India said that Moscow's supply of discounted crude oil was important to its economy.
India is one of the few countries that did not condemn Russia for invading.
It plugged its crude oil gaps with Russian imports at a discount of up to $30 per barrel. Less than 2% of India's total crude imports come from Russia, as India's oil imports from Russia rose by up to 15% within a couple of months.
India's finance minister gave credit to the statesmanship of the prime minister to make sure that we did keep up the relationship with all countries but still managed to get the Russian fuel.
India's petroleum minister said the government has a moral duty to protect its citizens' interests.
We will purchase oil from Russia. Does a government elected by the people want a situation where the petrol pumps run dry? In Milan, Puri spoke to CNBC.
In April, India experienced its highest inflation rate in eight years. The rate has been above the tolerance band of 2% to 6% for seven months in a row, despite some relief over the last three months.
India's inflation management is an exercise of so many activities that are outside of monetary policy. Retail fuel sales may have been mentioned.
Most states have done the same.
The Reserve Bank of India has raised its benchmark interest rate by 140 basis points over the course of the last four years. The finance minister would like to see more from the central bank. She said that it would have to be more synchronized with the government's fiscal policy.
Inflation may remain elevated due to food prices, according to economists. The reading for August is likely to come in at 6.9%, even though the price of crude oil has fallen.
The food component of the basket has a weight of more than 50%.
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