Iran Israel Conflict: Finance Minister Nirmala Sitharaman has said that the Indian government is fully prepared to reduce any impact on the economy after the increased tension between Iran and Israel. . He said that the Government of India is fully alert regarding the current situation.
In an interview given to CNBAC Awaaz, Nirmala Sitharaman said, as the situation keeps changing, we are preparing to take decisions keeping in mind the interests of India. After this tension, a big rise in the prices of crude oil has not been seen till now. However, due to any increase in tension in the Middle East, it may become expensive for India to import crude oil, which may increase India's import bill. India is the third largest country in the world in terms of importing crude oil and imports 85 percent of its crude oil consumption.
The Finance Minister said that crude oil was imported from Russia to provide relief to India from the fall in crude oil prices after the sanctions imposed by western countries. Similarly, whenever such challenges arise, after discussion with government departments, decisions will be taken keeping in mind the interests of India. Nirmala Sitharaman said that we will remain completely alert.
Brent crude oil is currently trading at $87 per barrel while WTI crude oil is trading at $82.49 per barrel. Crude oil prices have declined from upper levels. Last week, crude oil had crossed $19 per barrel. After Iran's attack on Israel, it was feared that there would be a sharp rise in the prices of crude oil. However, this has not been seen so far. But if Israel retaliates, there could be a sharp rise in prices.
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