New Delhi, May 28 -- Amid rising geopolitical tensions and volatile global commodity prices, consultancy firm EY has said India needs to build larger strategic reserves of crude oil, fertilizers, rare earth materials and essential medicines to protect the economy and consumers from future global shocks.

In its latest Economy Watch May 2026 report, EY warned that the ongoing West Asia crisis has exposed India's dependence on imported energy and critical supplies, which could directly affect fuel prices, inflation, food costs and availability of essential goods for ordinary households.

"In view of the West Asian crisis and other unfavourable economic developments, a substantial reorientation of policies may be needed," the report said.

T...