Hey Majestic-milf,
keep yourself a little bit up-to-date on what's happening around the world instead of reading an outdated article that was published in December 2021. We are in 2022 for your kind information, that is too June. So wake up!
Inflation has been a problem for the entire world. But two things have recently happened,
1. Russia agreed to sell oil to India at $35 discount per barrel.
2. OPEC Plus countries have decided to increase production from July and continue in August as well
These will drastically increase the oil supply in the world market and the price of the oil will come down to a great extent. Now along with interest rate hike and cheaper oil, the high inflation should come under control by the end of the 2022.
But that is correct - India is getting discounted oil from Russia, and USA didnot object. And I fail to understand why USA is so kind to IND - only because India is an allie? They discriminate when they give a bit extra attention to their favourite kid. I am a bit jealous. May our country get the subsidised oil too so there is some stability in the country. Ameen
US objected and so is the EU, and they are talking to the Indian government about that. So the US-India relationship is on the rocks right now because of that move by India to buy cheap Russian crude oil when almost half of the world is condemning Russia for the war against Ukraine and US and it's ally put a sanctions on them.
And then reports surfaces that India is reselling the oil to the US and the West that comes from Russia. For sure this is going to rise the tension now and their relationship is going to be tested.
As for the rate hike, I think it's inevitable, countries economy has been devastated by the effect of the Covid-19 and it will take sometime for any government to recover from that. And now is the time to start and obviously, government's treasure chest is empty now and they have to find ways to bring money again thru new tax measures.