S&P Global Ratings on Wednesday raised India's GDP growth forecast for the next fiscal to 7.1 per cent, with private consumption, investment and exports being key drivers, but said that the conflict in the Middle East could strain the fiscal position due to higher energy prices arising from the conflict. In its latest quarterly Asia-Pacific economic commentary, S&P Global Ratings said risks from renewed geopolitical tensions and persistent trade-related uncertainties could affect India through fluctuations in commodity prices, trade volumes, and capital flows. It expects fuel prices in India to rise if oil prices remain elevated, to contain subsidy costs, but does not foresee a full pass-through. The ratings agency also upgraded its projections for the following years, increasing FY28 growth by 20 basis points to 7.2% and FY29 by 20 basis points to 7.0%, pointing to sustained expansion over the medium term.