Russian oil share in India’s oil import has exponentially increased from 2 to 13% over a couple of months. We know that this all began at the start of the Russian-Ukraine war. Consequently, we saw skyrocketing energy prices all over the world. The Union finance Minister Nirmala Sitharaman on Thursday was addressing an event. The organizer of the event was Indian Council for Research on Economic Relations (ICRIER). Ms. Sitharaman said that the credit should go to Prime Minister Narendra Modi for his exceptional statesmanship. After all, it was the P.M who was behind the decision of boosting imports of Russian oil. Apart from that, this oil was purchased at discounted prices and helped immensely cut import bills.
She further said “I respect the PM for his courage to get it (crude oil) from Russia because they are willing to give a discount… our entire import had 2 percent of Russian component, it was ramped up to 12-13 percent within a couple of months,” the finance minister said. Moreover, she also stated that the increase in India’s oil import from Russia is an integral part of “inflation management”. It’s important to realize that crude oil prices reached a record high due to the Russian-Ukraine conflict. It was the Western nations that imposed several sanctions on Russia. In spite of that, Narendra Modi led govt. gave supremacy to national interests. As a result, oil imports were ramping up from Russia to India.
