India, May 13 -- The economic situation, on account of the geo-economic impact of the war in West Asia and India's decision to kick the can down the road till after the assembly elections, is worrying, if not critical. The problem three-pronged: a rising import bill because of high energy prices, the rupee's depreciation adding to the import bill pain, and capital outflows putting a squeeze on the capital-account elbow room the economy has, to manage its current account deficit. The first is outside India's control. The second can be mitigated to some extent, but this has limits (exhausting foreign exchange reserves) and costs (exports losing competitiveness). The third is a problem that predates the war and has only become more acute sin...