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New Delhi: Mumbai-based Kotak Mahindra Bank Chairman Uday Kotak said two days ago that India has yet to see the true consequences of the continuing West Asia conflict between Iran and its foes, but a big shock is looming on the economic front.

While speaking at the CII Annual Business Summit 2026, Kotak said, “The shock is coming, and it's coming big; consumers have not felt the pressure at all so far.”

He pointed out that at present oil marketing companies are filling the gaps because of old stocks, but such a fill-up is quite soon to be depleted. Increased crude oil prices will not only cause a rise in fuel prices but will also lead to greater prices throughout all fuel-dependent sectors and be most equally felt by middle- and lower-income households.

With the world grappling with high levels of volatility, Kotak exhorted policymakers and businesses to be proactively ready for bad days and think “prepare for paranoia” in this volatile global scenario. He coincided with PM Modi's recent appeal on Micronesia in India and emphasized the importance of resilience in the context of being dependent on oil imports of 85% of the requirement for the country. This is a developing situation.