Finance Minister Nirmala Sitharaman on Tuesday said the Russia-Ukraine crisis and rising global crude oil prices pose a challenge to financial stability in India.
Sitharaman, who is on a two-day visit to the financial capital, said two issues (Ukraine and crude) were discussed in the meeting of the Financial Stability Development Council (FSDC), which includes all financial sector regulators.
He said it is difficult to say how crude oil prices will rise. “Even today, at FSDC, when we were looking at the challenges that pose to financial stability, that was one of the crude things,” she said.
Referring to the ongoing conflict between Russia and Ukraine, Sitharaman said, “The international concern where we actually voiced that we want a diplomatic solution to the evolving situation in Ukraine… these are all headwinds.” “.
Brent rose above $96 a barrel on Tuesday, he said, adding that the country was monitoring it. The Finance Minister said that the oil marketing companies will decide on the retail prices.
Amid fear in the business community due to tension, Sitharaman said that business has not been affected but the government is keeping a close watch on it. He said that we are careful that the exporters do not suffer.
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