Finance minister Nirmala Sitharaman on Friday addressed CNBC TV-18’s India Business Leader Award, or IBLA, one of the biggest corporate award ceremonies in India and shared insights of the country’s economy. The finance minister said that it is only natural to buy oil at discounts from Russia and India has already started the process with more barrels to come from Moscow to New Delhi. On the starting day of the financial year, Sitharaman said she was ‘cautiously optimistic’ about the year ahead.
“India’s national interest, energy concerns should be kept first. We have already started buying Russian oil. If we are being offered at lower rates, why shouldn’t we take a decision that benefits out people,” she said on the day.
“I will put my energy security and country’s interest first. If supply is available at a discount why shouldn’t I buy it? I am taking cognisance of developments, making provisions to face any contingency,” said Sitharaman.
India must reduce fossil fuel dependence, she added. “Climate change is an issue which we have to be conscious of, and in the interest of the people, we need to move from fossil fuel to renewable energy, facing challenges on making gas as a substitute to fuel as supplies dwindle and costs spike,” she said.
Talking about the agricultural sector, the minister said “we could not have burdered the country’s farmers” and hence decided to bear the impact arising out of fertiliser subsidy. On being asked whether the government in its next Parliament session will move forward with the legislations introduced on cryptocurrencies, she said that the Centre has to “fulfill the committments it have made”.
Sitharaman was addressing a townhall talk with the with CNBC TV18’s Shereen Bhan. She also interacted with the leaders of India Inc including Kotak Mahindra Bank MD Uday Kotak, Nestle CMD Suresh Narayanan, Infosys CEO Salil Parekh and Biocon chief Kiran Mazumdar, among others.
Replying to Uday Kotak, who asked what she would have done had she known about the Russia Ukraine crisis, Sitharaman said she would have “ensured wheat was exported, sunflower imported to India for edible oil and got the Indian students out from Ukraine in time”.
The 17th edition of IBLA saw the presence of Sitharaman, who reached the venue at 4:30 pm on the day. This year’s theme for IBLA is Leaders of Change, to honour business personalities who have shown exemplary commitment during the change with the pandemic.
The awards will be presented across as many as 13 categories that will honour some of India’s most distinguished business leaders. These include: Award for Young Turk Startup of the Year, Award for Young Turk of the Year, Award for Most Promising Company of the Year, Award for The Disruptors, Award for Brand Campaign of the Year, Lifetime Achievement Award, Hall of Fame, In Memoriam, Award for Sports Leader of the Year, Award for Entertainment Leader of the Year, Award for Outstanding Contribution to Brand India,Award for Outstanding Company of the Year, and Award for Outstanding Business Leader of the Year. The awards will given to the best leaders among over 40 companies, personalities and entities.
Read all the Latest News , Breaking News and IPL 2022 Live Updates here.