India's Inflation and Economic Growth at Risk from Red Sea Crisis-Driven Oil Price Rise
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India's inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea. About 80% of India's merchandise trade with Europe passes through the Red Sea route, where missile and drone attacks have forced shipping firms to re-route vessels. The disruptions may impact India's shipments of agricultural commodities, textiles, chemicals, capital goods, marine and petroleum products, affecting the price competitiveness of exports. The government highlights the need to diversify trade routes and transportation options to address these challenges. The inflation outlook for the upcoming months is positive, and the official gross domestic product growth estimate for the current fiscal year has been raised to 7.6% from 7.3% .
The Indian economy is heavily dep...
#newstr #India #Inflation #EconomicGrowth #RedSea #OilPrices #TradeRoutes