India's inflation and economic growth face risk due to rising oil prices from disruptions, emphasizing the need to diversify trade routes, said the government.
India's national flag flaps next to the 'National Emblem' at the newly constructed Indian parliament building after the flag hoisting ceremony in New Delhi on Sept.17, 2023.India's inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea, the government said on Friday, highlighting the need to diversify trade routes.
India's shipments of agricultural commodities, textiles, chemicals, capital goods, marine and petroleum products may be impacted due to the disruptions, and affect the price competitiveness of exports. Whether the crisis impacts the value of exports in the next financial year remains to be seen, the government said. India's financial year runs from April to March.
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