The Iran war is affecting businesses across the world, including India's, with increased oil prices, gas curbs, export delays, and foreign outflows from Indian IT stocks reaching a seven-month high in February. This has led to increased intervention from the central bank, with concerns about the impact on India's growth and oil prices. The disruption to trade through the Strait of Hormuz and gas supplies is also affecting Indian businesses. The government is confident supplies will be adequate and is taking steps to diversify imports beyond the crisis-hit Middle East. Despite this, interest rates may not immediately rise due to shortages of fuel-based raw material and disruptions to exports, which could result in a slower inflation and slower growth than inflation.