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India has adequate crude oil reserves, self-reliance essential, says PM amid Iran war

PM Modi told Parliament that India has sufficient crude oil reserves and diversified energy imports as the Iran war disrupts global trade routes and energy supply chains.

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Prime Minister Narendra Modi on Tuesday said India has adequate crude oil reserves and reliable supply arrangements, even as the ongoing conflict in West Asia continues to disrupt global energy markets and trade routes.

Speaking in the Rajya Sabha, the Prime Minister said the war, now in its fourth week, has started affecting international trade routes, leading to disruptions in the supply of key commodities such as petrol, diesel, gas and fertilisers.

He noted that the conflict has triggered a severe global energy crisis, which is a matter of concern for India. The situation has worsened after Iran retaliated against US-Israeli attacks by restricting traffic through the Strait of Hormuz and targeting energy infrastructure and strategic locations in the region.

The Prime Minister also raised concerns about the safety of Indian citizens and seafarers in the Gulf region. He said many ships remain stranded in the Strait of Hormuz, and a large number of Indian crew members are on board these vessels. He added that the safety of more than one crore Indians living and working in Gulf countries remains a top priority for the government.

PM Modi said he has spoken twice with leaders of West Asian countries since the conflict began and that India remains in constant contact with Gulf nations as well as Iran, Israel and the United States. He stressed that India is pushing for de-escalation, dialogue and the reopening of the Strait of Hormuz, stating that attacks on commercial shipping and disruption of international navigation are unacceptable.

Assuring the country on energy security, the Prime Minister said India has sufficient crude oil storage and has diversified its energy import sources over the years. He said India earlier imported energy from 27 countries, but now sources oil, LNG and LPG from 41 countries.

He added that India has significantly expanded its strategic petroleum reserves over the past decade, with more than 5.3 million metric tonnes of storage capacity created in the last 11 years. Oil companies also maintain substantial reserves of petrol and diesel to manage emergency situations.

The Prime Minister said the government is promoting the use of Piped Natural Gas (PNG) along with LPG to strengthen domestic gas supply. He also emphasised the need for self-reliance, especially in the shipping sector, noting that more than 90 percent of India’s trade is carried on foreign ships, which creates risks during global crises.

To reduce this dependence, the government has launched a major initiative worth around Rs 70,000 crore to build ships in India. He said strengthening domestic capabilities and reducing dependence on other countries is essential for India’s long-term economic and energy security.

The Prime Minister added that despite the global crisis, India’s economic fundamentals remain strong and the government is working on short-term, medium-term and long-term strategies through an inter-ministerial coordination group to reduce the impact of the conflict on the country.

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Twin earthquakes strike Venezuela within 39 seconds, triggering panic in Caracas

Venezuela witnessed two powerful earthquakes within 39 seconds, triggering panic in Caracas, damaging infrastructure and leading authorities to declare a state of emergency.

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Two powerful earthquakes struck Venezuela within just 39 seconds, causing widespread panic, damaging buildings and disrupting key infrastructure in and around the capital, Caracas.

According to the United States Geological Survey (USGS), the first earthquake measured magnitude 7.2 and struck on Wednesday evening near the coastal town of Moron. Just 39 seconds later, a stronger 7.5-magnitude tremor hit roughly 45 kilometres away, creating what seismologists described as a “doublet” earthquake sequence.

The back-to-back quakes sent residents rushing into the streets as buildings shook violently across Caracas. Several structures suffered severe damage, with reports of building collapses in parts of the capital. Rescue workers were deployed to search through rubble while emergency teams assessed the extent of the destruction.

Visuals shared on social media showed scenes of chaos at Simon Bolivar International Airport, where parts of the terminal roof reportedly collapsed, filling sections of the facility with dust and smoke. Passengers were seen evacuating the airport as power flickered during the tremors. Authorities later announced the closure of the airport because of significant damage.

More than 20 aftershocks were recorded following the twin earthquakes, raising concerns about additional structural damage. The USGS warned that the disaster could result in significant casualties and economic losses, while landslides were also reported in affected areas.

Venezuela’s interim president Delcy Rodriguez declared a state of emergency following the earthquakes and urged citizens to remain cautious as emergency response efforts continued. Opposition leader Maria Corina Machado also expressed solidarity with those affected by the disaster.

The earthquakes are being described as among the strongest to strike Venezuela in more than a century. Authorities continue to assess the full scale of the damage and search for possible victims trapped beneath collapsed structures.

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London court orders Nirav Modi to pay Bank of India over $11.5 million in loan guarantee case

A London court has ruled that fugitive businessman Nirav Modi must pay Bank of India more than $11.5 million, including interest, in a loan guarantee dispute.

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Fugitive diamond merchant Nirav Modi has been ordered by a London court to pay Bank of India more than $11.5 million, including accrued interest, in connection with a personal guarantee linked to a loan extended to one of his Dubai-based firms.

In a significant ruling delivered by the London Circuit Commercial Court, Justice Simon Tinkler held that Modi remained liable under the personal guarantee issued for a loan granted to Firestar Diamond FZE, a Dubai-incorporated company associated with him. The court rejected Modi’s challenge to the enforceability of the guarantee.

The court examined whether Modi had been properly served with a demand notice, whether the demand related to a liability owed to the bank, and whether the personal guarantee was legally enforceable. Justice Tinkler ruled in favour of Bank of India on all three issues.

According to the judgment, Modi is liable for the principal outstanding amount of $4.1 million. After adding accumulated interest, the total payable amount has risen to an estimated $11.5 million as of March 2026, with additional interest continuing to accrue.

The public sector lender has been pursuing recovery proceedings against Modi since 2018, following the emergence of allegations involving companies linked to the businessman. Modi, who has largely represented himself in the proceedings, is currently lodged in a UK prison while contesting his extradition to India in a separate Punjab National Bank fraud and money laundering case.

Law firm Fladgate LLP, representing Bank of India, clarified after the verdict that the proceedings were strictly related to a commercial banking recovery claim and did not deal with the wider allegations connected to the Punjab National Bank fraud case.

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Trump rejected JD Vance’s proposal for Indian peacekeepers in Ukraine, says new book

A newly published book claims Donald Trump rejected JD Vance’s proposal to include Indian troops in a potential Ukraine peacekeeping mission.

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US President Donald Trump reportedly dismissed a proposal by Vice President JD Vance to involve Indian troops in a potential peacekeeping mission in Ukraine, according to a newly released book detailing internal White House discussions on the Russia-Ukraine conflict.

The revelation appears in “Regime Change: Inside the Imperial Presidency of Donald Trump”, authored by journalists Maggie Haberman and Jonathan Swan. The book claims that the discussion took place during an Oval Office meeting held shortly after Trump’s return to the White House, when senior officials were considering options to end the war in Ukraine.

Vance suggested India and Saudi Arabia

According to the book, retired Lieutenant General Keith Kellogg, Trump’s special envoy for Ukraine and Russia, presented a peace proposal that included deploying foreign troops to monitor a possible ceasefire between Russia and Ukraine. Initial plans reportedly considered personnel from European countries, including France, Britain and the Netherlands.

However, Vance is said to have raised concerns over deploying troops from NATO countries, arguing that such a move could escalate tensions with Russia. He then reportedly suggested that countries outside Europe, such as India and Saudi Arabia, could contribute troops for the mission.

Trump’s reported response

The book claims Trump laughed off the suggestion and responded by saying, “The Indians won’t do that,” adding that India would not be willing to bear the costs associated with such a deployment. The authors further state that Trump remarked on his relationship with Prime Minister Narendra Modi while expressing doubts about India’s participation.

There has been no official response from the Indian government regarding the claims mentioned in the book.

The reported exchange comes amid ongoing international efforts to secure a ceasefire and find a diplomatic solution to the prolonged Russia-Ukraine war. Several proposals involving multinational peacekeeping arrangements have been discussed in recent years, though no agreement has yet been reached.

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