Çelebi Booted from India | India to Pak: Vacate PoK | India’s Oil Demand Rockets

Top of the Morning

1. India Becomes the World’s Fastest-Growing Oil Consumer

OPEC’s latest report crowns India as the top driver of global oil demand growth through 2025 and 2026.Oil demand in India will rise from 5.55 million bpd (2024) to 5.99 million bpd (2026), growing faster than China’s and the US’s.
Diesel is the main growth driver, with road expansion, infrastructure, and industrial growth boosting demand.
March saw record crude imports (5.4 million bpd), with Russia leading at 36% of India’s crude intake.
Despite geopolitical headwinds like US tariffs, OPEC sees India’s fiscal policy and strong economy cushioning any impact.

2. IndusInd Bank Uncovers ₹595 Cr in Dubious Bookkeeping

India’s eighth-largest private bank is under fire for accounting lapses worth ₹595 crore in “other assets.”Triggered by a whistleblower complaint, the bank’s internal audit flagged unsubstantiated balances, quietly offset in January 2025.
An earlier ₹674 crore was wrongly booked as interest over three quarters and later reversed.
Top bosses CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned in April amid mounting pressure.
External firms PwC and Grant Thornton have been roped in for damage assessment and forensic audits.
Moody’s cut the bank’s outlook to “negative”, citing weak internal controls and lack of succession planning.

3. Apple Reassures India After Trump’s iPhone Rebuke

After Donald Trump publicly told Apple to stop making iPhones in India, the tech giant quietly assured New Delhi that it’s not going anywhere.Trump, speaking in Doha, said Apple CEO Tim Cook was investing in India “too much” and should “build in the US.”
Apple currently produces 15% of its iPhones in India, with plans to make India a major export base.
Indian officials confirmed Apple’s investment roadmap remains intact.
India-made iPhones, mostly built by Foxconn and Tata Electronics, are now being exported to global markets, including the US.

4. IndusInd Bank’s ₹1,979 Cr Derivatives Blowout Adds to Woes

In a separate episode earlier this year, derivative accounting errors cost the bank ₹1,979 crore.Lapses hit 2.35% of the bank’s net worth, according to PwC’s review.
The bank is now strengthening internal controls, but the damage to investor confidence and leadership remains deep.

5. India Rejects Pakistan’s Conditional Peace Offer

Pak PM Shehbaz Sharif extended a peace olive branch—but with the usual caveat: Kashmir.“We are ready to talk,” he said, but insisted Kashmir be central to any future talks.
India immediately shut the door—S. Jaishankar stated the only issue left is for Pakistan to vacate PoK.
This exchange follows a May 10 ceasefire understanding, after four days of heavy cross-border shelling.

6. India Revokes Security Clearance of Turkish Aviation Firm Çelebi

In a move mixing geopolitics with national security, India has revoked the security clearance of Turkish firm Çelebi Aviation.Çelebi handles ground operations at nine major airports including Mumbai and Delhi.
The action follows public anger over Turkey’s support to Pakistan amid Operation Sindoor and the Pahalgam terror attack.
Shiv Sena leaders had also demanded the firm’s expulsion, citing national security.
Despite its large footprint—58K flights, 5.4 lakh tons of cargo, and 7,800 employees—Çelebi now faces exit signals from India’s aviation ecosystem.
India’s narrative this week is clear: high on energy, tough on lapses, assertive on sovereignty, and bold in global business.