Former Finance Secretary Subhash Garg has come to the statement of Donald Trump on accusing India on profiteering from a huge discount in Russian oil. He has described these allegations of the US President as not an economic reality, but a political drama. Subhash Garg said that India has retreated from the talks about the trade of America due to the tariff.
Talking to NDTV, Garg said that a new CLSA report has already rejected the unexpected profit, showing that India’s actual savings with Russian crude oil are not $ 25 billion annually, but close to $ 2.5 billion. Garg said, “You can tell any number, it doesn’t matter. Trump is using it as a sword to punish India.”
What did you say about the benefits of Russian oil?
According to Garg, after the inclusion of shipping, insurance and blending costs, the real effective discount on the Russian barrel of India is now only $ 3-4 per barrel. He insisted that if Trump wants to use it as a political weapon, then he can choose any figure, while the truth is that India is buying Russian oil while living within the global price limit. There is no violation of any international agreement in this.
What did Garg say on America-India business relations?
On the question of tension in the US-India trade relations, Garg said that after Trump’s 50 percent tariff was imposed, New Delhi has already retreated from the conversation. No one can do business at that tariff level, but India should not formally close the doors, because we should always expect that there will be understanding at some point.
Big statement on buying dairy products
Apart from this, Garg also appealed to India to reconsider his harsh talks, especially in the case of agricultural and consumer goods. He said that we have not been very flexible in cases like dairy products. By importing them, the interests of farmers really do not harm. This is a matter of consumer’s choice and it should come with the option, not with restrictions.
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