Russia-Ukraine conflict: India worried about impact on farming sector, says finance minister - Times of India

Russia-Ukraine conflict: India worried about impact on farming sector, says finance minister – Times of India


CHENNAI: India is worried about the impact caused by the standoff between Ukraine and Russia, particularly on its exports, finance minister Nirmala Sitharaman said on Monday.
Interacting with industry captains at an event here, Sitharaman said the Centre was seized of the matter and discussions were on between ministries for a “complete assessment” on the issue.
“On the larger issue of the situation prevailing in Ukraine and about India’s position in the UN Security Council and so on. It is widely open and I went through the press releases and press commentaries which the external affairs ministry is making,” she said.
Later, speaking at the Doordarshan Conclave, Sitharaman also clarified that the Centre would ensure people were not affected by the global fuel supply disruptions due to the standoff between Ukraine and Russia.
Voicing concern over the country’s imports and exports from Russia and the war-torn nation, the Union Minister said: “As regards to what is going to have a bearing on our immediate imports and equally on our exports to Ukraine, we are rightly worried about what comes from there, but I am more worried, about what is going to happen to our exporters who are doing very well, particularly to the farming sector…,”
To a query on the ongoing crisis in Ukraine, Sitharaman said, “We are already looking at an emergent situation but I will have to have a complete assessment done through the various concerned ministries and then only be in a position to comment on it.”
She, however, assured that the government was fairly seized of the matter in its granular form, as it is going to have an impact on essential commodities, like edible oil coming from Ukraine, and so on.
India is currently engaged in bringing back the students stranded in Ukraine following the standoff and as on Monday the sixth flight under India’s evacuation mission ‘Operation Ganga’ left for New Delhi from Budapest with 240 Indian nationals.
Addressing the gathering at the Doordarshan Conclave on Union Budget 2022-23, Sitharaman said the Centre would ensure people were not affected by the fuel supply disruptions following the conflict between Ukraine and Russia.
Global crises in the past like the Iran-Iraq war and Kuwait war have posed challenges, she said when her attention was drawn to the Russia-Ukraine crisis during the conclave held under the aegis of Doordarshan here.
Apparently indicating that India could not remain unaffected by geopolitical developments, Sitharaman said, “The government is seized of the matter and would ensure that people are not affected,” she said.
The minister was responding to a question from a participant on how the central government would handle the situation in the event of escalation of fuel prices due to global fuel supply chain disruptions following Russia’s invasion of Ukraine.
Talking about the salient features of the Union Budget, she said 35.4 per cent increase in the outlay for capital expenditure, an enhancement to Rs 7.5 lakh crore from Rs 5.54 lakh crore announced in the Budget would bring about a “sea change” of transformation in the country.
“States would be provided Rs 1 lakh crore towards funding for infrastructure which they can repay without interest in 50 years,” she said.
The funding would help the states to take up projects based on their regional requirements, she said.
On the whole, the Union budget envisages development for the next 25 years across the country and possibly “we could realise the dream of our poet Subramania Bharati,” she said.


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