Expert warns of possible sharp stock market decline, comparing the situation to the 2008 crisis and the 1987 crash

Iran has initiated a nationwide program that provides free compressed natural gas (CNG) to owners of dual-fuel vehicles. This initiative aims to reduce gasoline consumption and alleviate the growing pressure on the country's fuel resources.

The scheme was launched by the National Iranian Oil Refining and Distribution Company (NIORDC). It allows eligible drivers to refuel their vehicles free of charge at over 1,000 participating CNG stations across the country. According to officials, the plan's goal is to decrease reliance on subsidized fuel and more actively utilize Iran's underutilized natural gas infrastructure.

The measure has already led to increased queues at CNG stations, as many taxi drivers and commercial transport operators have taken advantage of the savings amid rising living costs and ongoing inflation.

According to energy officials, Iran's CNG network is capable of supplying about 40 million cubic meters of gas daily, but actual consumption is only approximately 15–16 million cubic meters per day, leaving a significant portion of the equipment unused.

Industry estimates suggest that the number of dual-fuel vehicles in Iran reaches approximately 4.5 million. However, the use of natural gas has declined in recent years, as many motorists continue to use heavily subsidized gasoline or have stopped using CNG due to worn-out fuel tanks.

Authorities hope that the free fuel program, along with financial assistance for replacing old gas tanks, will bring hundreds of thousands of vehicles back into the CNG network and help reduce the daily gasoline deficit, which is estimated at six million liters.

Economists note that this measure indicates broader issues with Iran's fuel balance rather than being a long-term solution. Analysts believe the government is trying to curb gasoline demand while preparing for larger reforms that may include changes to fuel subsidies, tiered gasoline pricing, and expansion of public transport.

Iranian officials insist that despite supply difficulties, the government continues to import gasoline via both land and sea routes, asserting that the problem lies more with the cost of imports than with access to the fuel itself.

Although the free CNG program provides immediate financial relief to many drivers, analysts believe its long-term sustainability will depend on the ability to significantly reduce gasoline consumption and lessen the burden on Iran's energy sector.

Experts believe that the adoption of the Lok Sabha Tax and Other Laws (Amendment) Act 2026 on Thursday will stimulate investment growth in India's burgeoning data center sector. This is made possible by recognizing leased properties within the tax system and abolishing notification requirements for relevant foreign companies and data centers.

The new legislation removes the need for foreign companies and certain data centers to obtain separate central government notifications to avail themselves of the existing tax exemption until March 31, 2047. Furthermore, the definition of 'specific data center' is expanded, now including properties managed by an Indian company under a lease model, thereby integrating them into the current tax base.

Amit Sarin, Managing Director of Anant Raj, noted that the proposed changes are a positive step toward supporting the next phase of India's digital infrastructure growth, as data centers will play an increasingly vital role in the country's digital economy. He emphasized that given the rising demand for artificial intelligence (AI), cloud services, and data storage, the sector requires a practical, predictable, and adaptable policy framework aligned with evolving business models.

Sarin added that these measures could attract more global investment and support the expansion of hyperscale and AI-ready data center capacities in India. He also mentioned that Anant Raj stands to benefit from these reforms, as the company has committed to investing over INR 20,000 crore in its data center and cloud services business over the next four to five years.

Ravi Mahajan, Tax Partner at EY India, stated that the amendments reduce approval requirements for both foreign companies and Indian entities in the supply chain, which decreases uncertainty and accelerates investment. According to him, allowing an Indian company to operate a data center under a lease agreement, instead of requiring ownership, will ease initial costs and enhance the competitiveness of Indian data centers in the global market.

Shobhit Agarwal, CEO of Anarock Capital, believes that the biggest impact will come from expanding the definition of specific data centers to include leased properties managed by Indian companies, as well as eliminating the need for dual government notification. He pointed out that this resolves a structural issue that has long constrained lease-based operators. Agarwal also added that the changes, combined with tax holidays until 2047 for foreign companies procuring data center services in India, will lower investment risks and speed up capital deployment.

S. R. Patnaik, Partner (Head of Taxation) at Cyril Amarchand Mangaldas, indicated that recognizing data center leasing models reflects the industry's commercial structure, where ownership of land, buildings, energy infrastructure, and operations is often distributed among different entities. He suggested that the amendment could spur buy-sell transactions followed by leasing, the creation of specialized data center platforms, infrastructure funds, and ultimately, monetization models similar to REIT or InvIT.

However, experts stressed that the next phase of reforms must focus on implementation. Industry specialists argue that there needs to be a clear definition of further rationalization of tax and infrastructure incentives, acceptability conditions, and safe harbor provisions. Patnaik added that the success of the reforms will depend on simple and stable implementation rules covering taxation, land, power, and other regulatory aspects.

Rahul Patel, Partner at Gandhi Law Associates, stated that greater clarity in implementation should be the next priority, along with equal treatment for domestic operators and further rationalization of tax and infrastructure incentives to maintain investment momentum.

Furthermore, according to real estate consultant Savills India, new data center capacity in India grew to 258 MW IT in the first half of 2026 compared to 162 MW IT in the first half of 2025, marking a 59.3 percent year-on-year increase. The country's total operational reserve reached 1.8 GW IT. The Indian data center market is projected to expand significantly, with total capacity nearly quadrupling to exceed 7 GW IT by 2030. Annual capacity additions are expected to accelerate to 350–500 MW IT between 2026 and 2030, almost double the 150–250 MW IT added annually in 2022–2025. In 2026, both capacity additions and absorption are expected to exceed 600 MW IT, according to Savills India.

The central government procurement portal, known as the Government e-Marketplace (GeM), has reached a Gross Merchandise Value (GMV) of 20 trillion rupees during its first decade of operation. Furthermore, Micro and Small Enterprises (MSEs) constituted 45.6 percent of the total procurement amount, as announced by the platform on Friday.

Launched on August 9, 2016, GeM has facilitated procurements worth over 20 trillion rupees through more than 3.78 crore orders as of August 7. The platform's annual GMV has shown growth: from 422 crore rupees in the 2017 fiscal year, it increased to over 5 trillion rupees in each of the fiscal years 2025 and 2026. In the first four months of the 2027 fiscal year alone, the platform registered a GMV of 1.48 trillion rupees.

During a press conference marking GeM's 10th anniversary, Chief Executive Officer Mihir Kumar noted that the marketplace has transformed the public procurement process, making it more transparent, technological, and accessible to small businesses.

Kumar emphasized: 'From 422 crore rupees in the first year, we have now facilitated procurements worth over 20 trillion rupees. This was made possible by the participation of millions of sellers, manufacturers, and other independent enterprises.' He also stated that the brand-agnostic procurement model of GeM allowed the participation of MSEs to consistently exceed the government's target of 25 percent. 'Although the government's goal is 25 percent of procurement from MSEs, their share on our platform has consistently remained above 40 percent and sometimes reached 45 percent,' he added.

According to official data, MSEs fulfilled orders worth more than 9.07 trillion rupees, which accounts for 45.6 percent of GeM's total GMV. Over the last decade, the platform has also significantly expanded: the number of sellers with completed profiles has grown from 3,339 to 25.45 lakh, and the number of purchasing organizations has increased from 1,707 to 1.37 lakh. Kumar clarified that at any given time, between three to five lakh sellers are actively participating on the marketplace.

Highlighting the unique features of GeM, Kumar mentioned that the platform provides every registered buyer and seller with a personalized dashboard, which includes procurement alerts, bidding status, order tracking, and payment updates. Unlike traditional public procurement portals, which are largely passive, GeM actively assists users throughout the entire procurement process.

He also mentioned mechanisms aimed at strengthening seller participation. Sellers can raise objections against tender conditions before procurement begins, and those disqualified during technical evaluation can use the 'Appeal Rejection' window to request a review. Furthermore, the platform has simplified participation by making seller registration fully online and providing training video materials that allow enterprises to navigate the process independently without intermediaries, Kumar added.

The announcement indicated that women-led MSEs fulfilled orders worth over 99,147 crore rupees, and 42,242 startups received government orders worth more than 65,633 crore rupees. A study conducted by IIT Delhi, covering the fiscal years 2024 to 2026, estimated a monetized benefit of 86,571.69 crore rupees due to improved price and process efficiency, with a net social saving of 1.76 lakh crore rupees. When compared with 101 leading e-commerce platforms, GeM was cheaper in 74.3 percent of positions, providing a cost-weighted saving of 13.6 percent.

The platform has also reduced transaction fees from 0.5 percent to 0.3 percent, made orders up to 10 lakh rupees free, and set a maximum fee of 3 lakh rupees. It currently utilizes artificial intelligence and machine learning tools to detect potential cartels, collusion, and bid rigging, and plans to deepen the use of data-driven analytics to improve procurement outcomes.