India faces economic shock from war fallout

THE ceasefire in the West Asia war is good news, but much damage has already been done to the global economy. Unless the pause in hostilities ends up in a sustained peace, the world is set for an economic slowdown in the near term, with the impact reflecting in many ways. Oil prices that were soaring above $110 over the past month have now dipped to $97 per barrel, which is still relatively high. The extreme prices over the past month have been passed on to consumers in many countries, while the ramifications have extended to downstream products like fertilisers…