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Increasing pressure on the government and possible rise in prices

Despite the huge rise in crude oil prices in the international market, the Indian government has so far kept the retail prices of petrol and diesel stable. For this, the government has taken steps like reducing duty and marginally increasing some controlled prices like gas. According to the RBI Governor, it will not be possible to maintain the current situation indefinitely due to this crisis that has continued for more than 75 days. He clarified that if this situation continues for a long time, it is only a matter of time that the government will pass on some part of these increased prices to consumers. However, he also appreciated that the government has successfully reduced the fiscal deficit, which had reached 9.2 percent during the pandemic, to about 4.3 percent by following fiscal prudence.

India’s deep economic dependence on West Asia

The region of West Asia is extremely important strategically and economically for the Indian economy. Citing figures, the RBI Governor said that one-sixth of India’s total imports and exports are related to this sector. Apart from this, 40 percent of the total remittances (money sent by emigrants) received by India, 40 percent of fertilizer imports and about 60 percent of gas supply are dependent on this sector. Due to this high dependency, any tension or geopolitical instability in the Middle East poses a direct risk to India’s supply chain and economy.

Inflation risks and policy challenges

These shocks in the supply chain have a direct impact on domestic inflation. This risk is even greater for India because the share of food items in the Consumer Price Index (CPI) basket is still around 40 percent. The Governor acknowledged that monetary policy alone may not be sufficient to deal with large supply-side shocks. However, he stressed that policy makers should adopt a strong and cautious approach. If the impact of supply disruptions begins to spread to other sectors of the economy and inflation becomes widespread, policymakers will inevitably have to intervene.

This statement of the RBI Governor is an indication that India cannot remain completely untouched by global crises. The government has so far tried to protect the general public from the direct blow of inflation, but if the uncertainty in West Asia continues for a long time, an increase in fuel prices in the domestic market may become an inevitable step. In such a complex environment, the RBI will need to remain extremely flexible and agile in its monetary policy as per domestic and global circumstances.

According to Hardeep Puri, the government has faced obstacles in energy supply amid the West Asia crisis. While managing the situation, minimum burden was put on the people. Domestic production of LPG has been increased. It has increased from 36,000 to 54,000 metric tons per day. He called it an incredible achievement. He said, due to the situation arising out of tension in West Asia, Indian oil companies are incurring a loss of Rs 1,000 crore every day. The total under recovery i.e. loss is estimated to reach Rs 1,98,000 crore.

What update did the government give on fuel stocks?
On the aspect related to the existing reserves, Union Minister Puri said that India has 60 days of crude oil. There is also 60 days of LNG and 45 days of LPG stock. There is no problem on the supply side. Prices have not been increased for the last four years. The last time prices increased was in 2022. Someone said that there would be a rise in prices after the elections in five states, but it did not happen.

The loss has reached Rs 1 lakh crore
During his address at CII’s annual summit, Puri said, if you look at the quarterly figures, the loss has reached Rs 1 lakh crore. In such a situation, how long can you maintain this situation? Crude oil prices earlier used to be around $64 or $65 per barrel. Now it has increased to $ 115 per barrel.

Efforts to increase production to reduce import dependence intensified
He said that 20 percent of global energy came from the Strait of Hormuz. 85 percent of India’s crude oil was imported from this region. About 60 percent of LPG was imported from there also. Before the crisis, domestic production of LPG was 35,000-36,000 metric tonnes. The government has increased it to 54,000 metric tons.

Follow the Prime Minister’s suggestion, no need to panic
According to Hardeep Puri, India’s petrol consumption has increased by 6 percent, yet there has been no reduction anywhere in the country. Petrol and diesel are available at every petrol pump, LPG supply is also adequate. He urged people to follow the suggestions of Prime Minister Narendra Modi so that import expenses are reduced. Puri reiterated that there is enough stock, so there is no need to panic.

Prateek Yadav, younger brother of Samajwadi Party national president Akhilesh Yadav, died on Wednesday, May 13. capital of uttar pradesh Lucknow He breathed his last in the Civil Hospital.

After Pratik’s health deteriorated, a person who came to his house gave important information. While talking to ABP News, he told that yes, I was at home. I reached home at five o’clock and went straight to the civil hospital from there. I was unwell and that’s why I reached there. Here the doctors tried to save him but could not save him. On the other hand, according to sources, about 20 boys had brought Prateek to the hospital.

After his death, preparations for the post-mortem of Prateek’s body have been started. Under the supervision of the Chief Medical Officer, a panel of doctors has been formed which consists of 3-4 doctors. There will be videography of Prateek’s post mortem.

Prateek Yadav Death News: In what condition was Prateek Yadav brought to the hospital? Civil CMS told the whole truth

CM Yogi paid tribute

A doctor at the hospital said that Prateek did not receive any treatment. He was brought here dead. Prateek was brought here at 6.55 in the morning. He had died at that time. Doctors checked his vitals and declared him dead. His health was very bad. When seen here, he was in a dead state.

Prateek Yadav Death Live: Prateek Yadav dies at the age of 38, was suffering from lung disease, Aparna Yadav is not in Lucknow

On the other hand, the Chief Minister of Uttar Pradesh Yogi Adityanath On Wednesday, he expressed grief over the demise of Prateek Yadav, younger son of Samajwadi Party (SP) founder Mulayam Singh Yadav. In his condolence message on the social media platform ‘X’, the Chief Minister said, “The sudden demise of Prateek Yadav ji, son of former Chief Minister of Uttar Pradesh, late Mulayam Singh Yadav and husband of Aparna Yadav, Vice President of Uttar Pradesh State Women’s Commission, is extremely sad. Humble tribute.” He said, “My condolences are with the bereaved family. It is a prayer to Lord Shri Ram to grant salvation to the departed soul and strength to the bereaved family to bear this immense sorrow. Om Shanti.

Hegseth engaged in a heated debate with Democratic lawmakers during a defense hearing before the Senate Appropriations Subcommittee. Joint Chiefs Chairman Dan Kane was also present in this meeting. The main issues of the hearing were President Donald Trump’s proposed $1.5 trillion defense budget, the rising cost of the Iran war, rising oil prices due to the closure of the Strait of Hormuz and the US strategy regarding China-Ukraine.

Hegseth said that major damage has been caused to Iran’s military power. He claimed that Iran has been attacking America for 47 years and has been lying about its nuclear weapons program. President Trump finally showed the courage to act. He also said that Iran’s entire conventional navy is now lying at the bottom of the Persian Gulf and in the current situation America has more dominance than before.

However, Democratic lawmakers raised serious questions on the strategy of the Trump administration. Senator Chris Coons said that this war is being fought without any clear goal and plan for the end, for which the American people are paying the price. Meanwhile, Senator Patty Murray raised questions on the huge defense spending amid rising fuel and food prices.

According to the Pentagon, about $29 billion has been spent so far on the Iran conflict, although a full assessment of the damage caused to US military bases is yet to be done.

The biggest question raised during the hearing was regarding the reopening of the Strait of Hormuz. Crude oil prices have increased around the world due to disruption in this sea route, which is very important for global oil supply. To this, Hegseth said that the US has “military options”, but Washington still wants a negotiated solution so that Iran stops “piracy in international waterways”.

Joint Chiefs Chairman General Dan Kane also acknowledged that Iran is holding the world economy hostage through its military activities, but he declined to provide further details publicly on military plans.

At the hearing, Mitch McConnell stressed the need to continue support for NATO allies and Ukraine. He warned that at a time when America’s adversaries are uniting, alienating allies could be dangerous.

America’s strategy regarding China was also discussed. Ahead of Trump’s expected visit to Beijing, McConnell asked whether U.S. commitments to Taiwan and the South China Sea would remain in place. On this, Hegseth said that America is committed to strengthening partnership and maritime security with its allies Japan, Taiwan and the Philippines in the Indo-Pacific region.