New Delhi, May 16 -- Dear reader,

India's current account deficit is set to widen sharply this year as higher crude oil prices strain the economy. Economists say disruptions around the Strait of Hormuz could keep oil expensive for months, raising India's import bill since the country buys nearly 90% of its crude from abroad. Prime Minister Narendra Modi has urged people to cut discretionary spending, from fuel use and foreign travel to gold purchases, to ease pressure on the economy.

Experts say such "economic patriotism" may help a little, especially by reducing gold imports, but won't fully offset the impact of costly oil and weak foreign investment flows. A wider current account deficit also means more pressure on the rupee, which ec...