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Economy News, Latest Economic News Today | The HinduBusinessLine

GE, HAL clinch tech deal on joint jet engine plan India rejects USTR allegations, seeks termination of Section 301 probe Indian automobile sales record highest-ever sales in FY26, first time after FY19: SIAM Madhya Pradesh CM says basmati rice from the State is exported to 47 nations 63 Moons’ cybersecurity arm pilots GPS-spoofing solution at Indian airports Highways ministry notifies amendment to streamline fee for overloaded vehicles on NHs Global aviation crisis deepens as fuel shortage, Iran conflict hit airlines TRI launches agri-voltaic project to help farmers earn double income Hotel industry to hit $31 billion in 2029; listed hotel firms set to add 70k rooms by 2030: CBRE Temperatures may trend up over North-West, Central India until weekend Reduction in airport tariff credit neutral, minimal impact on revenue: Ind-Ra Global coffee prices rise as fertiliser costs and West Asia tensions threaten supply Bluspring Enterprises to acquire LSG Sky Chefs India, enters aviation catering sector China says policy to improve relations with India remains unchanged amid Arunachal naming row Research firms divided over impact of below normal monsoon on food inflation Unnat Krishi Mahotsav concludes, farmers to emerge as energy, fuel & hydrogen providers, says Gadkari Airlines may get ₹5,000 crore credit support under proposed ECLGS variant How kashmir’s breakthrough is making Gucchi mushroom farming possible Centre not taking away State’s power on bonus for agri produces, says FM Sitharaman Carriers cut flights on cost pressures, uncertain demand GE Aerospace scales AI from pilots to production; India anchors global capability West Asia crisis may push India’s current account deficit to 2% of GDP: Crisil Tax Dept to resume Tiger Global reassessment, says GAAR relief won’t alter SC ruling Ceasefire talks fail to restore vessel movement in Strait of Hormuz, fate of 599 ships remain inconclusive DMRC launches mid-life refurbishment of Blue Line trains to enhance safety and passenger experience Retail inflation likely rose 3.5-4% in March India-UK free trade pact may come into force from second week of May: Official 'West Asia war a good opportunity for energy reforms, lower costs for industry' India’s marine exports surge to ₹62,408 crore in 2024-25, Govt sets ₹1 lakh crore target PM Modi to inaugurate Dehradun-Delhi Expressway on April 14 India’s economic growth journey huge opportunity for international partners: Kwatra From diesel to daylight: How government solar schemes are powering India’s farmers The next energy leap: Replicating ethanol’s success in diesel Delhi EV Policy: Electric 3-Wheelers Only by 2027, 2-Wheelers by 2028 Windfall levy on export bound diesel, ATF raised India-flagged LPG tanker Jag Vikram crosses Strait of Hormuz after US-Iran ceasefire Muted pricing power, rising costs to curb benefits of demand in cement sector: HDFC Securities Central Railway to run four special local trains for Ambedkar Jayanti Cotton Association revises output estimates for 2025-26 up at 324 lakh bales of 170 kg each Agtech marketing in the age of regional content and creator communities Rajnath Singh, Nitin Gadkari to join 3-day agri event at Shivraj’s home turf, inaugurated today How agripreneurship will drive improved rural livelihoods in India World’s largest tur producer, yet an importer: A self-sufficiency puzzle unfolding on ground Ethanol in diesel generators: India’s next practical step towards energy security How sustainable sourcing can unlock value in India’s agri-value chains West Asia Crisis: Induction cooking may consume 13-27 GW power Govt defers power plant maintenance for three months; ready for summer demand Tractor sales cross 10 lakh mark in FY26 on strong rural demand, GST cut India to continue buying Russian crude oil India’s textile and garments exports to the US declined 28.7% in February 2026 Why India’s ₹5 pack won’t disappear, but getting smaller West Asia conflict: LPG usage at 21-month low in March E-way bill generation surged all time high of over 14 crore in March Cotton prices firm up tracking global prices Corn prices poised to fall on Iran-US ceasefire pact Air India at critical stage of transformation: Tata Sons Chairman FYL91 commences new flights to Hyderabad, Rajahmundry and Vijayawada Telangana’s GST revenue up 15% in last 3 months ASMS launches agri-commerce network AYOU in Hyderabad Ladakh turns to apricot blossoms to stretch short tourism season Govt proposes overhaul of company incorporation rules to cut paperwork, enable risk-based checks HAL delivers 4 helicopters to Coast Guard Charter services operators urge review of ATF pricing Structural gaps affect growth of India’s high-value horticulture sector: Report Rubio set to visit India in May to discuss trade, tariffs, defence, Quad DGFT rolls out procedure for allocation of calcined coke Qatar vows to remain reliable energy supplier to India amid West Asia tensions Gadkari bats for 100% land acquisition before approving NH projects India must rethink West Asia energy reliance after biggest shock in decades, says ONGC chief Sumeet SSG partners Pinnacle Industries to strengthen Maharashtra’s EMS fleet Consumer durables growth muted as demand slows, margins shrink: HDFC Securities March 2026 was the fourth-warmest month on record, says European weather agency India relaxes rice exports norms to some European countries Unseasonal rains damage rabi crops on 2.49 lakh ha, wheat most affected: Agri Minister ADB projects 6.9% growth rate for current fiscal, 70 bps lower than FY26 India-UK FTA likely by May 1; EU trade deal expected by year-end Dubai limits foreign flights until May 31, letters show, hitting Indian airlines hardest India in talks with 20 more countries to open market access: Piyush Goyal ADB ups India's FY27 growth projections to 6.9% Iran control of Strait of Hormuz in focus as tanker turns back, Trump raises concerns India mulls creating 30-day LPG strategic reserve Fire at Mumbai airport terminal delays flights Lesson from West Asia conflict is to factor-in adverse scenarios while framing policies: Oil Secretary Maharashtra government expands agricultural oversight structure Surging Raw Material Costs Hit PVC and Packaging Industries Hard Unseasonal rain, hailstorms, may drag Indian wheat output by over 5% Milky Mist beats FY26 targets, IPO on track, says CEO Delegation to visit Washington as India, US look to revive trade deal talks Only 10% of Indian key reservoirs are filled over 80% IMF warns of deepening global food crisis as fertilizer prices surge Yara India to ramp up digital strategy to strengthen retailer connectivity War-induced risks cushioned by ample buffer for India: World Bank DGS issues direct pass-through of port concessions to exporters amid West Asia crisis Israel allows import of Indian okra seeds, wants virus-free declaration India now seen as ‘safe anchor’, offers stability, predictability and prospects: Shaktikanta Das CropLife asks farmers to tap zaid season window after rabi loss and below normal monsoon ahead Indian trade delegation to visit Washington this month Construction equipment sales fall 13 per cent in FY26 on project delays, weak execution: FADA El Niño threat puts brakes on FY27 auto growth as rural demand risks rise Indian govt hikes NBS fertilizer rates for kharif season by up to 21% to ₹41,533.81 crore
How the maritime sector is dealing with the Hormuz crisis
2026-04-19 · via Economy News, Latest Economic News Today | The HinduBusinessLine
HOMECOMING. The captain and crew of LPG carrier Nanda Devi, the second Indian vessel to cross the Strait of Hormuz in March

HOMECOMING. The captain and crew of LPG carrier Nanda Devi, the second Indian vessel to cross the Strait of Hormuz in March

For over 40 days, staff handling the helpline at the UK-headquartered International Seafarers’ Welfare and Assistance Network (ISWAN) have been fielding anxious calls from marine crew members stranded in the Persian Gulf. A third of these calls pertained to difficulties faced by seafarers in returning home while others were about employee rights.

“We have also handled cases where seafarers are experiencing stress or are hesitant to enter war-zone areas,” says Chirag Bahri, ISWAN’s international operations manager.

As the ongoing Iran-US-Israel conflagration has left the Strait of Hormuz, a vital trade lane, blockaded for more than a month, the maritime world is grappling with the human cost. Since February 28, when the war broke out, more than 20 merchant vessels have been attacked, leading to loss of lives and damage to maritime assets. More than 800 vessels, carrying 20,000-plus seafarers, are stuck in the region till date.

Welfare groups like ISWAN and shipping companies are helping the stranded seafarers navigate the choppy waters to the extent possible. While ISWAN is sensitising the crew on rationing food and essentials, the shipping firms have activated their contingency plans.

“Our vessels are operating under enhanced safety and security procedures, consistent with company protocol and current industry guidance. We have also enhanced connectivity on board to support crew in staying connected with their families, and our crew welfare teams remain available to both seafarers and their loved ones during this period,” says global ship management company Synergy Marine Group.

Mitsui OSK Lines says it has established a 24/7 support system, and remains in constant contact with its stranded vessels and crew to ensure their wellbeing.

Hapag Lloyd, which has six container vessels stuck in the Persian Gulf, has established a crisis taskforce to coordinate with its seafarers as well as customers. Asked about onboard protocols in a war zone, Hapag Lloyd responded that the situation calls for heightened caution and close coordination between ship and shore. “Communication with crews is absolutely key in this context. Crews are being closely informed about how the company assesses the situation and how decisions are made. Many decisions currently have to be taken day by day, depending on how the situation develops. From an operational point of view, life on board is being managed as steadily and reliably as possible,” says a spokesperson of the German container line.

Bonuses for seafarers

On March 5, the Persian Gulf, Gulf of Oman and Strait of Hormuz were designated as a Warlike Operations Area (WOA) by the International Bargaining Forum (IBF). Set up in 2003 by the International Maritime Employers’ Council (representing 330 shipping companies) and the International Transport Workers’ Federation, the IBF negotiates global employment standards for seafarers. Ship owners from Japan, Korea and Taiwan, too, are part of the forum.

Maritime workers operating in WOA are entitled to salary bonuses, apart from other benefits, including the right to refuse to sail into the area, paid repatriation and severance compensation for the unserved portion of the contract.

Repatriation challenges

However, in reality, the repatriation of seafarers from the Persian Gulf has faced hurdles with the temporary suspension of flights and the harbour boat services needed to transport crew from anchorage to shore. Those stranded at Iranian ports are particularly impacted. Forward Seamen’s Union of India (FSUI) has called for their urgent evacuation. According to the union, there are Indian seafarers stranded on 40 vessels in Iranian ports.

“We have already lost three Indian lives, with one more missing. Our foremost concern is the safe evacuation of seafarers before hostilities resume, which may occur without warning,” FSUI General Secretary Manoj Yadav said in a letter to the International Maritime Organisation on April 14.

As of April 18, the Directorate General of Shipping has facilitated the safe repatriation of over 2,487 Indian seafarers from the Gulf region. The Ministry of Ports, Shipping and Waterways said it has put in place measures to safeguard Indian vessels and seafarers operating in the region. A 24/7 control room has been set up for emergency response.

“All IMEC (International Maritime Employers’ Council) members are obliged to grant enhanced compensation/ protection,” its CEO Francesco Gargiulo says. He estimates that around 500 vessels operating in the Persian Gulf area are covered by IBF agreements, but an exact figure is not available as it has not been disclosed by member companies.

“We have a number of members that have manning offices in India and utilise a huge number of Indian seafarers. These seafarers will benefit from the March 5 designation and of subsequent improvements to that,” Gargiulo added.

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Mohammad Fathali, Ambassador of Iran to India

AvigatorPhotographer

Ships and tankers in the Strait of Hormuz off the coast of Musandam, Oman, April 18, 2026.

Published on April 20, 2026