Government exploring options to procure crude at affordable prices: Economic Affairs Department
NEW DELHI: Amid soaring crude oil prices, the Government is exploring all viable options, including import diversification, to procure crude at an affordable price, the Economic Affairs Department said Thursday in its monthly economic review for March.
It added that the higher oil prices may hamper the country’s growth target of 8% in FY23. “Affordability is desired as even the present level of international crude price, should it persist for a long time, may come in the way of India achieving a real economic growth rate of 8% in FY23,” it said.
