Former Finance Secretary Subhash Garg denied the allegations made by US President Donald Trump on India. President Trump had said that India is making profiteering with huge discounts in Russian oil prices. Subhash Garg has described this charge as not a economic reality, but a political drama.

Subhash Garg said that a report of CLSA has already rejected the benefits of the benefits, showing that India’s actual savings with Russian crude oil are not close to $ 25 billion annually, but close to $ 2.5 billion.

Trump can select any figure

According to the NDTV report, he said that you can tell any number, it does not matter. Just Trump is using it as a sword to punish India. After incorporating shipping, insurance and blending costs, the real effective discount on the Russian barrel of India is now only $ 3-4 per barrel.

The former Finance Secretary said that if Trump wants to use it as a political weapon, then he can choose any figure. The truth is that India is buying Russian oil while living within the global value limit. No international agreement is being violated in this.

Relaxing crude oil is beneficial for India

Subhash Garg has warned that if India stops buying cheap crude oil from Russia, it will be harmful for the country. He said, ‘The price of crude oil is beneficial for India. If we retreat then America will benefit, but not in India’s interest.

He further said that US Finance Minister Scott Besant had earlier said that heavy tariff charges on India have not been levied only because of buying oil from Russia, but also because the talks between India and America are very prolonged.

India out of the conversation process

When the increasing tension in business relations between America and India was questioned, Garg said that after Trump has imposed heavy tariffs of up to 50 percent, India has now almost removed from the process of negotiation. No one can trade at that tariff level. He said that India should not formally close the doors, rather it should be expected that America will definitely get prudence someday.

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