The oil tanks are located near the port of Jawaharlal Nehru.
Photographer: Dhiraj Singh / Bloomberg
Photographer: Dhiraj Singh / Bloomberg
India will look for alternative sources of crude oil to ensure a sustained supply of fuel, said Finance Minister Nirmala Sitharaman.
New supply chains are unlikely to impact crude oil prices, he said Saturday. Federal and state governments will have to debate the inflationary impact of rising crude oil and its impact on consumers and the economy, Sitharaman said.
A government group monitors food-related inflation to make sure supply distortions are 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 a concern for both the government and the private sector, Sitharaman said. India remains in a comfortable position in the supply of vaccines and the government plans to increase inoculations to citizens to address concerns about rising cases, he said.
As for the economy, Sitharaman said high-frequency indicators show that the economy is constantly improving. The government and the Reserve Bank of India are closely monitoring the situation, and the finance minister said he does not see India facing the risk of repeating the rage.
India says monetary and fiscal steps need to be tandem to help growth