FM Nirmala Sitharaman affirms continued purchase of Russian oil; GST Reforms to ease tariff impact

The Finance Minister reiterated that crude oil accounts for the highest share in India’s total import bill. At the time of this statement, the US has imposed an additional 50 per cent import duty on India for buying oil from Russia.

New Delhi: Union Finance Minister Nirmala Sitharaman has clarified that India will continue to buy Russian oil and all decisions in this regard will be taken keeping in mind the national interest of the country. She said that whether the oil is Russian or from any other source, India will choose the option according to its needs and availability. Oil is a large foreign exchange consuming product, so caution is exercised in its purchase.

The Finance Minister reiterated that crude oil accounts for the highest share in India's total import bill. At the time of this statement, the US has imposed an additional 50 per cent import duty on India for buying oil from Russia. The US alleges that India is financially supporting the Ukraine war by buying oil from Russia.

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Reaction To US Sanctions

Donald Trump said that the US has so far imposed only the first phase of tariffs against countries trading with Russia, and there may be further phases. He described the sanctions imposed on India as a strong step against Russia and said that this will cause huge economic losses to Russia.

GST Reform Will Have A Positive Impact On Tariffs

Nirmala Sitharaman also said that the GST reform will solve many problems related to tariffs. She assured the industries which have been affected due to the 50 percent tariff, that the government will take various measures to help them.

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Government Will Help Affected

The Finance Minister said that the government is coming up with a relief package for the affected industries, which will include many measures. Its purpose is to provide financial assistance to those businesses which have been affected by the new tariffs.

Will Give Priority To National Interest

Nirmala Sitharaman reiterated that all the decisions of India will be taken by keeping the national interest paramount. Decisions will also be taken in oil purchases keeping in mind the needs and economic condition of the country.