States » WestPosted at: Jun 19 2025 7:58PM


Mideast conflict poses oil shock threat to Indian economy: VBA chief

Mumbai, June 19 (UNI) Veteran politician Prakash Ambedkar on Thursday cautioned that India faces significant economic vulnerability from the escalating Israel-Iran conflict, urging immediate government intervention to mitigate oil market disruptions.
The founder-president of Vanchit Bahujan Aghadi (VBA) warned that global crude price surges triggered by Middle East tensions could severely impact the world's third-largest oil importer.
"India remains highly exposed to these fluctuations," stated the 70-year-old lawyer-politician, grandson of Constitution architect Dr B R Ambedkar.
Ambedkar outlined a cascading economic threat: Rising crude costs would force Indian refiners to purchase more dollars, depreciating the rupee and further inflating fuel expenses. This cycle would expand India's current account deficit, creating sustained pressure on national finances.
He emphasised that prolonged conflict risks shipping delays and additional cost escalations, with ripple effects across all crude-linked sectors.
Former parliamentarian has urged urgent measures to counter threats: diversify oil procurement contracts to reduce Middle East dependency, implement temporary fuel price caps via calibrated excise adjustments or subsidies, and direct Reserve Bank to stabilise rupee through strategic forex interventions.
"The government must break this destructive economic cycle before inflation surges," Ambedkar stressed, noting that pre-emptive policy action could shield India's economy from external shocks.
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