24th June Current Affairs: West Asia Oil Crisis, Agri Export Risk & Electric Bus Revolution

Stay informed with 24th June Current Affairs featuring India’s strategic response to the West Asia oil crisis, emerging risks to agricultural exports, new electric bus technologies, SEBI’s regulatory reforms, and a massive global data breach alert.

1. India Activates Plan B to Tackle West Asia Oil Crisis

• As tensions rise in West Asia following Iran’s missile attacks on US bases, India has activated a ‘Plan B’ to ensure uninterrupted oil supply.
• With 75 days of crude reserves and diversified imports from 39 countries, India is prepared for any disruption, including a potential closure of the Strait of Hormuz.
• Oil prices have spiked temporarily, and freight rates surged by 150%, raising concerns about increased costs for oil and gas-based sectors.
• Fertilizer subsidy bills may rise as a result of the price hike.

2. Israel-Iran Conflict Threatens India’s Agricultural Exports

• The Israel-Iran conflict is affecting India’s agri-exports, especially via Iran’s Bandar Abbas port—critical for trade with Afghanistan and Central Asia.
• Over 1 lakh tonnes of basmati rice shipments are stranded, with ₹1,500 crore in pending dues.
• Perishables like bananas, rice, and tea face high spoilage risk, while edible oil and sugar trades are also impacted.
• Experts urge expedited development of Chabahar Port as an alternative.

3. West Asia Crisis May Push India’s Fertilizer Subsidy Bill Higher

• India’s ₹1.68-trillion fertilizer subsidy bill for FY26 could increase due to West Asia tensions impacting gas supply and shipping costs.
• Natural gas, critical for producing urea and DAP, is mostly imported. In FY25, 40–45% of DAP and 25–30% of urea came from the region.
• Closure of the Strait of Hormuz could severely affect supplies from Saudi Arabia, UAE, and Qatar.
• Volatile global prices and China's export curbs worsen the outlook. A 5.5% rise in kharif demand due to a good monsoon will add more strain.

4. India to Pilot Ultra-Fast Charging Electric Buses for Long-Distance Travel

• India will launch pilot projects for luxury electric buses that charge in 20–120 seconds using flash-charging technology.
• Developed by Tata Motors and EKA Mobility, the AC buses (100–120 km/h) will serve routes like Delhi-Jaipur and Bengaluru-Chennai.
• Equipped with pantograph systems and stations every 20–40 km, a top-up will provide 40 km travel range.
• Nagpur pilot to test 18-meter buses carrying 130+ passengers under the PM E-Drive initiative targeting 14,000 e-buses by FY26.

5. Data Breach Claims 16 Billion Passwords — Should You Worry?

• Cybernews reports 30 databases containing 16 billion stolen passwords from platforms like Google, Apple, and Facebook.
• This is a compilation of older breaches rather than a new hack, say experts.
• While some data may be outdated, users should still change passwords every 6 months, use 2FA, and adopt biometric passkeys via the FIDO Alliance.

6. SEBI Limits Angel Funds to Accredited Investors, Impacting Startups

• SEBI mandates that only accredited investors can fund angel investments to increase governance and reduce risks.
• This may slow down startup funding in tier-2/3 cities, which rely heavily on informal angel networks.
• Accredited investor certification costs ₹12,000 for two years, posing entry barriers for new retail angels.
• Experts see short-term disruption, but long-term benefits in terms of capital credibility and transparency.

7. Iran’s Strait of Hormuz Threat Rattles Oil Markets and Global Security

• Following U.S. strikes on Iranian nuclear sites, Iran’s parliament supported the closure of the Strait of Hormuz—through which 20% of global oil flows.
• Oil prices spiked 3.2% and U.S. stock futures dipped.
• Experts warn of potential U.S. military retaliation and economic self-harm for Iran.
• This situation rekindles memories of earlier tanker wars and naval conflicts in the region.

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