India hasn't touched Iranian crude since 2019. US sanctions, political pressure, the whole playbook. Then the US-Israel war closed the Strait of Hormuz, oil hit $100/barrel, and suddenly everyone got flexible. Last month, the United States temporarily removed sanctions on Iranian oil and refined products to ease supply shortages.

India bought 44,000 metric tons of Iranian LPG loaded on a sanctioned vessel, and the Ministry of Petroleum casually dropped this line: "there is no payment hurdle for Iranian crude imports". Just oil moving again. India imports from 40+ countries, and when the math works, the oil flows. Turns out geopolitics is just supply chain optimization with missiles. The first Oil Tanker has already crossed the strait and is headed towards India.

📊 RBI Will Hold Rates At 5.25% And Your EMI Isn't Going Anywhere

The RBI is expected to keep the repo rate unchanged at 5.25 percent in the upcoming April monetary policy review. Not because everything's fine, because nothing's certain. Crude oil prices have surged above USD 100 per barrel, while the Indian rupee has weakened sharply, crossing 93 against the US dollar. The RBI had reduced rates by 1.25 percent since last year to support growth.

But now inflation's creeping back and the central bank's gone full wait-and-watch. If oil prices remain above USD 100 per barrel for a sustained period and inflation breaches the RBI's upper tolerance band of 6 per cent, there could be a possibility of a rate hike towards the end of FY27.

Translation: your EMIs aren't dropping. They might not rise either. Everything's on pause while the world sorts itself out.

✈️ Blinkit Just Started Delivering To Your Boarding Gate

Blinkit launched its services inside Mumbai's Chhatrapati Shivaji Maharaj International Airport, making it the first airport globally to have a service of this kind. Terminal 2, domestic departures, post-security. Travellers can order from a selection of 2,500+ products like phone chargers, books, gifts and more on the Blinkit app.

No bikes. Orders will be delivered within the terminal by a dedicated team of walkers. The same charger that costs ₹2,500 at the kiosk? Now ₹299, delivered to your gate. This represents the first instance globally where such a service has been made available within the secure zone of an international airport. Airport retail has spent decades charging captive-audience prices. Blinkit just walked in and made that model obsolete.

🐘 We Ran Out of Elephants Trying To Visualise Indian Railways' Freight Record

India has 30,000 wild elephants. One of the largest populations on earth. A symbol of national pride and raw strength. Indian Railways moved 167 crore tonnes of freight last year.

To match that in elephants, you'd need to clone India's entire wild elephant population 750 lakh times. Every elephant. Cloned. 750 lakh times. Still not enough. At some point the elephants just give up and the trains win. And the kicker? Railways set this all-time record despite its biggest commodity - coal, actually falling this year. The growth came from steel, cement, iron ore, and fertiliser. Literally the stuff India is building itself with. We didn't run out of elephants. We ran out of ways to describe how big this country is getting.

🚫 Air India Suspended Flights To Tel Aviv And 40,000 Indians In Israel Are Now Stuck

Air India has suspended flights on the New Delhi-Tel Aviv route till May 31. The direct flight service between New Delhi and Tel Aviv was re-launched on January 1 with four weekly flights, but flights have been disrupted ever since the US and Israel jointly attacked Iran on February 28.

Most of the leading airlines have suspended their operations on the Tel Aviv route with only Israeli carriers like El Al, IsraAir, Arkia and Air Haifa operating under severe restrictions. More than 40,000 Indians living in Israel who wish to travel to India for personal or professional reasons now have to go through Jordan or Egypt by entering the two countries through the land crossings.

On a different note - 💳 Buy Now, Think Later

The old Indian middle class had one move: save first, buy later. Gold in the locker. FD at SBI. Buy the TV when you have the money.

That person is gone.

In their place is someone with three active loans, a BNPL tab open at checkout, and absolutely no idea what their total monthly debt is, only that each individual payment feels fine.

Here's why it works: ₹3,200 a month never feels like ₹38,400 a year. That's the entire genius and danger of the EMI brain.

Personal debt jumped 23% in two years, rising at twice the speed of income. Nearly 60% of personal loan customers have more than three active loans. And 27% of microfinance borrowers are taking new loans to repay old ones.

Read that again slowly.

India isn't in a debt crisis yet. But the behaviour is already locked in. The question isn't whether Indians are spending beyond their means. It's whether they know it.

Today’s Quiz 🧠

Saturday's Quiz Answer: C. The rupee falls sharply as crude import costs spike on spot markets

When the Russian oil waiver expires, Indian refiners lose access to discounted Russian crude (which has been trading $15-20 below Brent). They're forced to buy replacement barrels on spot markets at full Brent pricing. This immediately increases India's crude import bill by billions of dollars. Higher dollar outflows for oil imports = immediate rupee pressure. The currency market reacts within hours, not days.

Today's question:

What percentage of Indians actually own a credit card?

A. 3-4%
B. 8-10%
C. 15-18%
D. 22-25%

(Answer tomorrow)

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