New Delhi: Concerned about the rising crude oil price and its impact on consumers and the economy, Finance Minister Nirmala Sitharaman on Saturday said that India will look for alternative sources of crude oil to ensure sustained supply of the fuel.
She further said that new supply chains won’t likely have an impact on crude prices though and that the federal and state governments will have to discuss about the inflationary impact of rising crude and its various impacts.
To ensure that the supply distortions due to seasonal changes or a change in crop patterns are being addressed, a government panel is already monitoring food-related inflation, said the finance minister.
Meanwhile, the sudden surge in the number of Covid-19 infections is also worrying both the government and the private sector, Sitharaman said adding India remains in a comfortable position in its supply of vaccines while the government is planning to ramp up inoculations to citizens to address the worsening situation, she said.
talking about the country’s economical recovery, Sitharaman said high frequency indicators show the economy is steadily improving. The centre and the Reserve Bank of India are carefully monitoring the market. The finance minister further alleged that she doesn’t see India facing the risk of a repeat of taper tantrum.