India Officials Defend Economy as Oil Surge Swells Import Bills

14 articles · Updated · Bloomberg · May 25

Nirmala Sitharaman said India’s economy remains resilient even as soaring oil prices hit financial markets, pressure the rupee and darken growth prospects.
The finance minister backed Prime Minister Narendra Modi’s austerity call, saying conserving foreign exchange is necessary as higher crude costs inflate India’s import bill.
Her remarks extend a broader government push from earlier Monday, when she urged focus on fuel, fertiliser and forex and rejected what she called economic pessimism.
The reassurance campaign underscores India’s vulnerability to the Middle East conflict, which is lifting energy and related commodity prices and testing the external balance.

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