Date: 28th March
‘Oil’ Is Not Well?: PM Modi Calls War-Review Meet, Govt Rules Out Lockdown
The Fact: Addressing the rumors of a nationwide lockdown that have been circulating for a while, Union Ministers Nirmala Sitharaman and Hardeep Singh Puri assured the citizens on Friday that no such move is under consideration. Both ministers affirmed that fuel supplies remain stable despite the market volatility, and there are no shortages of petrol, diesel, or LPG as of now.
The Context: Their assurances come amid rising public anxiety triggered by the West Asian conflict. On Friday, the Prime Minister held a virtual meeting with several Chief Ministers, where he discussed coordinating a national response focused on energy security and preventing panic buying.
The Peek Insight: There is a growing disconnect between official reassurance and public behaviour. Yes, a lockdown does sound like something manufactured online to create fear in such a situation. But it’s also true that, due to the unavailability of LPG and fuel — which the government has been denying — several restaurants and eateries have shut down. Even our Peek TV ground reports show the growing public anxiety.
Petrol-Diesel Tax Slashed: Does It Mean Reduced Prices For You?
The Fact: The Centre has announced a ₹10 per litre cut in excise duty on petrol and diesel due to the rising global oil prices because of the ongoing West Asian conflict. This cut will bring the petrol duty down from ₹13 to ₹3 and diesel from ₹10 to zero. Although this might come as a relief, this reduction is unlikely to be felt by the consumers.
The Context: Oil Marketing Companies are currently facing losses of Rs 24-30 per litre due to high crude oil demand. India imports roughly 40% of its crude oil and 90% of its LNG through the crucial Strait of Hormuz. Hence, the disruptions due to the war have made the country vulnerable to a sharp spike in prices.
The Peek Insight: While the government is trying to manage the impact of rising fuel costs, consumers will see no real benefit and will still pay the same price? At the same time, the long queues for LNG cylinders and petrol also indicate that, regardless of what the government claims, reserves may not last very long.
When The Air Goes Bad, So Does The Balance Sheet: How Pollution Is Eating India’s Businesses
The Fact: Air pollution in India is no longer just a health hazard but now a major business risk. According to a Bloomberg report, the term "air pollution" was mentioned 988 times last year in calls, reports, and investor presentations in major companies.
The Context: The reason these companies are talking so much about air pollution is due to the impact it has on their businesses. The Bloomberg report says that air pollution in India causes a loss of $260 billion in revenues annually. That's nearly 6% of India's GDP. Such losses are also because markets are losing customers, there is a halt in construction due to the government's restrictions, and there are increasing healthcare costs.
The Peek Insight: Despite this, the Union Government has scrapped off 16% funding for its primary air pollution programme in the 2026-27 Budget. The question is, can billions of dollars in lost revenue achieve what health warnings and 17 lakh deaths annually couldn't. It's high time for the government to consider the situation as one of India’s most pressing economic crises.
‘Low’ And Behold: Rupee’s Unending Slide
The Fact: The Indian rupee fell to a record low of 94.82 against the US dollar on Friday. This is one of its sharpest declines, with an 86-paise drip in a single trading session.
The Context: The decline in its value is largely because of the surge in global crude oil prices as the situation in West Asia keeps getting tense, with no side willing to back down. This is also causing foreign investors to pull money out of Indian markets, further weakening the rupee. The Reserve Bank of India, meanwhile, is allowing a gradual depreciation.
The Peek Insight: On one hand, the government is cutting excise duties on petrol and diesel to stabilise the market, but on the other, the falling rupee is quietly eroding the middle class’s purchasing power. Then there is the rise in LPG cylinder prices. Experts say the government needs to urgently focus on strengthening the rupee, because without currency stability, the claim of being the world’s fourth-largest economy risks remaining strong only on paper, not in everyday reality.
From Rapper to Prime Minister: Gen Z Revolt Gives Nepal Its Youngest Leader
The Fact: Balendra Shah has been sworn in as Nepal’s youngest Prime Minister at just 35, marking a historic political rise from rapper and Kathmandu mayor to the country’s top office. He took oath as the leader of the Rastriya Swatantra Party at Sheetal Niwas, in a ceremony administered by President Ramchandra Paudel. Shah also becomes the first leader from the Madheshi community to hold the post.
The Context: Shah’s elevation follows a sweeping victory by the RSP, which won 182 seats in the March 5 elections, capitalising on his strong anti-establishment image and grassroots popularity. His swearing-in ceremony stood out for blending tradition with symbolism, featuring Vedic rituals, Buddhist prayers, and his signature modern persona.
The Peek Insight: Shah’s rise signals a major shift in Nepal’s political landscape, where outsider figures and anti-establishment narratives are gaining ground. His leadership will now be tested on whether it can translate popular appeal into governance in a country long marked by political instability.
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