Finance Minister Nirmala Sitharaman Reaffirms India’s Stand on Russian Oil Amidst Global Pressure
NEW DELHI – Union Finance Minister Nirmala Sitharaman has confirmed that India will continue to purchase Russian oil, asserting that the country’s energy decisions will be guided solely by its national interest. The statement comes amidst rising international pressure and the recent imposition of a 50% tariff by the United States on Indian goods, a move widely seen as a response to New Delhi’s continued energy trade with Moscow.
In an interview with a television channel, Mrs. Sitharaman reiterated that crude oil constitutes the largest portion of India’s import bill. “Whether it is Russian oil or anything else, we will take a call based on what suits our needs in terms of rates and logistics,” she stated. India has been a significant buyer of discounted Russian crude since the conflict in Ukraine began, a strategy that has helped the country save billions of dollars in foreign exchange.
The Finance Minister also addressed other key economic topics, including the recent reforms to the Goods and Services Tax (GST) regime. She noted that 99% of all goods and services are now classified under the zero, five, or eighteen percent tax brackets, a move aimed at improving consumption without impacting capital expenditure. However, she specified that petroleum and alcohol products will remain outside the GST framework.
Mrs. Sitharaman also announced that the government is preparing a package to support exporters who have been adversely affected by the new U.S. tariffs. These duties, which have impacted labor-intensive sectors such as textiles and jewelry, have caused significant concern among businesses and have strained trade relations between the two countries.
In a broader context, the Finance Minister linked India’s approach to its “Atmanirbhar Bharat” (self-reliant India) initiative. She explained that the objective of the program is not merely to produce everything domestically but also to foster a sense of self-respect in the face of uncertain global trade policies.