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13.06.26 - 01:45
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India Set To Miss Budget Deficit Target As Oil Shock Strains Public Finances (ZeroHedge)
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India Set To Miss Budget Deficit Target As Oil Shock Strains Public Finances
Submitted by Tsvetana Paraskova of OilPrice.com
India may be on track to miss its target for budget deficit for the first time since 2021 as the oil supply shock pressures government coffers.
The government of the world's third-largest crude oil importer is preparing to exceed its own deficit target from early this year as the Middle East crisis is testing the resilience of public finances amid soaring energy import bills, an Indian official with knowledge of the plans told Bloomberg on Friday.
India may allow the budget deficit to widen to 4.8% of GDP for the current fiscal year ending March 2027, up from a 4.3% limit set in February, days before the Iran war broke out and broke the oil and gas markets.
Still, India's Finance Ministry has reassured the major credit rating agencies that the deterioration of the country's fiscal position would be exclusively due to external pressures and the geopolitical situatio...
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12.06.26 - 21:48
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India Accuses West Of Double Standards Over US Russia Oil Sanctions (ZeroHedge)
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India Accuses West Of Double Standards Over US Russia Oil Sanctions
Submitted By Tsvetana Paraskova of OilPrice.com
The on-and-off U.S. sanctions on Russian oil and the flipping U.S. position regarding India's oil purchases from Russia highlight the double standards of the Western nations, Indian Foreign Minister S Jaishankar said on Friday.
India turned en masse to Russian oil in 2022, when the U.S. and the EU imposed sanctions on Moscow due to the invasion of Ukraine. Four years later, India is a major buyer of Russia's crude and Russia is India's single-largest oil supplier.
“At that time, the US specifically asked India to buy Russian oil to stabilize the oil market,” Jaishankar was quoted as saying at an event in Finland, referring to the situation on the market in 2022.
India buys oil based on price and availability, the foreign minister said in response to reporters' remarks that India is “too sympathetic to Russia” and “too willing to buy oil from Russia”.
“Circumstan...
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10.06.26 - 01:36
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The Oil Shock Is Weakening India′s Economy and Finances (ZeroHedge)
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The Oil Shock Is Weakening India's Economy and Finances
By Tsvetana Paraskova of OilPrice.com
India is scrambling to contain the economic and financial impact of the worst oil supply disruption in history as analysts say the high oil prices would continue to weigh on the Indian currency, economic growth, and public finances as long as supply is choked at the Strait of Hormuz.
More than three months after the Iran war began, investment banks, brokerages, rating agencies, and even India's central bank are lowering economic growth forecasts, while the government intervenes to stop the cash bleed from the balance of payments that has surged with the oil prices.
India, which imports more than 85% of the oil it consumes, received about half of all its imports from the Middle East before the war. Now, state-owned and private refiners are looking to diversify imports, including by taking in record volumes of Russian oil, and turning to Venezuela and Brazil for additional crude to offset the lost Mid...
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07.06.26 - 11:54
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Oil shock fears overdone, India can grow above 8%: Neelkanth Mishra (Times of India)
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India's economic growth is robust, with concerns over high crude oil prices being exaggerated, according to World Bank Executive Director Neelkanth Mishra. He highlighted strong domestic demand and refining margins as buffers, suggesting growth could exceed 8% and remain in the 7.5-8% range even with elevated oil prices. Mishra believes the economy is well-positioned to absorb price shocks....
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