Consumption-Driven India Resilient to Oil Shocks: ASSOCHAM

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has said that the Indian economy has the potential to grow at over 7 per cent annually even if crude oil prices rise to USD 90-100 per barrel.

In a statement issued on Wednesday, the industry body noted that India’s consumption-driven economy remains resilient despite global energy price pressures. It said the country’s capacity to withstand higher fuel costs has improved significantly over the years.

According to ASSOCHAM, India has successfully absorbed previous oil price shocks while maintaining steady economic growth. Its analysis highlighted that strong domestic demand, expanding economic activity, and improved macroeconomic management have helped the country manage high energy costs without derailing growth momentum.

The industry body expressed confidence that India can continue on a robust growth path even amid volatile crude markets, underlining the strength of its domestic consumption base and economic fundamentals.