Energy Shock Prompts Analysts to Cut India's GDP Growth Forecasts
India’s economy will grow by lower rates over the next year than initially expected as the energy supply shock from the Middle East is hitting supply and manufacturing and raising prices for industry and consumers, analysts say. The war in the Middle East and the de facto closed Strait of Hormuz have crippled oil, LNG, and LPG supply to India, which is the world’s third largest crude oil importer and relies on the Strait of Hormuz for 90% of its imported LPG, the liquefied petroleum gas most households use for cooking. Iran has begun…