Former RBI Governor Raghuram Rajan has warned that if the US-Israel war against Iran continues for more than a month, oil prices could rise to $150-200 per barrel, potentially leading to a global recession. Speaking on India Today, Rajan highlighted that 15-20 per cent of the world’s energy sources are already shut down, and a prolonged conflict would require ‘tremendous demand destruction’. He noted the vulnerability of India, which has 50 percent of its crude oil imports and 85 percent of its LPG supplies through the Strait of Hormuz. Rajan cautioned that a $10 increase in oil prices adds about $17 billion to India’s current account deficit, which is about 0.5 percent of GDP. He stressed that while India’s Rs 1 lakh crore Economic Stabilization Fund can provide short-term relief, the government does not have fiscal space for long-term subsidies and should allow price adjustments to reach consumers and producers. Rajan also stressed the need for strategic resilience planning, including building up petroleum reserves and diversifying supply chains for critical inputs such as pharmaceutical APIs and semiconductor chips. #RaghuramRajan #OilPrices #GlobalRecession #itwebvideos #IranWar #USIsraeliWar #IndiaEconomy #Inflation #StraitOfHormuz #CrudeOil #LPG #EnergyCrisis #Stagflation #GeopoliticRisk #StrategicResilience #FiscaleDeficit #RBI #IMF #IndiaToday #EconomicStabilization Subscribe to India Today for new videos every day and make sure to enable push notifications so you never miss a new video. All you have to do is press the bell icon next to the subscribe button! India Today TV is India’s leading English news channel. India Today YouTube channel provides latest news videos on politics, business, cricket, Bollywood, lifestyle, auto, technology, travel, entertainment and more. Stay tuned for the latest updates and in-depth analysis of news from India and around the world! For more updates, subscribe to our channel: https://www.youtube.com/channel/UCYPvAwZP8pZhSMW8qs7cVCw?sub_confirmation=1 For live updates, analysis and expert opinion – only on India Today https://youtube.com/live/sYZtOFzM78M https://youtube.com/live/lNe8hisFwMM NewsToday with Rajdeep Sardesai: India First with Gaurav Sawant: https://youtube.com/playlist?list=PLPPKwCCueQ_BFk7nVk4khuMvyci5nuX4Z&si=iYuw0hIt9NTcrcOo To the point with Preeti Chaudhary: https://youtube.com/playlist?list=PLPPKwCCueQ_AARG0z9XWZ3_lMCiLlMzfD&si=5AewBYYZZC-GkCny Newstrack with Marya Shakil: https://youtube.com/playlist?list=PLPPKwCCueQ_AzhqTbhMb8kfaauJmeH_IQ&si=Pzh_FY-lYsSoSEVJ WhatsApp Channel: https://whatsapp.com/channel/0029Va2AnW3JENxxg7OuJv00 Download App: https://indiatoday.link/wHaj Follow us: Official Website: https://www.indiatoday.in/ Twitter: https://twitter.com/IndiaToday Facebook: https://www.facebook.com/IndiaToday
sourceBy Imtiyaz Alam Journalist