S&P Global has called for India to establish a comprehensive energy storage policy to effectively handle supply shocks, particularly highlighted by the ongoing conflict in West Asia. Currently, India relies heavily on imports, with over 90% of its crude oil and 60% of its liquefied petroleum gas (LPG) sourced from the region. The report notes that India has less than 2 gigawatts of battery storage and lacks strategic reserves for natural gas. The West Asia conflict has exacerbated India's energy vulnerability, driving freight costs up by 75% month-on-month and leading to a projected inflation increase to 5.1% in FY27 from 2% the previous year. S&P has downgraded India's economic growth forecast for FY27 to 6.6%, citing disruptions in energy flows and rising input costs across various sectors. The report emphasizes the need for India to enhance its energy resilience through improved contract flexibility and expanded shipping access, alongside focusing on energy and food security as part of its long-term economic strategy.