The joint report by S&P Global and Crisil, titled ‘India Forward’, highlights the economic stress India faces due to energy price spikes and supply constraints caused by the ongoing conflict in the Middle East. This situation is anticipated to impact India's gross domestic product (GDP) growth, which is expected to slow to 6.6% in FY27 from a previous estimate of 7.1%. The report describes the crisis as the largest energy shock on record, affecting various sectors including freight, insurance costs, supply chains, and fertilizers. India relies heavily on the Middle East for its crude oil, importing 45-50% of its needs. Chief economist DK Joshi emphasized the importance of energy security, food security, and economic reforms to enhance the business environment and attract investments. The report also notes that India's fiscal consolidation efforts, which reduced the fiscal deficit from 9.2% of GDP in FY21 to 4.4% in FY26, now face significant challenges. Additionally, the debt-to-GDP ratio is projected to rise to 57.5% by FY26, delaying targets for fiscal health. The government has responded by rationalizing cooking gas allocations, resuming Russian crude purchases, and implementing subsidies and tax cuts on fuels. The report underscores the necessity for a reliable energy system to enhance resilience amid the ongoing crisis.