Business
West Asia Crisis Impacts India’s Trade, Oil and Remittances: RBI Governor
Reserve Bank of India Governor Sanjay Malhotra said the current crisis in West Asia has a significant impact on India, as the region accounts for nearly one-sixth of the country’s exports, around half of its crude oil imports, and close to two-fifths of inward remittances.
Speaking at Princeton University on April 18, the RBI Governor said the Indian economy has shown resilient growth over the past decade, backed by strong policy frameworks, financial stability, and prudent fiscal management.
Referring to the ongoing geopolitical situation, he said India is increasing domestic oil and gas production while diversifying sources of imports. Malhotra added that although there is no shortage of oil due to available reserves, some rationing of gas is being undertaken for industrial purposes.
