Speaking to CNBC-TV18 after meeting with the International Monetary Fund (IMF) and the World Bank in Washington DC, finance minister Pranab Mukherjee explained reasons for India's high subsidy burden. He also said that the supply of oil from Iran has substantially reduced.
"We had to pay about an average price of USD 115 per barrel which we import. So naturally it had to be absorbed and hence the quantum of subsidy increased substantially. We are buying about 14 million tonne of crude from Iran though in terms of percentage it has reduced substantially," the finance minister said in Washington DC.
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