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Government considering viable options for procuring cheaper crude: report

The government said GatiShakti would compensate for the consequences of geopolitical tensions

Although the geopolitical tensions triggered by the conflict between Russia and Ukraine have not ceased and the economic fallout from the crisis is only gradually manifesting itself in the form of global food shortages and rising crude oil prices Brent, the government is exploring all viable options such as import diversification to procure crude oil at affordable prices.

In the March 2022 Economic Review, released by the Ministry of Finance on Thursday, it was mentioned that to offset the consequences of geopolitical conflicts, GatiShakti and production-related incentive programs will stimulate investment, which will bring a strong post-recovery growth for the Indian economy.

The review further noted that transitory shocks may not have a large effect on real growth and inflation.


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