New Delhi, April 5 -- Amid the ongoing Middle East War leading to the blockage of Strait of Hormuz and affecting the global economy at large, Moody's Ratings has slashed India's economic growth estimates for the current fiscal to 6 per cent from 6.8 per cent earlier.
It said the ongoing conflict in West Asia will moderate growth momentum and raise inflation risks.
Moody's said prolonged disruptions, particularly LPG shipments due to the conflict, would lead to near-term household shortages, higher fuel and transport costs, and spillovers to food inflation through India's reliance on imported fertilisers. The region accounts for around 55 per cent of crude oil imports and over 90 per cent of liquified petroleum gas (LPG) supplies to India....