Wall Street’s main indices traded cautiously on Monday after last week’s record-setting rally as renewed concerns over stalled US-Iran peace talks and rising oil prices weighed on investor sentiment, Reuters reported.The Dow Jones Industrial Average was nearly flat in early trade, slipping 3.54 points, or 0.01 per cent, to 49,605.62.The S&P 500 rose 11.38 points, or 0.15 per cent, to 7,410.31, while the Nasdaq Composite gained 10.19 points, or 0.04 per cent, to 26,257.27.Both the S&P 500 and Nasdaq touched fresh record highs during the session after ending at all-time highs on Friday.Investor sentiment turned cautious after US President Donald Trump swiftly rejected Iran’s response to a US peace proposal, reviving fears that the 10-week conflict could drag on and continue disrupting shipping through the Strait of Hormuz.The tensions pushed Brent crude prices up nearly 3 per cent.Despite the surge in oil prices, markets have remained resilient in recent weeks, supported by strong corporate earnings, optimism around semiconductor companies and a solid US jobs report.Investors are now closely watching upcoming US inflation data due on Tuesday, which is expected to show a rise in consumer prices amid higher energy costs linked to the Middle East conflict.Producer price data and monthly retail sales figures are also scheduled later this week.“The worry list is long, but the economy keeps proving the bears wrong,” Robert Edwards, chief investment officer at Edwards Asset Management, said.“Big tech has regained its leadership, backed by solid and growing revenue and earnings. These names sit at the center of every major secular theme,” he added.Among sectoral moves, the S&P 500 energy index rose 1.5 per cent as oil prices advanced, while the materials sector gained 1.3 per cent tracking higher precious metal prices.Markets are also awaiting a meeting later this week between Trump and Chinese President Xi Jinping, where discussions are expected on Iran, Taiwan, artificial intelligence, nuclear weapons and a possible extension of a critical minerals agreement.The earnings season is beginning to wind down after a strong run led largely by technology companies.Tech networking giant Cisco and semiconductor equipment maker Applied Materials are among major companies scheduled to report this week, while Nvidia and Walmart are due later this month.Among stocks, Intel rose 3.5 per cent after surging 14 per cent on Friday following reports of a preliminary chip-manufacturing agreement with Apple.Qualcomm jumped 8.6 per cent to a record high.Fertiliser maker Mosaic fell 2.1 per cent after withdrawing its annual phosphate production forecast.Fox Corp gained 4 per cent after reporting third-quarter revenue above Wall Street expectations.Airline stocks came under pressure as rising oil prices threatened margins. Southwest Airlines, Delta Air Lines, Alaska Air and United Airlines fell between 1.8 per cent and 2 per cent.

India has sufficient fuel inventories and there is no plan to ration petrol, diesel or LPG supplies despite continuing disruptions in global energy markets, Oil Secretary Neeraj Mittal said on Monday, PTI reported.Addressing the CII Annual Business Summit, Mittal said the country has maintained adequate fuel and LPG stocks during the ongoing West Asia crisis and has diversified imports to manage supply risks.“There is no need to panic. There are sufficient supplies. There is no rationing in place. It’s not going to happen,” Mittal said.He said India has maintained around 60 days of fuel inventories and nearly 45 days of LPG stocks over the past 67 days of market disruption.The remarks came a day after Prime Minister Narendra Modi urged fuel conservation, reduced imports and restraint in gold purchases amid pressure on India’s foreign exchange reserves from rising global energy prices.Mittal said the government has secured additional energy cargoes, increased procurement from alternative suppliers and absorbed part of the global price shock through excise duty cuts on petrol and diesel.India, the world’s third-largest oil importer and consumer, has also accelerated efforts to expand domestic oil exploration, strategic reserves and alternative fuel programmes including green hydrogen, ethanol blending and sustainable aviation fuel, he said.“For a country like India which consumes 5 million barrels a day, to have a 90-day reserve would be putting a lot of money in a box without using it at all,” Mittal said while discussing strategic reserves, PTI quoted.He added that the government was exploring “creative ways” to expand strategic reserves while generating returns from stored crude.Mittal said the government has spent the past 67 days managing supply disruptions arising from geopolitical tensions and shipping constraints in global energy markets.“The constraint has not changed at all. In fact, it is a shade worse,” he said.Despite the challenges, India managed to move all 14 of its ships out of the conflict-hit Strait of Hormuz, he added.The official said India’s large refining capacity had helped cushion supply shocks, enabling the country to meet domestic fuel demand while continuing exports of refined petroleum products.Mittal also highlighted demand-management measures adopted by the government, including prioritising LPG supplies for household cooking use.Following requests from industry, the government later allowed 70 per cent industrial LPG supplies as well.He said nearly 100 per cent digital tracking of LPG cylinder deliveries had helped curb diversion and black-market sales.“There is no need to panic. There’s sufficient supplies. There is no rationing in place. It’s not going to happen,” Mittal reiterated.On fuel prices, petrol and diesel continue to be sold at rates unchanged for nearly two years despite a sharp increase in international crude prices following the West Asia conflict.A top government source said the “default mode of the government is to keep the prices and supplies stable”.However, state-run oil marketing companies are estimated to be incurring daily losses of Rs 1,000 crore to Rs 1,200 crore because of rising input costs.Mittal said the Centre had absorbed a substantial part of the price burden through excise duty cuts on petrol and diesel, resulting in a revenue impact of around Rs 1.6 lakh crore.“Government uses all sorts of tools,” he said, adding that India had remained “a relative oasis of calm” compared with countries that imposed fuel rationing and stricter demand curbs during the crisis.

The Centre on Monday said India has “ample” fertiliser stocks to meet demand for the upcoming Kharif sowing season and appealed to farmers not to resort to panic buying amid concerns triggered by the Middle East situation, PTI reported.Addressing an inter-ministerial briefing on recent developments in Middle East, Aparna S Sharma, Additional Secretary in the Department of Fertilizers, said the country’s fertiliser security remains “comfortable and well managed”.“India’s fertiliser security remains comfortable and well managed,” Sharma said.She said the government has ensured sufficient domestic production as well as imports of urea and other key nutrients to meet demand during the peak Kharif season.According to the Department of Agriculture’s assessment, fertiliser requirement for Kharif 2026 stands at 390.54 lakh tonnes.“As on date for the season of Kharif 2026, based on the fertiliser requirement that has been assessed by the Department of Agriculture, the stock is more than 51 per cent,” Sharma said.She noted that the current stock position is significantly higher than the usual benchmark of around 33 per cent of seasonal demand.“So the fertiliser stock is comfortable, and the MRP of major fertiliser remains very much the same,” she added.The official said India has secured additional imports to strengthen availability ahead of the sowing season, which is expected to intensify over the next 15-20 days.“Further 12 lakh tonnes of DAP (di-ammonium phosphate), 4 lakh tonnes of triple super phosphate, and 3 lakh tonnes of ammonium sulfate have been secured for the country. This will ensure adequate availability for the peak season,” Sharma said.India has also secured 7 lakh tonnes of NPK complexes from global suppliers.The government said domestic fertiliser production and imports have remained strong despite global supply disruptions.After the recent crisis period, domestic production stood at 76.78 lakh tonnes while imports were 19.94 lakh tonnes.“So a total of 97 lakh metric tonnes of fertiliser has been added to the availability after the crisis situation,” Sharma said.The Centre said urea plants across the country are operating at full capacity while phosphatic and potassic fertilisers are also being produced normally.The government also highlighted that maximum retail prices (MRPs) of major fertilisers have remained unchanged despite a sharp increase in global prices.At present, the MRP of neem-coated urea remains fixed at Rs 242 per 45 kg bag, while DAP is priced at Rs 1,350 per 50 kg bag.Sharma acknowledged that there had been “some panic buying initially” but urged farmers not to hoard fertilisers.“There has been some panic buying initially. Our appeal is that ample stock is available,” she said.The Centre said states are actively monitoring hoarding, diversion and black marketing of fertilisers.“Regarding the demand management measures, the state level already efforts are being made, and we have the state level interventions to ensure that the fertilisers are not misused or hoarded, or they are not black-marketed,” Sharma said, PTI quoted.The government is also promoting balanced use of fertilisers and alternative soil nutrients through agricultural universities and Krishi Vigyan Kendras to reduce excessive dependence on chemical fertilisers.An empowered group of secretaries is reviewing the fertiliser situation every week, Sharma said.India’s urea production has increased significantly over the last decade, rising from 225 lakh tonnes in 2014-15 to 306.67 lakh tonnes in 2024-25.However, the country still imported more than 100 lakh tonnes of urea in the last fiscal year to meet domestic demand.The Centre has projected fertiliser subsidy expenditure at Rs 1,70,805 crore for 2026-27, though officials indicated the subsidy burden could rise further because of higher import costs linked to global price volatility.

The Centre on Monday announced that the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, or VB-G RAM G Act, 2025, will come into force across India from July 1, replacing the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) after nearly two decades.The government has pitched the new legislation as a “next-generation rural development framework” aligned with the Viksit Bharat 2047 vision, promising to expand guaranteed wage employment from 100 days to 125 days annually while integrating rural jobs more closely with infrastructure creation, climate resilience and village-level planning.In a separate notification, the rural development ministry confirmed that the MGNREGA Act, 2005, will stand repealed from July 1, 2026.The Centre, however, assured that the transition would be “seamless and uninterrupted”.“Ongoing works under MGNREGA as on June 30 shall be saved and carried over to the new framework seamlessly,” the notification said.The ministry added that existing e-KYC-verified MGNREGA job cards would remain valid until new “Gramin Rozgar Guarantee Cards” are issued.Workers will not be denied employment because of pending e-KYC verification, while fresh registrations for those without job cards will continue at the gram panchayat level, the government said.Draft rules related to wage payments, grievance redressal, allocation norms and transitional provisions are currently being prepared in consultation with states and Union Territories and will soon be opened for public consultation.The Centre described gram panchayats as the “central pillar” of rural transformation under the new framework.

What changes under the new law?

The biggest change is the increase in guaranteed rural employment from 100 days under MGNREGA to 125 days annually for rural households seeking unskilled manual work.

The new Act reorganises permissible works into four broad categories:

Under MGNREGA, works were categorised around activities such as water conservation, drought proofing, irrigation, flood control, land development and renovation of traditional water bodies.The new framework also introduces “Viksit Gram Panchayat Plans” (VGPPs), which will serve as convergence-based local development plans prepared by gram panchayats and approved by gram sabhas.According to the government, all projects under the Act must emerge from these village development plans to ensure “need-based and saturation-focused” rural development.Officials say the law seeks to move beyond a purely “demand-driven wage programme” towards a convergence-led rural development model with stronger local planning and infrastructure creation.The inclusion of extreme weather mitigation projects has also been projected as a response to growing climate vulnerabilities in rural India.

How will the transition happen?

The Centre said the transition from MGNREGA to the VB-G RAM G Act would be smooth, with all ongoing projects migrating into the new framework.Incomplete public assets and ongoing projects will be prioritised for completion.Existing MGNREGA job cards linked with e-KYC will remain temporarily valid until new cards are issued under the revised system.The government has also clarified that fresh works may be opened during the transition period if existing projects are insufficient to meet labour demand.

What remains unchanged?

Several key worker protections remain intact under the new framework.Employment must still be provided within 15 days of demand, failing which workers become eligible for unemployment allowance payable by state governments.Wages will continue to be transferred directly into bank or post office accounts through DBT and must be paid weekly or within a fortnight after muster roll closure.The law also retains compensation provisions for delayed wage payments.

What are the new administrative features?

Attendance at worksites will now be captured through a face authentication-based system.However, the government said exceptions would be permitted in cases involving poor connectivity, technical failures or other genuine difficulties.Another major feature is the restriction on undertaking works during peak agricultural seasons. States will notify sowing and harvesting periods to avoid labour shortages in agriculture.

How will funding work?

The funding pattern under the new framework marks a departure from MGNREGA.Under the VB-G RAM G Act:

The material expenditure component has been capped at 40 per cent at the district level.Under MGNREGA, the Centre fully bore wage costs, while material costs were shared in a 75:25 ratio between the Centre and states.A major change flagged by critics is that MGNREGA was demand-driven, requiring the Centre to allocate additional funds whenever work demand increased.Under the new law, allocations to states will follow normative limits, with expenditure beyond sanctioned allocations to be borne by state governments.

Why does the government say the new law is needed?

The government argues that the new framework modernises rural employment by integrating livelihood generation, infrastructure development and climate resilience into a single framework.Officials say the enhanced 125-day employment guarantee, convergence-led planning and uninterrupted work availability during transition are among the key improvements over MGNREGA.The Centre has also highlighted provisions such as:

What concerns are being raised?

Opposition parties and labour rights groups have strongly questioned the repeal of MGNREGA instead of strengthening the existing framework.Congress leader Jairam Ramesh described the move as “yet another lazy headline-grabbing exercise” and alleged that the only guarantee under the new law was one of “extreme centralisation” and weakening of rural labour rights.“The only guarantee that VB-G RAM G offers is that of extreme centralisation and weakening of the bargaining power of rural labour,” Ramesh said on X.He also questioned why operational details were still unavailable despite the law being scheduled for implementation from July 1.Activists have also expressed concern that mandatory face-authentication attendance could exclude workers in remote regions with weak internet access or elderly workers facing authentication failures.Others fear that shifting the programme’s focus towards convergence and long-term planning may dilute its original strength as a legal guarantee for immediate wage employment.There are also concerns that restricting work during peak agricultural seasons may reduce earning opportunities for landless labourers.Critics have additionally demanded clarity on whether the expanded 125-day guarantee will be backed by sufficient budgetary support, pointing to recurring delays in wage payments and fund releases under MGNREGA in recent years.