To cushion domestic consumers and farmers from global price surges, government outlays on energy and fertiliser subsidies rose steeply, straining fiscal deficit targets. The shocks also disrupted supply chains, resulting in soaring freight rates and maritime insurance costs.

EXPLAINED: Why crude oil shocks hit India harder than other major economies — And how can it change?

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EXPLAINED: Why crude oil shocks hit India harder than other major economies — And how can it change?