Union Commerce and Industry Minister Piyush Goyal said the ongoing conflict in the Middle East involving Iran, the United States and Israel may cause a short-term economic impact on India. However, he emphasised that the Indian economy remains resilient and is expected to maintain strong growth. Goyal made the remarks at the CNBC-TV18 India Business Leaders Awards 2026 while highlighting India’s preparedness in energy supplies and economic stability.

BulletsIn

• Piyush Goyal says Middle East conflict may cause short-term economic impact in India.
• Indian economy expected to remain resilient despite global uncertainty.
• India projected to grow over 7% in the next financial year.
• Current financial year growth estimated at around 7.6%.
• If crude oil stays near $100 per barrel, GDP growth may fall to about 6.6%.
• Oil prices averaging $130 per barrel could reduce growth to around 6%.
• Inflation currently low at 2.75% in January, within RBI’s 2–6% comfort range.
• Government says India has sufficient crude oil and fuel stocks.
• No disruption reported in supply of petrol, diesel or aviation fuel.
• India increasing kerosene production to manage possible LPG supply delays.
• Government to announce a concrete agenda soon to support exporters.