russia: Govt intently monitoring world commodity value actions amid Russia-Ukraine struggle: FinMin
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To a query on whether or not the federal government has made any evaluate of the financial system consequent upon the breakout of struggle between Russia and Ukraine, the minister mentioned the geopolitical stress between Russia and Ukraine has led to world provide disruptions, leading to a steep improve in world commodity costs, together with crude oil, fuel, edible oils and fertilisers, amongst others.
“Authorities of India is intently monitoring the worldwide value actions and their affect on India’s financial system via commerce,” he mentioned.
He mentioned India’s GDP in 2021-22 is estimated to develop at 8.9 per cent, which is able to take the nation’s GDP previous the newest pre-pandemic output of 2019-20 to finish the restoration course of.
“As well as, Authorities can also be dedicated to supporting initiatives for releases from Strategic Petroleum Reserves, for mitigating market volatility and calming the rise in crude oil costs,” Chaudhury mentioned.
Worldwide oil costs began rising this yr and jumped to a 13-year excessive of USD 140 per barrel earlier this month as an aftermath of the Russia-Ukraine struggle. Brent was buying and selling at USD 118.59 per barrel on Tuesday.
India depends on abroad purchases to fulfill about 85 per cent of its oil requirement, making it one of the susceptible in Asia to increased oil costs.
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