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The Economic Times

India's demand-side push could build USD 37.8 billion forex shield as high oil prices threaten fiscal stability: Brickwork Ratings

Brickwork Brickwork Ratings United States Oil India Gold

New Delhi: In a bid to safeguard macroeconomic stability against volatile global commodity shifts, a report by Brickwork Ratings revealed that a strategic, consumer-led "demand-side push" could help India save up to USD 37.8 billion (approximately ₹3.59 lakh crore) in foreign exchange reserves.

With crude prices likely to stay above USD 100 per barrel for the rest of 2026 and the rupee under pressure near Rs 95/USD, Brickwork Ratings said Prime Minister Narendra Modi's seven behavioural appeals could provide India with a USD 37.8 billion forex buffer this fiscal year.

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