Experts have hailed the MOUs, calling them game-changing for India’s energy security in the long-term. The importance of having strategic petroleum reserves has been brought to light with stark clarity due to the US-Iran war.

The government has imposed a Rs 3 per litre windfall tax on petrol exports while reducing levies on diesel and aviation fuel. These revised rates, effective May 16, aim to ensure domestic fuel availability and prevent excessive profits from elevated global crude oil prices amid the West Asia conflict.

Investment part of broader $730 million round; valuation up 30% since last secondary transaction.

Indian aviation faces unprecedented turbulence due to a perfect storm of factors. From pandemic fallout and engine failures to airspace closures and a Middle East war driving fuel prices sky-high, airlines are struggling. Passengers face rising fares and cancelled routes as the sector grapples with deep financial distress and operational chaos.

Commerce and Industry Minister Piyush Goyal urged India and African nations to align standards, customs, and business practices to boost bilateral trade. He highlighted the combined economic potential of the African Continental Free Trade Area and India’s economy, emphasizing collaboration in integrated value chains and manufacturing, particularly in renewable energy and digitalization.