Grant Thornton

While the data is at a record high, the biggest factor driving the surge has been the growth in import-led revenues which outpaced domestic transactions. To put it simply, the GST collections from imports were higher than those from domestic transactions.

While the world order evolves, and UAE’s decision impacts other major oil producers around the world, India which imports around 90% of its crude needs may actually stand to benefit.

Global oil markets face turmoil due to the Iran-US conflict and Strait of Hormuz disruptions. India, heavily reliant on oil imports, feels the pinch through rising inflation and borrowing costs. The Reserve Bank of India monitors the situation, opting for stability over aggressive action. Households may experience a gradual tightening of budgets as costs rise and monetary easing is delayed.

In March, with the US sanctions waiver in effect, India has aggressively procured Russian crude, picking up millions of barrels. India has never officially said that it will stop buying Russian crude, and even when levels dropped after sanctions, Russia was still the biggest contributor.

India's automotive and EV sector began 2026 with cautious deal-making, recording 35 deals worth $745 million in Q1. While overall deal value dipped due to fewer large transactions, private equity fueled growth, particularly in EVs and mobility-as-a-service, indicating a continued shift towards electrification.

India's nuclear ambitions have reached a pivotal stage with the Prototype Fast Breeder Reactor achieving criticality, marking a significant step in its three-stage nuclear program. This advancement positions India as a leader in advanced nuclear technology, bolstering its drive for energy self-reliance and security amidst a rapidly expanding power sector.

The Strait of Hormuz is a narrow stretch which is important for global trade flows, and is alone responsible for the transit of a fifth of the world’s oil supply. Asian economies like India and China source a big chunk of their crude oil, LPG, and LNG requirements via this strait.

Even as it is confident of India’s ability to come out of the fresh global uncertainty, RBI has flagged five risks due to the US-Iran war that could negatively impact the economy.

India's once-vibrant malls are becoming 'ghost malls,' with nearly 20% underperforming or empty. This decline stems from poor planning, oversupply, and a failure to adapt to changing consumer experiences, not just e-commerce. While some struggle, these spaces offer potential for reinvention into entertainment, co-working, or educational hubs.

The change in refund rules underlines the ‘minimum requirements for refund of ticket’. This includes tickets for both domestic and international travel, booked with domestic and international airlines operating to and from India.

Global helium supplies face a critical shortage due to Middle East tensions disrupting production and shipping. This invisible gas, vital for MRIs, semiconductors, and advanced tech, is irreplaceable and lost forever once released. India, heavily reliant on imports, sees soaring prices and potential disruptions in healthcare and its burgeoning chip industry.

The inflows of Russian crude oil have risen sharply since the US-Iran war began and imports via the Strait of Hormuz were disrupted. In fact, crude imports from Russia are now nearing lifetime monthly highs!

India gets around 40% of its LNG requirements from Qatar. Reacting to the damage to key energy infrastructure in the Middle East, External Affairs Ministry spokesperson Randhir Jaiswal said, “India had previously called for the avoidance of targeting civilian infrastructure, including energy infrastructure, across the region.”

As semaglutide’s patent expires on March 20 the entry of generics is set to nearly halve treatment costs, opening up injectable anti-obesity treatment. But pharma firms, trying to stand out in a crowded room, are looking beyond simple price cuts, eyeing an entire weight-loss ecosystem. This could include diet plans, counselling and clinic partnerships

Global conflicts, from the Middle East to Ukraine, are directly impacting Indian households. Expect higher grocery bills due to rising LPG, cooking oil, and pulse prices. Commuting costs are increasing with fuel surcharges on flights. Even education abroad and consumer electronics are becoming more expensive, while stock market losses affect savings. The ripple effects are undeniable.

India continues to be the largest recipient of remittances in the world. India’s share in the world remittances stood at 14% in 2024. What does the current US-Iran war and the Middle East conflict mean for remittance flows to India? What is the dependence, macro importance?

The Middle East crisis has brought to fore with clarity an important fact - while India says it is comfortably placed on its oil, LPG, and LNG supplies - there is need to step up pace on long-term plans.

A Grant Thornton Bharat survey showed that the financial services industry has witnessed a 14% increase in the prevalence of ESOPs, leading other sectors and is closely trailed by the manufacturing and auto sectors, which each saw a 9% rise.

There were 199 M&A and financing deals worth $3.5 billion in November, says Grant Thornton's Bharat Dealtracker. That was a 34% increase in deal volumes compared with the same period last year, but the total value was nearly half of the year-ago figure.

May proved to be a busy month with India Inc inking 190 deals aggregating $19.1 billion. The mergers & acquisitions (M&As) recorded the second-highest monthly values in four years. In May this year, 40 M&A deals at $11.9 billion were recorded, driven by Adani Group’s $10.