India is vulnerable to energy supply shocks, with crude oil stocks covering only about 25 days of demand and about 40% of its petroleum imports flowing through the Strait of Hormuz.
* Strong forex reserves, a low current account deficit and moderate inflation should help India cushion rising oil prices, despite heavy oil import dependence, the report said.
* If the crisis persists, it could weaken the currency, widen the current account deficit and stoke inflation, it said.
* Prolonged crisis could hit sectors dependent on liquefied natural gas and crude such as fertilisers and petrochemicals, the report added.
* India invoked emergency powers on Friday directing refiners to maximise production of liquefied petroleum gas to avoid any shortage of cooking fuels.