Union Finance Minister Nirmala Sitharaman said the government is worried about the impact of the Russia-Ukraine conflict on India’s foreign trade, particularly farm sector exports.
In a post-budget interaction with business and industry leaders in Tamil Nadu, Sitharaman said the government is closely monitoring the evolving situation in the Russia-Ukraine region and assessing the impact of the conflict on the country’s trade.
“We are rightly worried about what comes from there but I am more worried about what is going to happen to our exporters who are doing very well, particularly the farm sector, to Ukraine and Russia,” the Finance Minister said.
“The government is already looking at the emergent situation. But I will have to have a complete assessment through the various concerned ministries and only then will be in a position to comment on it,” she said.
The Finance Minister pointed out that Ukraine is a major supplier of sunflower oil seeds and fertilizers and the disruption in supply would impact essential commodities like edible oil.
“But you can be assured that we are fairly seized of the matter in its granular form because it’s going to have an impact on the essentials which come,” she said.