Nirmala Sitharaman says India looking for other sources of crude supply

India will look for alternative sources of crude oil to ensure sustained supply of the fuel, Finance Minister Nirmala Sitharaman said. New supply chains won’t likely have an impact on crude prices though, she said on Saturday.

The Central and state governments will have to discuss about the inflationary impact of rising crude and its impact on consumers and the economy, Sitharaman said.

A government panel is monitoring food-related inflation to ensure that supply distortions due to seasonal changes or a change in crop patterns are being addressed, the finance minister said.

An increase in the number of Covid-19 infections is worrying for both the government and the private sector, Sitharaman said. India remains in a comfortable position in its supply of vaccines, and the government is planning to ramp up inoculations to citizens to address concerns over the upsurge in cases, she said.

On the economy, Sitharaman said high frequency indicators show the economy is steadily improving. The government and the Reserve Bank of India are carefully monitoring the situation, and the finance minister said she doesn’t see India facing the risk of a repeat of taper tantrum.