India deploys crisis-era steps as Iran war fuels oil shock

India is implementing crisis-era measures in response to the oil shock caused by the Iran war. These measures include urging citizens to reduce foreign exchange usage and increasing tariffs on precious metal imports. The country, which imports 90% of its oil, is experiencing a widening current account deficit and significant pressure on the rupee. Additionally, foreign investors have withdrawn over $20 billion from Indian equities since the onset of the conflict, exacerbating economic challenges.