India’s Sitharaman Says No Plan to Adjust Budget Numbers for Now

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Or sign-in if you have an account.(Bloomberg) — India is not planning to reconsider its budget numbers for now as the country has sufficient buffers to deal with pressures stemming from the Middle East conflict, Finance Minister Nirmala Sitharaman said.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe government has “some resource kept aside” to meet challenges arising from rising risk insurance premia as ships pass through war zones, Sitharaman said at an event in Mumbai on Sunday. “I have kept buffers which can take care of it and therefore at this stage, I don’t think I’ll look at my budget number for readjusting,” she said, pointing to government support for oil and fertilizer imports at higher prices.Risks to India’s economic outlook have increased as a truce between the US and Iran remains elusive, raising the prospect of prolonged geopolitical tensions and higher energy prices. India is a large importer of crude oil, making it susceptible to higher inflation and a wider trade deficit when energy prices climb. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againIndia’s inflation accelerated last month, rising above the central bank’s target for the first time in almost a year and a half as food prices hardened. Sitharaman said erratic monsoons due to the El Nino effect were adding to existing inflation risks, with the country receiving excessive rain in some parts and not enough in others.“Inflation therefore cannot be just imported,” she said, adding “it’s also our own want of rain and the monsoon being less-than-normal” that could also add to price pressures.The finance minister said several indicators including goods and services tax collections pointed to resilient economic growth. The central bank expects the economy to grow 6.6% in the fiscal year through March despite headwinds from the war and a deficient monsoon.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.