India's finance ministry ran stress tests for $120 crude shock
Business
India's finance ministry recently ran stress tests to see how rising crude oil prices, possibly reaching $120 a barrel, could hit the economy.
Since India imports most of its oil, these price jumps can quickly push up inflation and widen the country's trade deficit.
India trims fuel and petrochemical duties
To cushion the blow, the government has cut excise duty on petrol and diesel and waived customs duty on key petrochemicals.
These moves are meant to keep supplies steady and manage costs, all while trying to stick to their goal of shrinking the fiscal deficit despite global uncertainty.