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    BUSINESS & TRADE                                                         APRIL 03, 2026    |  The Indian Eye 34

            India weathers global shocks as economy

                     faces headwinds but remains stable

                               Beyond fuel, the ripple effects are being felt in the fertilizer sector,

                                            which is closely linked to global energy markets

            OUR BUREAU
            New Delhi / Mumbai

               ndia’s economy is navigating a
               complex mix of global disruptions
            Itriggered  by  the  ongoing  conflict
            involving  Iran,  but  policymakers  and
            industry  leaders  say  the  country  re-
            mains on a stable footing, supported by
            strong macroeconomic fundamentals
            and proactive government intervention.
                The  immediate  concern  stems
            from  disruptions  in  energy  supply
            chains, particularly through the Strait
            of Hormuz, a critical artery for global
            oil and gas shipments. With shipping
            constraints and rising crude prices, In-
            dia—one of the world’s largest energy
            importers—faces increased pressure
            on its import bill and inflation trajectory.
                However,  the  government  has
            moved swiftly to reassure markets
            and consumers. The Ministry of Pe-
            troleum and Natural Gas said fuel
            supply across the country remains sta-  An LPG vessel, Apollo Ocean, arrives at the New Mangalore Port amid the ongoing conflict in West Asia, in Mangaluru on Thursday (ANI Video Grab)
            ble, with all retail outlets functioning
            normally and adequate stocks of pet-  mand and supply continuity.   20,000–25,000  crore,  while  raising   cent  economic  trajectory.  “We  have
            rol and diesel available. “All refineries   Beyond fuel, the ripple effects are   working capital requirements for   unfortunately in the last 10 years been
            are  operating  at  high  capacity,  with   being felt in the fertiliser sector, which   manufacturers.  subjected to all kinds of global shocks
            adequate crude inventories in place,”  is closely linked to global energy mar-  Despite these pressures, industry   but despite that I think we are manag-
            the  ministry  said,  urging  citizens  to   kets. India, the world’s second-largest   leaders say supply remains comfort-  ing fairly well,” Ravi noted.
            avoid panic buying.               fertiliser consumer and third-largest   able for now. Diversified sourcing strat-  Structural  factors,  however,  con-
                These assurances come amid re-  producer,  is  particularly  exposed  to   egies,  optimised  gas  allocation,  and   tinue to shape vulnerability. With
            ports of sporadic panic purchases in   fluctuations in natural gas prices and   long-term contracts are helping cush-  nearly 90 percent of urban house-
            some regions, reflecting the sensitivity   imported inputs such  as phosphates   ion the impact. “Availability remains   holds and about 60 percent of rural
            of domestic markets to global geo-  and potash.                     comfortable, and the focus continues   households dependent on LPG, fluc-
            political shocks. To maintain stability,   “Disruptions  in  shipping  routes,  to be on ensuring seamless supply to   tuations in global energy markets
            authorities have ramped up enforce-  particularly through the Strait of Hor-  farmers and safeguarding agricul-  have direct implications for domestic
            ment,  conducting  more  than  2,600   muz, and tightening global LNG avail-  tural  productivity,”  Chaudhari  said.  consumption patterns and inflation.
            raids, seizing over 450 LPG cylinders,  ability are exerting pressure on input   On the macroeconomic front, the   At  the  same  time,  rising  partic-
            registering over 680 FIRs, and arrest-  costs  and  supply  chains  worldwide,”  outlook remains resilient. Shamika   ipation  in  financial  markets—now
            ing 195 individuals in cases related to   said  Dr.  Suresh  Kumar  Chaudhari,  Ravi,  Member  of  the  Economic  Ad-  exceeding 100 million retail inves-
            hoarding and black marketing.     Director General of the Fertiliser   visory Council to the Prime Minister,   tors—adds another layer of complex-
                The government has also taken   Association of India. He added that   emphasised that India’s growth is   ity, making financial literacy and risk
            targeted steps to manage supply pres-  while challenges are real, the situation   not only strong but also stable. “Our   awareness increasingly important in a
            sures. Additional allocations of 48,000   is being “carefully managed through   growth is not just high but more im-  volatile global environment.
            kilolitres of kerosene have been made   close coordination between the indus-  portantly stable, with inflation which   While headwinds from West Asia
            to states, while commercial LPG allo-  try and the Government.”     has remained within the threshold of   persist,  India’s  calibrated  policy  re-
            cation has been increased by 20 per-  According  to  a  report  by  Cris-  what the RBI sets,” she said, adding   sponse,  diversified  supply  strategies,
            cent,  taking  the  total  to  50  percent   il  Ratings,  supply  chain  disruptions   that “there is no reason for any kind   and stable macroeconomic indicators
            for priority sectors such as hospital-  could impact domestic production of   of panic.”              are helping it navigate uncertainty.
            ity, food processing, and community   complex fertilisers and urea by 10–15   India’s ability to withstand re-  The coming months will test the du-
            kitchens. On the ground, more than   percent. The report also warned that   peated external shocks—from the   rability of this resilience, but for now,
            37,000 small LPG cylinders were sold   higher input costs could increase the   pandemic  to  geopolitical  conflicts—  the economy appears steady—even as
            in  a  single  day,  indicating  steady  de-  government’s subsidy burden by Rs   has been a defining feature of its re-  global turbulence continues to build.

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