India’s economic resilience is holding even as the West Asia conflict feeds through on multiple fronts: supply chains, trade, financial markets and energy prices. Wholesale inflation already reflects the pressure, with consumer prices likely to follow with a lag. However, domestic demand for credit, automobiles including EVs, and fuel consumption have held up well through March. The duration of elevated energy prices and trade disruptions remains the key risk to watch.

Click the link to access the Annexure to NIIF’s Monthly Economic Report for April 2026