IGI Logo

Expressing concern over state of economy, Finance Minister Nirmala Sitharaman has said the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India. Sitharaman said ‘It is difficult to say how it (crude prices) will go. Even today, in the FSDC, when we were looking at the challenges which are posed for the financial stability, crude was one of the things. International worrisome situations where we actually voiced that we want a diplomatic solution for the situation that is developing in Ukraine… all these are headwinds’.

She said the Brent has touched over $96 per barrel on February 22, 2022 and added that the country is keeping a watch on the same. She said the oil marketing companies will take a call on the retail prices. She said trade has not been impacted because of the geopolitical tensions but the government is keeping a close watch on the same, and added that ‘we are careful that the exporters should not suffer’.

On the exact timeline for the LIC IPO, she said there is a buzz and interest in the market after the life insurance behemoth filed its papers with SEBI for the over Rs 60,000 crore issue, and the government will be going ahead with it. She also said that the government is looking into the lapses that happened at the NSE.