The fresh Israel-US war with Iran puts India’s economy on watch, as economists say inflation, deficits, and trade risks hinge less on the shock itself than on how long the tensions persist. India is a net commodity importer, especially oil and fertilisers. Indian oil marketing companies will be able to absorb costs if crude remains around $80/barrel. If it goes beyond $80, they could incur losses but may not pass the cost on to retail consumers and recoup when prices fall, as they have in the past. However, elevated oil and gas costs for a longer period may push up heavily subsidised fertiliser costs.