pokharna
The rupee’s breach of the psychological 86-per-US dollar mark has triggered familiar anxieties. Yet, this episode is less a reflection of weak domestic fundamentals and more about geopolitical tensions, elevated crude oil prices, and a structurally stronger US dollar.
India is not alone, as several emerging market currencies face pressure as capital seeks safety in dollar-denominated assets amid global uncertainty. The real challenge for policymakers is not to prevent every episode of depreciation, but to ensure currency movements remain orderly, predictable, and non-disruptive to growth and investment. Businesses can adapt to a gradually adjusting exchange rate; what they cannot manage are the sudden shifts that hit pricing decisions and working capital cycles.
Anatomy of Decline
The rupee’s current trajectory stems from a mix of factors:
- Geopolitical premium: The West Asian crisis and potential supply disruptions in the Strait of Hormuz, through which 20 per cent of global energy transits.
- Energy imports: India’s oil import basket rose from $89/bbl in April to $110/bbl in June-July 2026, with this primary energy shock accounting for over 70 per cent of the rise in India’s trade deficit.
- Domestic resilience: While solid macroeconomic data estimated GDP growth for FY26 at 4.3 per cent, a hawkish US Federal Reserve has sustained the strength of the Dollar Index (DXY).
- Regional rotation: Investors have shifted capital toward North Asian markets. Net foreign portfolio outflows in India reached ₹2.69-lakh crore YTD in 2026 (up to July 8), with foreign investors pulling out over ₹2.40-lakh crore from domestic equities between March and June alone.
Weak RE vs Exports
The traditional assumption that a weak rupee automatically boosts exports no longer holds in an increasingly globalised economy. India’s manufacturing sector is now deeply integrated into global supply chains and remains heavily dependent on imports of intermediate goods, machinery, and components.
For industries like electronics, engineering, chemicals, and pharmaceuticals, a weak rupee raises input costs even as it improves export realisations, significantly reducing the net gain. For instance, renewable energy developers face rising expenses for solar panels, and infrastructure projects experience cost pressures where imported equipment is involved.
Currency-Growth Link
Currency stability has become a strategic industrial policy variable. The true potential of initiatives like Make in India and PLI depends on the ability of firms to operate within a predictable macroeconomic environment. Rupee weakness combined with high oil prices simultaneously raises input costs and electricity tariffs, adding to the fiscal borrowing burden and creating widespread inflationary pressure that particularly affects MSMEs.
The Remittance Cushion
One of India’s most powerful stabilisers is its global workforce, with $135.4 billion in remittances received in FY25. The article suggests that policymakers should:
- Expand G2G skilling migration partnerships for blue-collar segments like construction, welding, and nursing to meet acute shortages in countries like Japan, Germany, Israel, and Italy.
- Align the Skill India mission with international labour market demand, focusing on global mobility.
- Support talent integration through qualification recognition and portable social security.
Ultimately, exchange rates should be viewed as economic mechanisms rather than national scorecards. At this moment of global volatility, the stability and predictability of the rupee will be India’s greatest competitive advantage.
The writer is Executive Director, Pahle India Foundation. With research inputs from Ankush Parkar, Senior Visiting Fellow, Pahle India Foundation.
The following is the article titled "BioCompute enlarges funding plan for DNA storage" by Siddhi Patil, as published on page 9 of the July 10, 2026, edition of The Hindu Business Line:
BioCompute enlarges funding plan for DNA storage
Siddhi Patil Mumbai
DNA data storage start-up BioCompute is on track to close a major funding round by the end of 2026, with the amount of investments expected to exceed previous estimates.
The surge in investor interest follows the successful content creator Vyom Bhatia-based start-up with the capacity to demonstrably storage its working prototype and towards its first commercial launch.
Founder Anagha Rajesh said BioCompute’s technology used to manufacture specialized microfluidic chips, hardware and software for DNA-based data storage has reached the required infrastructure.
DATA ARCHIVE At the heart of BioCompute’s proposition is an attempt to rethink how the world’s repository relies largely on magnetic media or trapped electrons to preserve binary information—systems that consume significant amounts of electricity, require constant cooling, and occupy massive physical space.
BioCompute instead converts conventional binary data into the genetic information stored within DNA. Although DNA data storage has been researched globally since the 1980s, with companies in the US and Europe pursuing commercialisation, Mumbai-based BioCompute has developed a lab-automated system capable for both writing and reading DNA-based data.
DNA STORAGE Most existing DNA storage companies synthesise entirely new strands of DNA to encode digital information, a process that is currently time-consuming and expensive.
Rather than creating synthetic DNA from scratch, the company’s process involves culturing DNA as a template and modifies it using proprietary enzymes. Rajesh likens these enzymes to “sticky notes” that attach to specific DNA tags without altering the DNA’s underlying genetic sequence.
Because the DNA template itself remains unchanged, the company says it can avoid the expensive synthesis cycle and instead rely on a proprietary sensing mechanism for reading information.
BioCompute’s method, called enzymatically mediated encoding (EME), relies on the latest-generation nanopore sequencing technology which passes the DNA molecule through nanopores to detect an electrical current, each modification in the molecule giving a unique voltage signature. As tagged DNA molecules are sucked back into these nanopore sensors, software converts the electrical signals back into the original binary data.
The company has drawn cautious optimism from academia. Sangeeta Sawant, Head of Department of Bioinformatics at Savitribai Phule Pune University, Pune, said DNA-based data storage is scientifically feasible but is currently better suited for institutional archival applications rather than consumer boundaries.
The following is the article titled "Ladakh bets on connectivity to power tourism growth" by Gulzar Bhat, as published on page 9 of the July 10, 2026, edition of The Hindu Business Line:
Ladakh bets on connectivity to power tourism growth
Gulzar Bhat Leh
Ladakh awaits two of its biggest connectivity upgrades — a new terminal at Leh airport and a near-all-weather tunnel at Zojila — to what they believe could be a game-changer for the tourism sector, with improved road and air connectivity and higher speed travel to the high-altitude region over the coming years.
The optimism stems from infrastructure projects that stakeholders say will address the perennial problem of Ladakh’s isolation during the harsh winters and limited flight capacity.
UNIMPEDED FLOW The Zojila tunnel, expected to be completed in 2028, will provide year-round road connectivity between Kashmir and Ladakh.
Civil Aviation Minister Ram Mohan Naidu on Wednesday said 83 per cent of the physical work on Leh’s new airport terminal had been completed. Once operational, the terminal will be capable of handling up to 54 flights a day, more than three times the current capacity.
Nornon Wangchuk, General Secretary of the All Ladakh Hotel and Guest House Association (ALHIA), told BusinessLine that better connectivity would be crucial to ensuring the long-term growth of tourism in the region.
“Once these two crucial projects are completed, Ladakh’s tourism sector will undergo a total transformation,” he said. Wangchuk said all-weather connectivity through the Zojila tunnel and increased flight frequency at Leh airport would make the region more accessible, reduce travel uncertainties, and attract more domestic as well as international tourists.
TOURIST ARRIVALS UP Ladakh witnessed a strong recovery in tourist arrivals in the first half of 2026. Governor Vinai Kumar Saxena said in a post on X: “Foreign tourist arrivals reached 6,680 in June, a 300 per cent increase over the same month last year”.
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