In an exclusive interview with India Today TV, former IMF Deputy Managing Director Gita Gopinath has warned that the Iran conflict could trigger the world’s biggest oil shock - surpassing even the 1970s crisis - which could hurt both India and the global economies. Gopinath, who is now an Economics Professor at Harvard University, said if the Gulf conflict continues for a few more months, the tide could turn for the Indian economy which has been holding strong till now. She flagged the high fuel subsidies and suggested they be brought down to ensure the fiscal health of the country does not fail. The top economist also suggested that India look at energy independence to avoid the kind of difficulties laid bare by the closure of the Strait of Hormuz.