Mr. Nagesh Kumar, Director, Industrial Improvement Institute, Member of the Financial Coverage Committee. File |Photograph Credit score: The Hindu
The continued battle in West Asia highlights India’s structural vulnerability to vitality shocks and reinforces the necessity to speed up efforts to scale back dependence on imported oil and strengthen vitality safety, in accordance with an exterior member of the RBI’s rate-setting committee.
Nagesh Kumar, director of the Industrial Improvement Institute and member of the Financial Coverage Committee, stated India’s strategy must give attention to each rising home oil exploration and accelerating the transition to various sources.
“Excessive dependence on imported crude oil has made the Indian financial system extremely weak to fluctuations within the hydrocarbon market. Whereas India’s macroeconomic fundamentals stay resilient and the Indian financial system stays the fastest-growing main financial system with a progress fee of near 7% in 2026-2027, the time has come to prioritize vitality safety and resilience to maintain the accelerating financial progress trajectory,” Kumar stated in an interview. P.T.I..
