Opinion | How GST Revision Cushioned Iran War Blow On Indian Economy |
Opinion | How GST Revision Cushioned Iran War Blow On Indian Economy
The April CPI data shows the new fiscal has not seen any troublesome skid signs so far.
How badly has the war in West Asia affected India so far, and how badly will the pinch hurt going forward? The Prime Minister’s announcements earlier this week about conserving fuel and cutting back on non-essential spends like gold or overseas holidays, among other steps, came on the back of the government continuing to maintain oil prices so far, even as less oil-dependent nations like the US have opted for double-digit fuel price hikes. For the moment, availability is not an issue, with India sitting on two months of stockpiles, but oil marketing companies are bleeding, and a fuel price hike may be just around the corner.
So far though, consumption has managed to stay the course. Indeed, the fiscal 2025-26 numbers show that India’s consumption engine has continued to rev despite multiple geopolitical headwinds, including the Trump tariffs, the West Asia war, and the logistics logjam at the Strait of Hormuz. And the April CPI data shows the new fiscal has not seen any troublesome skid signs so far.
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Dharmakirti Joshi, Chief Economist, Crisil, says: “After 74 days of the West Asia conflict, the upside risks to consumer price index (CPI)-based inflation seem to be materialising at a........