Amid the Russia-Ukraine conflict, India has adeptly managed its reliance on imported oil and urea through savvy diplomacy and fiscal measures.
Russia now supplies over 20% of India’s oil, up from 2% pre-war, while urea imports have been stabilized.
To cushion rising global prices, India has expanded subsidies for oil and urea, though this has diverted funds from other critical areas like job creation and infrastructure.
The government is also focusing on increasing self-reliance for long-term stability.
#IndiaEconomy, #OilImports, #UreaSubsidies, #RussiaUkraineConflict, #EconomicStability ~PR.320~HT.318~ED.155~GR.125~
