India’s Impact on Global Inflation: Jaishankar’s View
Despite Western sanctions on Russian oil due to the Ukraine conflict, India’s refiners are buying discounted Russian oil. This action continues amid the war, showcasing India’s pursuit of cheaper resources.
On Wednesday, External Affairs Minister S Jaishankar highlighted India’s strategy in oil purchases during the Russia-Ukraine conflict. This approach significantly influenced global oil and gas markets, aiding in controlling worldwide inflation. Despite the West’s sanctions on Russia’s oil due to the Ukraine war, India’s refiners have actively bought discounted Russian oil, contributing to market shifts and inflation management.
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Jaishankar emphasized that India’s purchasing strategies have eased both oil and gas markets. This, in turn, helped in controlling global inflation. Speaking at a London event, he mentioned waiting for acknowledgment for these efforts, highlighting their impact on the world economy.
The minister stressed India’s smart oil buying as key to averting a global oil price hike. This safeguarded India’s global standing against European rivals.
Jaishankar clarified that if India had followed Europe’s path in purchasing, global oil prices would rise. Europe’s higher pricing would have edged India out in the market.
He added that in the LNG markets, supplies meant for Asia went to Europe instead. India, being sizable, still held some market influence. However, smaller nations, ignored in Paris tenders, lost supplier interest.
“They have bigger fish to fry.”
At the ‘How a billion people see the world’ event, Jaishankar wrapped up his UK visit. He discussed India’s growth, China relations, and India’s authenticity rise in diverse topics during the five-day event.
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