India, May 29 -- India needs to diversify its trade routes and accelerate development of alternative connectivity corridors, including the India-Middle East-Europe Economic Corridor (IMEC) and the Indo-Pacific route via the Malacca Strait, to reduce its reliance on the Strait of Hormuz, an EY report said. The EY Economy Watch report for May said that in view of the mounting pressures emanating from the West Asia crisis and the changing world trade and economic order, India might look at recasting its growth strategy to ensure that no long-term damage is done to its medium to long-term path. Earlier this month, Prime Minister Narendra Modi called for austerity measures, including a reduction in gold imports, a cutback in foreign travel, an...