India's Expenses Could Rise by Up to $10 Billion if Crude Oil Imports from Russia Decrease
India's annual oil import bill could rise by $5 to $10 billion if crude oil purchases from Russia decrease by 50 percent. Economist Santosh Mehrotra has warned of rising inflation and increased pressure on the rupee.
Translated from the Hindi original · translation AI-generated
According to economist and former United Nations consultant Santosh Mehrotra, India's annual import expenditure could increase by $5 billion to $10 billion if the country cuts crude oil imports from Russia by 50 percent.
He stated that India depends on Russia for approximately 50 percent of its oil supply, sourcing crude oil at discounted rates. If these purchases are reduced, it could lead to rising domestic inflation, along with adverse pressure on the current account deficit and the rupee.