Government closely monitoring global commodity price movements amid Russia-Ukraine war: MoS for Finance Pankaj Chaudhary
The Hindu
MoS for Finance Pankaj Chaudhary said the government is also committed to supporting initiatives for releases from Strategic Petroleum Reserves to mitigate market volatility
The government is closely monitoring the global commodity price movements and their impact on the Indian economy through trade in the aftermath of global supply disruptions amid the Russia-Ukraine war, Parliament was informed on Tuesday.
Minister of State for Finance Pankaj Chaudhary said the government is also committed to supporting initiatives for releases from Strategic Petroleum Reserves to mitigate market volatility and calm the rise in crude oil prices.
To a question on whether the government has made any review of the economy consequent upon the breakout of war between Russia and Ukraine, the Minister said the geopolitical tension between Russia and Ukraine has led to global supply disruptions, resulting in a steep increase in global commodity prices, including crude oil, gas, edible oils and fertilisers, among others.
"Government of India is closely monitoring the global price movements and their impact on India’s economy through trade," he said.
He said India's GDP in 2021-22 is estimated to grow at 8.9%, which will take the country’s GDP past the most recent pre-pandemic output of 2019-20 to complete the recovery process.
"In addition, Government is also committed to supporting initiatives for releases from Strategic Petroleum Reserves, for mitigating market volatility and calming the rise in crude oil prices," Mr. Chaudhary said.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.
Adani Group acquires Air Works, India's largest MRO company, expanding its aviation services with a ₹400 crore deal.
Sterling and Wilson Renewable Energy Ltd. secures ₹1,200 crore order for 500 MW Solar PV project in Gujarat.