Moodys Slashes 2026 India Growth Forecast to 6

India's high oil import dependence (90%) makes it vulnerable to rising global energy costs. Moody's downgrade reflects a demand-side slowdown channel: higher energy costs squeeze disposable income (private consumption) and raise input costs for industry, reducing capital formation. The mechanism is fx_passthrough (oil price → domestic inflation → consumption/investment) and input_cost for energy-intensive sectors. No single company or product price is directly affected; the impact is country-wide macro. Relevant sectors: EM_MARKETS (India-specific macro risk), COMMODITY_OIL (driver), EM_ENERGY (import vulnerability).