Crude oil price surge amid West Asia stand-off may strain fiscal deficit, current account: Finance ministry
The Ministry of Finance warned that rising crude oil prices amid ongoing tensions in West Asia could exacerbate India's fiscal and current account deficits. The ministry's July economic review highlighted that sustained high oil prices might pressure financing for these deficits, alongside persistent inflation risks. Additionally, the report noted elevated prices for industrial commodities and risks in supply chains, particularly for critical minerals due to global disruptions.