In Graphics: How the cost of Iran war piled up

India's economy has been heavily impacted by the rising cost of crude oil due to the ongoing conflict in Iran. As oil prices increased, the country had to pay more for its critical import, despite receiving less of it. This has led to high inflation, affecting both households and companies, and has also resulted in the government having to foot a larger subsidy bill. The elevated cost of oil is likely to continue affecting trade with major partners in the region, further straining the economy.

Why it matters

India's crude oil imports have decreased while prices have risen, affecting its economy. This increase in cost is due to the rising crude oil prices caused by the Iran war, which impacts India's trade with major partners in the region.

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