India, May 28 -- India needs to undertake measures such as tax moderation to boost export competitiveness, targeted import curbs on non-essential and demerit goods, and time-bound enforcement of trade-remedy measures to shield itself from the impact of the West Asia crisis, a report said.

The global economic landscape faces a profound stress test and geopolitical volatility in West Asia is driving structural cost-push inflation across essential sectors - energy, agriculture, and manufacturing, according to a report by Think Change Forum.

"The traditional fiscal response - relying on open-ended subsidies to buffer these shocks - is no longer sustainable. It creates a moral hazard by shielding firms from global volatility through perpetua...