India acts to shield economy from Iran war oil shock
India is using crisis-era measures to shield the economy from energy shocks and capital outflows. Officials hiked metal tariffs as the rupee hit a record low.
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India is deploying crisis-era measures to shield its economy from the most severe disruption of global energy supplies in history, triggered by the Iran conflict. The crisis has driven $20 billion in foreign equity outflows and pushed the rupee down more than 5% to record lows this week. India faces a third consecutive year of balance of payments deficits as import costs for fuel surge.
