New Delhi, May 17 -- Well, the first days are the hardest days

Don't you worry anymore

'Cause when life looks like Easy Street

There is danger at your door

-Uncle John's Band by Grateful Dead

Prime Minister Narendra Modi's recent austerity appeal is like an official acknowledgement that trouble is brewing in India's economy. His exhortations seemed like a signal to all stakeholders that the time has come to talk about the Iran war's direct and indirect effects.

On cue, speeches from various ministers followed, all echoing concerns about an impending crisis; even Reserve Bank of India (RBI) governor Sanjay Malhotra hinted that entrenched inflationary pressures may invite monetary policy intervention.

The PM's entreaties, followed by...