Domestic production of oil, gas ramped up amid West Asia crisis: RBI governor
India is ramping up domestic oil and gas production amid the West Asia crisis, according to RBI Governor Sanjay Malhotra. The Indian economy has shown resilient growth over the past decade, supported by robust policy frameworks and financial stability.
The Indian economy has demonstrated strong growth over the past decade, driven by robust policy frameworks and financial stability. RBI Governor Sanjay Malhotra stated that the current West Asia crisis significantly impacts India, affecting exports, crude oil imports, and inward remittances. In response, India is increasing domestic oil and gas production and diversifying import sources. The government and oil marketing companies have absorbed some price pressures, but a portion has been passed on to consumers. Malhotra emphasized that monetary policy remains data-dependent, with a neutral stance to manage inflation expectations and economic dynamics. The RBI is in 'wait-and-watch' mode, maintaining flexibility to respond to evolving inflation-growth dynamics.
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