New Delhi [India], September 8 (ANI): The share of Russian oil in India’s general oil import basket elevated from 2 per cent to 13 per cent in a few months after the start of the Russia-Ukraine struggle, which led to a spike in vitality costs globally, Union Finance Minister Nirmala Sitharaman mentioned on Thursday.
Addressing an occasion organised by the Indian Council for Research on International Economic Relations (ICRIER), Sitharaman mentioned credit score should be given to Prime Minister Narendra Modi’s statesmanship to take the choice of boosting imports of Russian oil at reductions because it helped in decreasing the import payments.
“I respect the PM for his courage to get it (crude oil) from Russia because they are willing to give on discount… our entire import had 2 per cent of Russian component, it was ramped up to 12-13 per cent within a couple of months,” the finance minister mentioned.
“Sanctions, sanctions but countries are finding their own way to get that Russian crude, gas…I give credit to the statesmanship of the Prime Minister to make sure globally that we did keep our relationship with all countries but he yet managed to get the Russian fuel which is what Japan is doing today,” she mentioned.
Sitharaman mentioned the rise in oil imports at discounted costs from Russia is part of the “inflation management”.
Crude oil costs soared to close report excessive earlier this 12 months because of the Russia-Ukraine battle. Western nations led by the United States imposed a number of sanctions on Russia. However, Prime Minister Narendra Modi’s authorities determined to ramp up oil imports from Russia giving supremacy to the nationwide pursuits.
Finance Minister emphasised that managing inflation can’t be the only accountability of the central authorities and thus states should additionally act and cooperate in preserving the overall worth rise in verify.
“Inflation handling can’t be left singularly to the monetary policy. The majority of measures to tame inflation are outside monetary policy. Fiscal and monetary policies have to work together to tame inflation. Inflation handling can’t be left singularly to monetary policy,” she mentioned.
Minister mentioned that Input costs for agriculture and MSMEs should be managed which feed inflation.
“Solutions to inflation management need to be country-specific,” the finance minister mentioned. (ANI)