#India Russian crude imports# Trump 50% tariffs# Nirmala Sitharaman energy policy# Peter Navarro controversy# Indian economy resilience# GST reforms
IBNS-CMEDIA: New Delhi: India will make its energy choices based solely on its interests, Union Finance Minister Nirmala Sitharaman said on Friday, reiterating the government’s stance on the purchase of Russian oil.
“Whether it is Russian oil or anything else, we will take a call based on what suits our needs in terms of rates, logistics or whatever. Where we buy our oil from, especially it being a big ticket foreign exchange-related item, is a call we will take based on what suits us best. So, we will undoubtedly be buying Russian oil,” she said in an interview with Network18 Group Editor-in-Chief Rahul Joshi.
The finance minister reasserted the importance of Russian crude, underscoring its impact on India’s import bill.
While the West continues to attack India for purchasing Russian oil, it has moved from buying crude oil to refined products from Indian refiners.
She iterated that the impact of steep Trump tariffs will be neutralised to a considerable extent after the latest GST reforms.
On tax reforms, Sitharaman noted that “Ninety-nine percent of all goods and services are now within the 5% and 18%, except for certain goods (sin, luxury),”underscoring the progress under the GST framework.
She added, “We needed to do something about the indirect tax that falls as a burden on every Indian citizen,” reiterating the government’s intention behind the reforms.
Speaking on fiscal management, she warned that the fiscal deficit target remains a critical concern. “Capped, fiscal deficit for Centre will not come down,” Sitharaman said.
Assuring support for the industries hit by 50% tariff, Sitharaman said, “We will come out with something to handhold those who have been hit. The package includes a variety of measures, and something is definitely coming to help them.”
India’s imports of Russian crude have come under fire in Washington. White House trade adviser Peter Navarro accused New Delhi of financing Moscow’s “war machine” and went so far as to brand the Ukraine conflict “Modi’s war.”
Navarro then flagrantly flouted diplomatic norms, charging that PM Modi was “getting into bed” with Putin and Xi and later claiming that “Brahmins” were profiteering from discounted Russian crude — allegations Indian officials and commentators have roundly condemned as inflammatory and misleading.
Union Minister Hardeep Puri said on September 2, underscoring how India continues to act within the framework of international trade guidelines.
“Unlike Iranian or Venezuelan crude, Russian oil is subject to a G7 and EU price-cap system designed to maintain flows while capping revenues. Every Indian transaction has used legal shipping, insurance, compliant traders and audited channels,” he stated.
“India has not broken rules. On the contrary, our purchases helped stabilise markets and prevented prices from spiralling,” he added.
