India’s kitchens may be on the brink of a quiet revolution. Amid an LPG shortage brought on by the Iran war, the government is planning to ramp up on induction cookstoves under the National Efficient Cooking Programme. But can India truly unplug from LPG dependence?
The push is ambitious. State-run EESL is exploring interest-free EMI options, in talks with global lenders like the World Bank and ADB, to make induction cooking accessible for economically weaker households. Why now? Because LPG, of which India imports nearly 65%, is increasingly vulnerable to global disruptions.
What’s interesting is the timing. Induction stoves are already 25–30% cheaper to run, yet adoption lagged. Now, with prices soaring due to panic buying and demand rebounding, the government is ramping up tenders and rethinking targets.
But challenges remain. Can supply chains keep up? Will electricity demand surge too fast? And can consumers shift habits built over decades? Read the full report by Rituraj Baruah and Manas Pimpalkhare.
In today’s edition of Top of the Morning:
- Decoding Subway’s success in India
- Smartphones get pricier in India
- Is the IPO party in India over?
THE MAIN STUFF
$100+ oil puzzle: Oil is boiling past $100, but is relief really coming? OPEC+ plans to raise output in May, yet the question remains: Will it matter at all?
With the Strait of Hormuz blockade choking nearly 20% of global supply, markets are already tight. Add war risks, damaged infrastructure, and premium pricing from suppliers like Russia and Iran, and the pressure only builds. Even the IEA’s record reserve release hasn’t cooled things much.
For India, the impact is creeping in—higher fuel premiums, duty cuts, and a growing fiscal strain. Read on.
What explains Subway’s success in India: While Subway is shutting stores in the US, it’s doing the exact opposite in India. Isn’t that a contrast?
After crossing 1,000 outlets here in 2026, the sandwich giant is clearly riding India’s QSR boom, powered by rising incomes, younger consumers, urban lifestyles, and the delivery app habit.
India’s food market is no longer just about eating out, it’s about convenience, choice, and customization. From healthy bites to family meals, QSRs are fitting neatly into changing lifestyles. Read more.
Smartphones get costlier in India: Thinking of upgrading your phone? You might want to pause. Prices across brands like Vivo, Oppo, and Samsung have surged by as much as 40%. Why? A mix of global tensions and a sharp spike in memory chip costs, thanks to AI demand. Consumers are already tightening wallets amid rising fuel and daily expenses.
So, are phones becoming a “later” purchase? Many are now delaying upgrades, opting for repairs, or even second-hand devices. With no near-term price relief in sight, will demand bounce back? Read on.
Compliance isn’t enough for SEBI:
Are independent directors truly independent, or just ticking boxes? The Securities and Exchange Board of India seems to think it’s time for a reset.
Amid governance concerns sparked by developments at HDFC Bank Ltd., SEBI is working on a new collaborative framework to strengthen role and effectiveness of independent directors. The idea? Move beyond formal compliance to real oversight. The plan involves corporates, academia, and professional bodies, but will this finally empower directors to challenge management decisions more openly? Read more.
Is India’s IPO party over? Remember when IPOs felt like easy money? Not anymore. For many retail investors, the thrill has faded into caution as listing gains shrink and volatility rises. From blockbuster returns earlier to muted, or even negative, debuts now, the shift is hard to ignore. Add global tensions and liquidity crunch, and suddenly IPOs don’t look like quick wins. Even big names are delaying listings.
NEWS IN NUMBERS
$𝟥𝟩𝟧 𝗆𝗂𝗅𝗅𝗂𝗈𝗇: 𝖳𝗁𝖾 𝖺𝗆𝗈𝗎𝗇𝗍 𝖶𝗂𝗉𝗋𝗈 𝖫𝗍𝖽. 𝗐𝗂𝗅𝗅 𝗉𝖺𝗒 𝗍𝗈 𝖺𝖼𝗊𝗎𝗂𝗋𝖾 𝖬𝗂𝗇𝖽𝗌𝗉𝗋𝗂𝗇𝗍, 𝖮𝗅𝖺𝗆 𝖦𝗋𝗈𝗎𝗉’𝗌 𝖨𝖳 𝖺𝗋𝗆, 𝖺𝗌 𝗉𝖺𝗋𝗍 𝗈𝖿 𝖺 𝖻𝗋𝗈𝖺𝖽𝖾𝗋 $𝟣 𝖻𝗂𝗅𝗅𝗂𝗈𝗇, 𝖾𝗂𝗀𝗁𝗍-𝗒𝖾𝖺𝗋 𝖼𝗈𝗇𝗍𝗋𝖺𝖼𝗍 𝗐𝗂𝗍𝗁 𝗍𝗁𝖾 𝖲𝗂𝗇𝗀𝖺𝗉𝗈𝗋𝖾-𝖻𝖺𝗌𝖾𝖽 𝖿𝗈𝗈𝖽 𝗉𝗋𝗈𝖼𝖾𝗌𝗌𝗂𝗇𝗀 𝗀𝗂𝖺𝗇𝗍.
𝟣𝟫–𝟤𝟢%: 𝖳𝗁𝖾 𝗉𝗋𝗈𝗃𝖾𝖼𝗍𝖾𝖽 𝗒𝖾𝖺𝗋-𝗈𝗇-𝗒𝖾𝖺𝗋 g𝗋𝗈𝗌𝗌 o𝗋𝖽𝖾𝗋 v𝖺𝗅𝗎𝖾 (𝖦𝖮𝖵) 𝗀𝗋𝗈𝗐𝗍𝗁 𝖿𝗈𝗋 𝖲𝗐𝗂𝗀𝗀𝗒 𝖫𝗍𝖽. 𝖺𝗇𝖽 𝖤𝗍𝖾𝗋𝗇𝖺𝗅 𝖫𝗍𝖽. 𝗂𝗇 𝖰𝟦 𝖥𝖸𝟤𝟨, 𝗉𝖾𝗋 𝖤𝗅𝖺𝗋𝖺 𝖢𝖺𝗉𝗂𝗍𝖺𝗅, 𝖽𝖾𝗌𝗉𝗂𝗍𝖾 𝖫𝖯𝖦 𝖽𝗂𝗌𝗋𝗎𝗉𝗍𝗂𝗈𝗇𝗌, 𝖽𝗋𝗂𝗏𝖾𝗇 𝖻𝗒 𝖽𝖾𝗆𝖺𝗇𝖽 𝗌𝗁𝗂𝖿𝗍𝗂𝗇𝗀 𝗍𝗈 𝖰𝖲𝖱𝗌 𝖺𝗇𝖽 𝗇𝗈𝗇-𝖫𝖯𝖦 𝗏𝖾𝗇𝗎𝖾𝗌.
𝟧𝟩.𝟧: 𝖨𝗇𝖽𝗂𝖺’𝗌 𝖲𝖾𝗋𝗏𝗂𝖼𝖾𝗌 𝖯𝖬𝖨 𝗂𝗇 𝖬𝖺𝗋𝖼𝗁 𝟤𝟢𝟤𝟨, 𝖽𝗈𝗐𝗇 𝖿𝗋𝗈𝗆 𝟧𝟪.𝟣 𝗂𝗇 𝖥𝖾𝖻𝗋𝗎𝖺𝗋𝗒 𝖺𝗇𝖽 𝗍𝗁𝖾 𝗌𝗅𝗈𝗐𝖾𝗌𝗍 𝖾𝗑𝗉𝖺𝗇𝗌𝗂𝗈𝗇 𝗂𝗇 𝟣𝟦 𝗆𝗈𝗇𝗍𝗁𝗌, 𝖺𝗌 𝗍𝗁𝖾 𝖨𝗋𝖺𝗇 𝗐𝖺𝗋 𝖽𝖺𝗆𝗉𝖾𝗇𝖾𝖽 𝖽𝗈𝗆𝖾𝗌𝗍𝗂𝖼 𝖽𝖾𝗆𝖺𝗇𝖽 𝖺𝗇𝖽 𝗇𝖾𝗐 𝖻𝗎𝗌𝗂𝗇𝖾𝗌𝗌 𝗀𝗋𝗈𝗐𝗍𝗁.
𝟧,𝟦𝟦𝟥: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗌𝗁𝗈𝗐𝗌 𝖿𝗈𝗋 𝖱𝖺𝗇𝗏𝖾𝖾𝗋 𝖲𝗂𝗇𝗀𝗁’𝗌 𝖣𝗁𝗎𝗋𝖺𝗇𝖽𝗁𝖺𝗋 𝟤 𝖺𝖼𝗋𝗈𝗌𝗌 𝖨𝗇𝖽𝗂𝖺, 𝖾𝗏𝖾𝗇 𝖺𝗌 𝗂𝗍 𝗀𝗋𝗈𝗌𝗌𝖾𝖽 ₹𝟣,𝟤𝟣𝟧.𝟪𝟥 𝖼𝗋𝗈𝗋𝖾 𝖺𝗍 𝗍𝗁𝖾 𝖽𝗈𝗆𝖾𝗌𝗍𝗂𝖼 𝖻𝗈𝗑 𝗈𝖿𝖿𝗂𝖼𝖾 𝗂𝗇 𝟣𝟫 𝖽𝖺𝗒𝗌 𝗌𝗂𝗇𝖼𝖾 𝗂𝗍𝗌 𝗋𝖾𝗅𝖾𝖺𝗌𝖾.
𝟤𝟢𝟢: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗋𝗈𝗅𝖾𝗌 𝖬𝖾𝗍𝖺 𝖯𝗅𝖺𝗍𝖿𝗈𝗋𝗆𝗌 𝖨𝗇𝖼. 𝗂𝗌 𝖾𝗅𝗂𝗆𝗂𝗇𝖺𝗍𝗂𝗇𝗀 𝖺𝗍 𝗂𝗍𝗌 𝖲𝗂𝗅𝗂𝖼𝗈𝗇 𝖵𝖺𝗅𝗅𝖾𝗒 𝗈𝖿𝖿𝗂𝖼𝖾, 𝖺𝗌 𝖢𝖤𝖮 𝖬𝖺𝗋𝗄 𝖹𝗎𝖼𝗄𝖾𝗋𝖻𝖾𝗋𝗀 𝖺𝖼𝖼𝖾𝗅𝖾𝗋𝖺𝗍𝖾𝗌 𝗍𝗁𝖾 𝖼𝗈𝗆𝗉𝖺𝗇𝗒’𝗌 𝖠𝖨 𝗉𝗎𝗌𝗁 𝖺𝗇𝖽 𝗌𝗍𝗋𝖾𝖺𝗆𝗅𝗂𝗇𝖾𝗌 𝗐𝗈𝗋𝗄𝖿𝗈𝗋𝖼𝖾.
𝟤𝟢𝟤: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗐𝗂𝖼𝗄𝖾𝗍𝗌 𝖼𝗅𝖺𝗂𝗆𝖾𝖽 𝖻𝗒 𝖡𝗁𝗎𝗏𝗇𝖾𝗌𝗁𝗐𝖺𝗋 𝖪𝗎𝗆𝖺𝗋 𝖿𝗋𝗈𝗆 𝟣𝟫𝟤 𝖨𝗇𝖽𝗂𝖺𝗇 𝖯𝗋𝖾𝗆𝗂𝖾𝗋 𝖫𝖾𝖺𝗀𝗎𝖾 𝗆𝖺𝗍𝖼𝗁𝖾𝗌, 𝗍𝗁𝖾 𝖿𝗂𝗋𝗌𝗍 𝖿𝖺𝗌𝗍 𝖻𝗈𝗐𝗅𝖾𝗋 𝗍𝗈 𝗋𝖾𝖺𝖼𝗁 𝗍𝗁𝖾 𝗆𝗂𝗅𝖾𝗌𝗍𝗈𝗇𝖾.
𝟣𝟫%: 𝖳𝗁𝖾 𝗒𝖾𝖺𝗋-𝗈𝗇-𝗒𝖾𝖺𝗋 𝗀𝗋𝗈𝗐𝗍𝗁 𝗂𝗇 𝖼𝗈𝗆𝗆𝖾𝗋𝖼𝗂𝖺𝗅 𝗏𝖾𝗁𝗂𝖼𝗅𝖾𝗌 𝗋𝖾𝗍𝖺𝗂𝗅 𝗏𝗈𝗅𝗎𝗆𝖾𝗌 𝗂𝗇 𝖬𝖺𝗋𝖼𝗁 𝟤𝟢𝟤𝟨, 𝖽𝗋𝗂𝗏𝖾𝗇 𝖻𝗒 𝗀𝗈𝗏𝖾𝗋𝗇𝗆𝖾𝗇𝗍 𝗂𝗇𝖿𝗋𝖺𝗌𝗍𝗋𝗎𝖼𝗍𝗎𝗋𝖾 𝗌𝗉𝖾𝗇𝖽𝗂𝗇𝗀, 𝖺𝗇𝖽 𝖦𝖲𝖳 𝗋𝖾𝖽𝗎𝖼𝗍𝗂𝗈𝗇.
AROUND THE WORLD
- Jamie Dimon warns of higher inflation, interest rates from Iran war
- Saudi Arabia’s grand vision slams into financial reality—and the Iran war
- How elite American forces are trained to survive behind enemy lines
- A downed airman, a mountain hideout and a high-risk rescue in Iran
- Have other Epstein crimes gone unpunished?
CHART OF THE DAY
India is the world's fourth largest exporter of digitally delivered services, with a 6.2% share and $328 billion in exports. Global exports in this sector are set to grow 6.3% in 2026, offering an opportunity amid a broader slowdown.
LOUNGE RECOMMENDS
Dining out in the shadows of Jodhpur’s past: Rationalists would scoff but Jodhpur’s mesmerising Mehrangarh Fort may well have mythical powers. I have visited almost half-a-dozen times and still come away in awe of how it was built in a world without earthmovers and cranes. Rudyard Kipling’s father’s joke that it was the handiwork of giants seems the only plausible explanation. Read more.
WHAT THE FACT
WHO comes to life
On this day in 1948, the World Health Organization (WHO) was officially established as a specialized agency of the United Nations (UN)—marking a global commitment to public health and international cooperation.
Edited by Alokesh Bhattacharyya. Produced by Tushar Deep Singh.
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