India’s government and a clutch of state-owned companies already own 87 percent of ONGC. The only upside for ONGC investors is the price of crude. If that’s fixed, then there’s no reason to own its shares.
Munir indicates that he’s willing to go for broke, even if it risks taking his country “and half the world” down with him. It’s important to understand where he is coming from.
India’s industrial output growth saw a 10-month low in June, with Index of Industrial Production (IIP) growing by mere 1.5% as against 1.9% in May 2025.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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