New Delhi, June 23 -- The recent West Asia crisis that raised fears of an oil shock has turned out to be a short-term "influenza" rather than a prolonged "typhoid", NITI Aayog Vice Chairman Ashok Kumar Lahiri said, calling it a temporary supply shock that underlined the need for India to diversify both import sources and export markets.

When asked how he sees overall trade for the next quarter now that the West Asia crisis is settling down, Lahiri used a medical analogy to assess the impact. "The fear about an oil shock is like you have fever but if it is influenza, you will not be very worried; that it will get alright in 3 days. But if you hear that it is typhoid or jaundice, you will be very worried. So, Hormuz crisis has turned out t...