In a recent article, Niranjan Rajadhyaksha explores why the current crude oil shock may play out differently for India than in the past. While global supply disruptions are pushing up costs and creating economic uncertainty, India’s structural shifts since the 1973 oil crisis suggest a more nuanced impact this time.
The piece unpacks the tricky nature of supply shocks—where inflation rises even as growth slows—and why this complicates policy choices for the government and the Reserve Bank of India. Ultimately, the scale of impact will hinge on how the crisis evolves and how policymakers respond.
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