Uday Kotak, the chairperson of Kotak Securities, addressed the CII Annual Business Summit 2026 in New Delhi, emphasizing the need for India to prepare for significant economic shocks resulting from the ongoing US-Israeli conflict with Iran. He noted that despite not yet feeling the impact of rising oil prices, which have surged from $65 to nearly $115 per barrel, consumers should brace for forthcoming challenges. Kotak highlighted India's vulnerability due to its reliance on imported oil, which accounts for over 85% of its needs, warning that this dependence could lead to inflation and financial instability. He urged businesses to adopt a long-term perspective rather than focusing on short-term performance cycles. Union Petroleum Minister Hardeep Singh Puri confirmed that oil marketing companies are currently incurring losses of ₹1,000 crore (approximately $120 million USD) daily to keep fuel prices stable. The government maintains a comfortable buffer of crude oil and natural gas stocks that cover around 60 days of demand. Prime Minister Narendra Modi has called for public austerity measures, urging citizens to reduce fuel consumption and delay non-essential purchases to mitigate economic strain. Opposition leaders have criticized the government's response, suggesting that tougher measures may be on the horizon.