- March 3, 2022
- Posted by: Stratford Team
- Category: Economy
Prime Minister Narendra Modi warned in a Commerce Ministry’s webinar that the disruptions to supply chains will significantly impact the global economy.
Amidst growing uncertainty in the global economy over the Ukraine crisis and disruption of trade and shipping services following sanctions on Russia, the Brent Crude Oil futures jumped above $117 per barrel today, a short while ago, the highest in more than seven years.
That is all set to significantly increase India’s import bill on crude oil in the coming weeks as the country depends on imports for over three-fourths of its energy needs.
“During the global pandemic, the supply chain in the world has been shattered, and these days we are especially seeing that the issue of supply chains has shaken the economy of the whole world,” said Mr Modi.
The crude oil prices have been high even before the Russian invasion of Ukraine, with…