Oil tanks stand near the Jawaharlal Nehru harbor.
Photographer: Dhiraj Singh / Bloomberg
Photographer: Dhiraj Singh / Bloomberg
India will look for alternative sources of oil to ensure continued fuel supply, Finance Minister Nirmala Sitharaman said.
New supply chains are unlikely to have an impact on the crude price, she said on Saturday. The federal and state governments will have to discuss the inflationary impact of rising crude oil and its impact on consumers and the economy, Sitharaman said.
A government panel is monitoring food-related inflation to ensure that the distortion of supply is addressed due to seasonal changes or a change in crop patterns, the finance minister said.
An increase in the number of Covid-19 infections is of concern to the government as well as the private sector, Sitharaman said. India is still in a comfortable position in the provision of vaccines, and the government plans to increase vaccinations to citizens to address concerns about the boom in cases, she said.
As for the economy, Sitharaman said that high frequency indicators show that the economy is gradually improving. The government and the Reserve Bank of India are closely monitoring the situation, and the finance minister has said he does not see India risking a repeat of tapered tantrums.
India says fiscal, monetary steps to be in tandem to help growth