Madhavi Arora 2.9 1 idea

A $10 increase in Brent Crude results in a 0.5% hit to India's GDP. The current account deficit could worsen by 0.9% of GDP. India is a massive net importer of energy. While they have some Russian supply, the transcript notes that China is competing for that supply, and discounts are shrinking. High oil prices act as a direct tax on the Indian economy and currency. Short India equity exposure as a hedge against prolonged high energy prices. The US granting specific waivers to Indian refiners (mentioned by Avril Hong) could mitigate the shock.