Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Notice (8): Undefined variable: urlPrefix [APP/Template/Layout/printlayout.ctp, line 8]latest-news-updates/how-the-crude-oil-price-spike-will-upend-india-s-fiscal-balancing-act-kaushal-shroff.html"/> LATEST NEWS UPDATES | How the Crude Oil Price Spike Will Upend India's Fiscal Balancing Act -Kaushal Shroff | Im4change.org
Resource centre on India's rural distress
 
 

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

-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.

Please click here to read more.