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LATEST NEWS UPDATES | How the Crude Oil Price Spike Will Upend India's Fiscal Balancing Act -Kaushal Shroff

How the Crude Oil Price Spike Will Upend India's Fiscal Balancing Act -Kaushal Shroff

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published Published on Mar 13, 2022   modified Modified on Mar 15, 2022

-TheWire.in

India will have to brace itself for an inflationary shock that will only serve to bludgeon a COVID-ravaged economy.

Russia’s offensive refuses to pause. Since February 24, a little over 2.3 million Ukrainians have fled seeking a safe haven while the Russian army is upping the stakes and making the war exponentially dirtier by attacking civilian enclaves, non-military infrastructure and even hospitals.

On March 10, Russia retaliated to the banking, business and commercial sanctions imposed on it by the US and the EU by firing counter-sanctions of its own. Russia’s counter-sanctions impose a ban on the export of telecom, electrical, agricultural, auto, medical and tech equipment till the end of 2022.

In this volley of sanctions and counter-sanctions, it is commodity inflation that has been roiling the global economy. On March 6, America’s Secretary of State Anthony Blinken declared that his country and their European partners are grafting together a plan to ban the import of Russian oil. As expected, this had the effect of setting off a panic in the crude oil market. Brent crude oil prices shot up to a whopping $140 a barrel triggering speculations that the oil prices per barrel could touch $200, a figure that will upend the fiscal math of many an emerging economy.

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TheWire.in, 13 March, 2022, https://thewire.in/economy/how-the-crude-oil-price-spike-will-upend-indias-fiscal-balancing-act


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