THE NARENDRA MODI government, it must be said, is no stranger to crises. First, there was the Covid-19 pandemic which upended the world economy, throwing all calculations off gear. The government then undertook what would turn out to be the largest public vaccination drive ever undertaken in the world, while also taking steps to insulate the Indian economy from the massive impact of the pandemic as much as possible. Just as it became clear that the worst of the pandemic and its impact was behind us, came the Russia-Ukraine war in 2022. In 2025, the Trump administration’s tariff hit also threatened to upset calculations and dent India’s growth plans. But the government stood firm and moved rapidly to strike a slew of free trade agreements (FTAs), with the key ones being with the U.K. and the European Union. A trade agreement with the U.S. is also in the works. And as things were normalising again, the U.S.-Israel combine’s war against Iran, which has now entered its second month, has come as a massive blow not just to India but to the world at large, threatening global energy supplies and supply chains like never before. It’s no surprise, then, that Prime Minister Modi called upon everyone to be united in dealing with this massive crisis.

In our cover package, we take a deep dive into the economic impact of the West Asia war on India and how the Modi government is navigating the storm across multiple fronts. From broad-basing the sourcing of oil and gas to opening diplomatic channels to ensure smooth passage of ships carrying energy supplies and goods across the vital Strait of Hormuz that Iran has blocked for others, the government is pulling out all stops to ensure India’s energy requirements are met. LPG needs of households have been prioritised, petrol and diesel prices have not been allowed to increase, and the government has cut excise on them to ameliorate the burden on oil companies. Equally, aviation turbine fuel prices, critical for airlines, have been capped, and airfare caps have been removed for airlines to cushion the hit. Ministerial groups have been told to monitor the crisis regularly and mitigate the impact whenever needed. Even as this issue goes to press, there are no clear signs of how long this massive conflagration will continue. The priority for India is to stay resilient. As PM Modi said: “No nation in the world is untouched by the challenges on the global front. India is also not leaving any stone unturned to deal with this challenge.”

Talking of resilience, there’s ample evidence of it in our maiden list of The Emerging 100, mid-size companies drawn from beyond the Fortune 500 India universe, but those which are growth compounders in their own right. We also begin a series on Regional Gems this month, focussing on companies and brands that are gaining popularity beyond the metros. This time, we look at Patna-headquartered consumer durables retail chain Aditya Vision, which is giving pan-India names stiff competition. Meanwhile, Bombay House, the headquarters of the storied Tata Group, is witnessing a boardroom debate intrinsically tied to a key question: the unlisted status of holding company Tata Sons. While the RBI holds the key to whether Tata Sons will have to be listed or stay private, we take you through the various aspects of this crucial question that will eventually decide the fate of the $180-billion conglomerate.