However, according to Shah, India still has a decent share of supply of Russian crude which comprises 30 per cent of India’s total imports by end FY24, and it should help to keep India’s import bills for crude oil under check. In another insight, S&P Global Ratings cautions that the medium term trajectory remains fraught with risk, given the enormous challenges in finding a de-escalator pathway. Energy prices is one of those key transmission channels, exposed to the conflict that could affect credit conditions and will continue to be monitored closely, the report says.
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