The escalating West Asia war is triggering significant economic repercussions for India, primarily through turmoil in global oil markets where Brent crude prices have surged. This has sparked a major political flashpoint during Parliament’s budget session, with opposition parties demanding an immediate discussion on the energy crisis and its impact. External Affairs Minister S. Jaishankar has reiterated India’s call for de-escalation, while Prime Minister Narendra Modi monitors the situation. The conflict has jeopardized India’s LPG supply, as 80% of it transits the now-disrupted Strait of Hormuz, prompting the country to seek alternative sources. To curb hoarding, refineries have instituted a 25-day waiting period for LPG. Despite the energy shock, Finance Minister Nirmala Sitharaman has stated that inflation remains within the Reserve Bank of India’s target band, and the government has indicated no immediate plans to increase petrol and diesel prices.
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