|India's crude oil imports from Russia have soared|
Russia has for decades been India's largest supplier of military equipment. In addition, India's crude oil imports from Russia have jumped between 12 percent and 13 percent from all sources since February. Sitharaman said the number had increased dramatically compared to before February.
At that time, Russia's oil imports were only 2 percent of all sources. Indian Finance Minister Nirmala Sitharaman revealed that importing oil from Russia is part of her government's inflation management strategy. According to him, other countries are also doing the same thing. So far, India has not condemned Russia's invasion of Ukraine despite pressure from the West. On the one hand, India continues to call for a diplomatic solution to the crisis and an end to the violence.
Sitharaman said the number had increased dramatically compared to before February. At that time, Russia's oil imports were only 2 percent of all sources. "I pay tribute to the statesmanship of the prime minister (Modi) for ensuring globally that we maintain relations with all countries but still manage to get Russian fuel, as Japan is doing now, as well as some other countries," Sitharaman said in New Delhi, quoted by Reuters. from Reuters, Friday (9/9).
Indian ministers have repeatedly said that the country needs to continue buying energy materials from Russia to keep inflation under control. India is the world's third largest consumer and importer of crude oil. Sitharaman said Prime Minister Narendra Modi deserves credit for being considered successful in balancing trade and other relations with various countries.
India's annual inflation rate has now fallen for three months, it has exceeded the central bank's tolerance limit of 2 to 6 percent for the seventh month in a row. Sitharaman said India's inflation management is "the implementation of a great deal of activity, most of which falls outside the (area) of monetary policy". Retail prices in India in July 2022 rose 6.71 percent over the previous year.