A sustained rise in global crude oil prices could put pressure on India’s fiscal deficit and the current account balance, the finance ministry said in a report on Wednesday. While stating that India’s economic conditions remain robust, despite heightened global uncertainties, the ministry perceives “upside risk to inflation, fiscal and current account deficits and downside risk to growth remain in the wake of persistent stand-off in the Gulf region.” The weaponisation of supply chains globally is a reminder that India needs to travel a long distance to achieve long-term resilience and strategic leverage, the ministry said in the Monthly Economic Review for July.