Ukraine crisis, high crude oil prices a challenge to financial stability: Nirmala Sitharaman

Ukraine crisis, high crude oil prices a challenge to financial stability: Nirmala Sitharaman


Mumbai . Finance Minister Nirmala Sitharaman said on Tuesday that Russia-Ukraine crisis and rise in global crude oil prices pose challenges to financial stability in India. Sitharaman told reporters that both the issues were discussed in the meeting of the Financial Stability Development Council (FSDC). The council includes all financial sector regulators.

The Finance Minister, who came to Mumbai on a two-day visit, said, “It is difficult to say where the price of crude oil will go. In today’s meeting of FSDC also we took note of the challenges which threaten financial stability. Crude oil is one of them. The situation at the international level is worrying. We have raised our voice for a diplomatic solution to the evolving situation in Ukraine… these are all challenges.

Government is monitoring the situation
He said that Brent crude reached above $ 96 a barrel on Tuesday. The country is watching this. The Finance Minister said that the petroleum marketing companies will decide about the retail prices. Sitharaman said that trade has not been affected by the tensions at the global level, but the government is monitoring the situation. We are cautious that all this does not affect the exporters.

Also read- India’s economic growth forecast to be 6.6 percent in the third quarter: Barclays

The Finance Minister deferred questions on the timeline for the initial public offering (IPO) of Life Insurance Corporation (LIC). He said that for the issuance of more than Rs 60,000 crore, insurance major LIC has submitted the prospectus with SEBI. Since then there is discussion and interest in the market about it. The government is taking steps in this regard. He also said that the government is looking into the shortcomings of the National Stock Exchange.

Inflation will increase in the coming days
Let us tell you that due to the Ukraine-Russia dispute, inflation may increase further in the coming days. Due to this controversy, crude oil has crossed $ 96 per barrel in the international market. This happened about 8 years ago. Petrol-diesel prices are believed to increase due to the cost of crude oil. The price of natural gas is also increasing in the international market. Due to this, there is every possibility of increasing the prices of LPG and CNG inside the country.

Tags: Finance Minister Nirmala Sitharaman, FM Nirmala Sitharaman, Nirmala sitharaman, Nirmala sitharaman news, Ukraine


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