New Delhi, May 6 -- The ongoing West Asia conflict has emerged as "the biggest test of India's resilience in recent years," with the "largest energy shock on record" creating spillover effects across freight costs, insurance costs, supply chains and fertilizer prices, according to a new report by S&P Global and Crisil released on Wednesday.

The report, titled "India Forward: Strategic Imperatives," said that energy price spikes and supply constraints triggered by the conflict are feeding into broader economic stress for India.

According to the report, India's GDP growth is expected to moderate to 6.6 per cent in fiscal year 2026-27 from the earlier base case estimate of 7.1 per cent due to the external economic shock.

It further said t...