On March 23, 2026, Prime Minister Narendra Modi addressed the Lok Sabha, shedding light on the ongoing war in West Asia and its potential repercussions for India. The conflict, which has been escalating for over three weeks, has raised significant global concerns.

During his address, PM Modi emphasized the seriousness of the situation, stating, “The situation in West Asia is worrisome. In the last 2-3 weeks, EAM Dr S Jaishankar and Union Minister Hardeep Puri have provided the details of the situation to the House.” This highlights the government’s proactive approach in keeping parliament informed.

In response to the crisis, PM Modi chaired a high-level meeting of the Cabinet Committee on Security, where ministers were directed to form dedicated groups to address the emerging challenges posed by the conflict. “This war has also created unforeseen challenges before India. These challenges are economic, related to national security, and humanitarian,” he noted.

One of the critical issues discussed was the management of supply challenges arising from disruptions around the Strait of Hormuz. Despite the tensions, PM Modi reassured that several shipments have continued to reach India via this vital route in recent days.

Currently, India holds approximately 53 lakh metric tonnes of strategic petroleum reserves, with plans to expand this to 65 lakh metric tonnes. Modi stated, “India is procuring petroleum and gas from multiple global sources, keeping a close watch on key shipping routes, including those in the Gulf region.”

Furthermore, the Prime Minister highlighted the diversification of India’s crude oil import sources, which has increased from 27 to 41 countries. This strategic move aims to mitigate risks associated with reliance on any single source.

PM Modi also reassured citizens that the supply of LPG for domestic use remains a top priority for the government, emphasizing that production within the country has increased over the years. “LPG supply for domestic use continues to be the government’s top focus,” he stated.

As the situation develops, the government remains vigilant and responsive to the challenges posed by the West Asia crisis. The implications of these events are significant for national security and economic stability in India.

Details remain unconfirmed regarding the full extent of the crisis’s impact on India, but the government’s proactive measures indicate a commitment to safeguarding national interests amid global uncertainties.

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Two oil tankers carrying roughly 3 million barrels of West Asian oil have arrived in India after successfully transiting the Strait of Hormuz. This development raises hopes for increased energy supplies to the country, which relies heavily on imports for its energy needs.

One of the tankers, the Liberia-flagged Shenlong, is carrying around 1 million barrels of crude oil from Saudi Arabia. The other is an India-flagged Very Large Crude Carrier (VLCC) transporting approximately 2 million barrels of crude from Iraq.

India’s energy security is significantly tied to the stability of shipping routes in the Gulf, with around 60% of its liquefied petroleum gas (LPG) requirement met through imports, and 90% of these imports passing through the Strait of Hormuz.

In light of recent disruptions in LPG supply, which have affected sectors such as hospitality, India is actively negotiating with Iran for the safe passage of vessels headed to its shores. The External Affairs Minister of India, Randhir Jaiswal, noted that he and Iran’s Foreign Minister have engaged in three conversations in recent days regarding shipping safety and energy security.

“The objective of the diplomatic engagement was to keep the sea route open for Indian vessels so that shipments of crude oil and liquefied natural gas (LPG) continue without major disruption,” Jaiswal stated.

Disruptions linked to the ongoing conflict involving the US, Israel, and Iran, along with instability around the Strait of Hormuz, have triggered a shortage of commercial LPG in India. Prime Minister Modi has emphasized that these challenges are not unique to India, assuring that the government is prepared to handle any disruptions effectively.

On March 12, 2026, the Indian Oil Corporation (IOC) recorded a total traded volume of 56,34,938 shares, with its stock opening at ₹157.40, down 2.01% from the previous close of ₹160.63. The last traded price was ₹157.20, reflecting a day’s loss of 1.43%. IOC currently holds a market capitalization of ₹2,26,928 crores.

Details remain unconfirmed regarding the exact permission status from Iran for the two oil tankers to cross the Strait of Hormuz, and the long-term implications of the current disruptions in LPG supply remain uncertain.

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Beauty Sector Developments

In a significant move within the prestige beauty market, Estée Lauder is set to acquire Forest Essentials, a prominent Indian Ayurvedic beauty brand founded by Mira Kulkarni in 2000. Forest Essentials has established a notable presence with approximately 200 stores across India.

For the financial year ending March 2025, Forest Essentials reported a revenue of about €54.7 million (approximately INR 585 crore18% year-on-year growth. This positions the brand among the top two players in India’s homegrown prestige beauty market, which currently holds about 10% market share.

Market Forecast

The prestige and luxury beauty market in India is projected to grow significantly, with forecasts estimating its value to reach $4 billion by 2035. This growth trajectory underscores the increasing consumer interest in premium beauty products.

Additionally, Kama Ayurveda reported a revenue of INR 141 crore (approximately €13.18 million) for the same financial year, further illustrating the robust performance of homegrown brands in the prestige sector.

Future Considerations

As the market evolves, the dynamics of consumer preferences and supply chain factors will continue to shape the landscape for prestige brands. Details remain unconfirmed regarding how these changes will impact long-term strategies for companies involved.

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Government Directives

The Ministry of Petroleum and Natural Gas issued orders directing oil refineries and petrochemical units to maximize LPG production specifically for domestic use. This initiative aims to prioritize energy security for households across the country.

In addition, the government has classified natural gas supply to certain sectors as a priority allocation. Fertilizer plants are mandated to maintain seventy percent of their past six-month average gas consumption, while gas marketing entities must ensure eighty percent gas supply to tea industries and other industrial consumers.

City Gas Distribution entities are also required to provide eighty percent gas supply to industrial and commercial consumers. Conversely, oil refining companies have been ordered to reduce their gas allocation to approximately sixty-five percent of their past six-month gas consumption.

Measures to Prevent Hoarding

To prevent hoarding and black marketing, a 25-day inter-booking period has been introduced. This measure is designed to regulate the availability and equitable distribution of petroleum products and natural gas, ensuring that the needs of consumers are met without disruption.

Every producer, importer, transporter, marketer, or distributor of natural gas is now required to furnish information to the Central Government, further enhancing transparency in the supply chain.

Current Status

As of now, the government is actively monitoring the situation to ensure that domestic LPG supply remains stable. The invocation of the ESMA Act reflects the government’s commitment to safeguarding energy security for its citizens during challenging times.

Significance of the ESMA Act Invocation

This sequence of events is crucial for various stakeholders, including households relying on LPG for cooking and industries dependent on natural gas. The government’s proactive measures aim to mitigate the impact of external disruptions on domestic fuel supply, ensuring that essential services continue without interruption.

As the situation evolves, the government’s actions under the ESMA Act will play a vital role in maintaining stability in the energy sector.

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