New Delhi, June 15: Global crude oil prices declined by nearly 5 per cent on Monday after the United States and Iran reached an agreement and announced the reopening of the Strait of Hormuz, easing concerns over disruptions to global energy supplies.

The international oil benchmark Brent crude fell as much as 4.90 per cent to $83.05 per barrel in early trade, while US West Texas Intermediate (WTI) crude plunged 5.74 per cent to around $80 per barrel.

According to market experts, Asian equities surged at the start of the week as progress towards a US-Iran peace deal boosted global risk appetite, while US futures also traded firmly higher.

“Meanwhile, Brent crude oil declined sharply by more than 4 per cent towards the $83-per-barrel mark, easing inflation concerns and providing additional support to market sentiment,” they said.

US President Donald Trump announced on Truth Social that a deal with Iran had been completed. “The Deal with the Islamic Republic of Iran is now complete,” according to him.

In addition, he declared the reopening of the Strait of Hormuz, a crucial maritime chokepoint through which roughly one-fifth of the world’s crude oil supply passes.

“I hereby fully authorise the toll-free opening of the Strait of Hormuz and, simultaneously, the immediate removal of the United States naval blockade. Ships of the World, start your engines. Let the oil flow!” Trump wrote.

According to reports, the United States and Iran are expected to sign a memorandum of understanding in Switzerland on Friday.

The positive development lifted sentiment across global equity markets. Major Asian indices, including Japan’s Nikkei, Hong Kong’s Hang Seng, South Korea’s KOSPI and Indonesia’s Jakarta Composite, traded higher, with some markets gaining more than 5 per cent.

Back home, domestic equity benchmarks Sensex and Nifty also opened strongly, with both indices rising more than 1 per cent in early trade.

Nice/New Delhi, June 14: India has transformed from being a consumer of global solutions to a contributor of solutions for the world, Prime Minister Narendra Modi said on Sunday.

Speaking after inaugurating the ‘Bharat Innovates 2026’ event in Nice, France, PM Modi said India’s innovation ecosystem is rapidly expanding and increasingly playing a role in addressing global challenges through technology and entrepreneurship.

“India now acts as a solution contributor rather than a solution consumer,” the Prime Minister said.

The Prime Minister further stated that India is innovating at both speed and scale, with a focus on creating sustainable solutions that benefit not only its own citizens but also the global community.

“Bharat innovates with speed and scale. Bharat innovates for a sustainable future. Bharat innovates for the whole world,” PM Modi said while addressing the innovation-focused event, jointly inaugurated with French President Emmanuel Macron.

Emphasising India’s approach towards technological development, the Prime Minister said the country’s priority is “technology for humanity” and human-centric innovation.

He added that innovation is deeply embedded in India’s culture and way of thinking. “Innovation is in India’s DNA,” Prime Minister Modi explained.

The Prime Minister also praised the growing partnership between India and France, describing it as a relationship rooted in shared values, mutual trust and common interests.

He noted that cooperation between the two countries spans a wide range of sectors, from security and strategic affairs to sustainability and innovation.

“India-France partnership covers security to sustainability,” PM Modi said.

Macron, who shared the stage with PM Modi at the event, described the Prime Minister’s presence at ‘Bharat Innovates’ as a matter of great honour for France.

He also congratulated PM Modi on completing 12 years as India’s leader and praised his role in strengthening ties between the two countries.

The ‘Bharat Innovates’ event has brought together leading startups, venture capital funds, innovators and technology leaders from India, France and several other countries.

Bengaluru, June 14: Union Finance Minister Nirmala Sitharaman on Sunday said that while Congress leader Rahul Gandhi was repeatedly criticising the country’s economic performance, “on the contrary, quarter after quarter, year after year India has been the fastest growing economy”.

Addressing the Bharatiya Janata Party’s (BJP) ‘Viksit Bharat’ event here, Union Minister Sitharaman noted that it is not the Central government, which is claiming that India is the fastest-growing economy, but the GDP numbers were indicative of this.

The International Monetary Fund (IMF) also said India was the world’s fastest growing major economy, she said.

She also added that the Lok Sabha Leader of the Opposition Rahul Gandhi keeps saying that there is a big disaster awaiting, but there is none awaiting India.

The Union Minister said that repeated criticism by the Congress leader could create a false perception among citizens about the country’s economic condition.

“The Leader of the Opposition (Rahul Gandhi) and his party try to make people believe that India is in trouble. Yet even amidst crises in West Asia and disruptions around the Strait of Hormuz, India continues to move forward,” Union Minister Sitharaman remarked.

Commenting on the impact of geopolitical tensions on fuel supplies and global trade, she said the challenges extended beyond fluctuations in crude oil and LPG prices.

“These challenges affect not only crude oil prices and LPG prices but global shipping as well. Shipping companies hesitate to send vessels through conflict zones. Insurance premiums increase because ships risk being attacked. Whether a vessel is empty or carrying crude oil, insurance costs rise significantly, and those costs ultimately have to be paid to ensure supplies reach the country,” she noted.

“Despite these global headwinds, the Narendra Modi government has ensured uninterrupted supplies of petroleum products,” she said.

Union Minister Sitharaman said the BJP’s 12-year journey under Prime Minister Modi was marked by both development and welfare.

She highlighted the reduction in multidimensional poverty, expansion of tap water connections, sanitation coverage, free LPG connections and food security programmes as the achievements of the Narendra Modi-led Union government.

“Twenty-five crore Indians have come out of multidimensional poverty. Extreme poverty has declined from 29.17 per cent in 2013-14 to about 11.28 per cent. Twelve crore household toilets have been built under rural sanitation programmes, achieving near-universal coverage,” the Union Finance Minister said.

She added that the government benefits were directly reaching the poor through the digital public infrastructure ecosystem built around the JAM trinity — Jan Dhan accounts, Aadhaar and mobile connectivity.

Union Minister Sitharaman said that India now has 58 crore Jan Dhan accounts, 144 crore Aadhaar identities and 125 crore mobile connections while UPI had become a global model for digital transactions.

She also rejected the Congress’ claims that the Centre had neglected Karnataka and cited tax devolution, grants and infrastructure investments to back her argument.

Union Minister Sitharaman said, “The Karnataka government frequently claims that the Centre is not giving the state its due share. Let us look at the facts. Tax devolution to Karnataka between 2014 and 2026 amounted to about Rs four lakh crore — five times more than the Rs 82,000 crore received in the comparable pre-2014 period.”

“Grants-in-aid to Karnataka between 2014 and 2026 stood at about Rs 2.71 lakh crore and that the state had also received more than Rs 18,000 crore under the Centre’s 50-year interest-free loan scheme,” the Union Finance Minister added.