India’s economy is beginning to feel the tremors of the West Asia conflict, as rising oil prices, disrupted trade routes and volatile capital flows ripple through global markets. Yet, the Finance Ministry’s latest monthly economic review notes that the economy remains “resilient, though shaken”, pointing to strong domestic demand, stable financial conditions and policy buffers as key shock absorbers. The challenge, however, is far from trivial. The conflict has amplified risks across multiple fronts, including energy imports, supply chains, exports and inflation. This raises the prospect of slower growth and a widening external imbalance.