Government Looking At Viable Options To Procure Cheaper Crude: Report
NDTV
To offset consequences of geopolitical conflicts, GatiShakti and production linked incentives schemes will drive investment
Though geo-political tension triggered by the conflict between Russia and Ukraine have not ceased and the economic fallout of the crisis is only gradually unfolding in the form of global food shortages and rising Brent crude oil prices, "the government is exploring all viable options like import diversification to procure crude oil at affordable prices". @FinMinIndia releases Monthly Economic Review for March 2022.#MERFor full report ➡️ https://t.co/ICFgbM4pNaKey highlights 👇 pic.twitter.com/rwScbegXop
In the economic review for the month of March 2022, released by the Finance Ministry on Thursday, it has been mentioned that to offset the consequences of geopolitical conflicts, GatiShakti and production linked incentives schemes will drive investment, which will deliver high-post-recovery growth for the Indian economy.
"Geopolitical conflicts and their consequent impact on food, fertiliser and crude oil prices casta cloud on the growth outlook globally. India may feel its impact although the magnitude will,of course, depend on how long the dislocations in energy and food markets persist in thefinancial year and how resilient India's economy is to mitigate the impact. Transient shocksmay not have a big effect on real growth and inflation," it said.
"Offsetting these potential headwinds, GatiShakti and Production Linked Incentive Schemes willdrive investment, which will combine with supply chains strengthened by structural reformstaken in the past few years to deliver high-post-recovery growth for the Indian economy," the monthly review report noted.
