India defies Iran war oil shock to keep 8% growth on track

India’s stronger-than-expected first quarter growth has bolstered analysts’ confidence that it can sustain its momentum through the rest of the financial year and remain the world’s fastest-growing major economy – even as it remains exposed to high oil prices caused by the US-Iran war.

The Indian economy grew 7.8 per cent in the April-June quarter, comfortably beating the Reserve Bank of India’s forecast of 7 per cent growth, despite the disruption that the Middle East conflict has caused to...