Finance Minister Says Concerned About Rising Crude Prices, Tapping Alternative Sources

Finance minister Nirmala Sitharaman expressed concern over rising crude prices and indicated that government is looking to tap alternative sources

Finance minister Nirmala Sitharaman on Tuesday expressed concern over rising crude prices due to the Ukraine crisis and indicated that the central government is looking to tap alternative sources.

At an interactive session organised by BJP's Karnataka unit, she was asked about the impact of rising crude prices and war in Ukraine on the Indian economy.

"It will certainly have an impact on Indian economy", the finance minister said. "How much we are going to be prepared to take it as a challenge and mitigate the impact is something which we will have see as we go (along)," she added further.

Noting that India imports more than 85 per cent of its crude oil requirements, she said when oil prices go up, it is a matter of concern and "now we will have to see how it pans out".