NEW DELHI
Chief Economic Advisor V Anantha Nageswaran said the ongoing West Asia crisis is testing India’s economic strength, especially in trade and foreign payments. He explained that India depends heavily on imported crude oil and LPG, much of which passes through the Strait of Hormuz. Tanker movement in the region has reduced sharply due to tensions. He also noted that many Indians working in Gulf countries send money home, making the region important for India’s economy. However, Nageswaran said India is better prepared to handle the crisis because of strong infrastructure growth, steady reforms, and continued fiscal discipline by the government.
