India buying Russian oil: I will put my country's national interest, energy security first: FM Sitharaman

Finance Minister NIrmala Sitharaman | Illustration: Moneycontrol

India has already started buying oil from Russia, since it has come at a discount at a time when the country needs it, Finance Minister Nirmala Sitharaman has said.

"We have received quite a number of barrels. I would think about 3-4 days of (national) supply. I would put my country's national interest and energy security first," Sitharaman said at the 17th edition of the CNBC-TV18 India Business Leaders Awards. If fuel is available at a discount, why shouldn't India buy it, the finance minister stressed.

Sitharaman's comments come on a day when Russian Foreign Minister Sergey Lavrov is in New Delhi to discuss a range of issues, among which India's oil purchases from Russia, and a new proposed Rupee-Rouble trading mechanism, figure majorly.

However, Sitharaman said the global economic climate has been impacted by the Ukraine crisis and that she was entering the new financial year with 'cautious optimism'.

Sitharaman said her target for the new year remained on infrastructure spending. The government had increased capital expenditure by over 35 percent y-o-y, and a proposed infrastructure spend of over Rs 10 lakh crore in Budget 2022-23.

Domestic investment growth