India's finance ministry has highlighted significant downside risks to economic growth stemming from the ongoing conflict in West Asia and the likelihood of below-normal monsoon rains. In its latest monthly economic review, the ministry warned that these factors could exacerbate inflationary pressures, particularly as crude oil prices have risen to an average of $113 per barrel in March and are just under $115 for April. The review emphasized the need for balancing short-term growth support with medium-term fiscal stability, noting that passing higher energy costs to consumers may be unavoidable. The Asian Development Bank (ADB) has also revised its growth forecast for developing Asia down to 4.7% for this year, citing prolonged disruptions from the West Asia conflict as a key factor. Despite these challenges, the review pointed out that India's strong domestic demand, supportive policies, and robust public investment could provide some insulation against these economic shocks.