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 sustainable supply of the fuel, Finance Minister Nirmala Sitharaman said.
New supply chains are unlikely to affect crude oil prices, she said Saturday. 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 supply disruptions due to seasonal changes or a change in crop patterns are addressed, the Treasury Secretary said.
An increase in the number of Covid-19 infections is of concern to both the government and the private sector, Sitharaman said. India remains in a comfortable position with regard to the supply of vaccines, and the government plans to increase vaccinations among citizens to allay concerns about the increase in the number of cases, she said.
On the economy, Sitharaman said that high-frequency indicators show that the economy is steadily improving. The government and Reserve Bank of India are closely monitoring the situation, and the Treasury Secretary said she does not see India at risk of a recurrence of a tapering tantrum.
India says fiscal and monetary steps must be in tandem to promote growth