Oil Shockwaves: India's Strategic Response Amid Rising Global Crude Prices

The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) has raised alarms over rising global crude oil prices, now surpassing USD 78 per barrel, driven by Middle Eastern tensions, notably between Iran and Israel.

According to FKCCI president M G Balakrishna, this surge is heightening operational costs across various sectors and contributing significantly to India's inflationary pressures due to its heavy reliance on oil imports.

Balakrishna suggests government interventions such as utilizing strategic petroleum reserves, reducing excise duties on fuels, and supporting energy-intensive sectors to mitigate these economic pressures and ensure stability.

(With inputs from agencies.)