Who Benefits From Russian Oil? Time To Pit Sovereignty Vs Policy: Raghuram Rajan

Indian exporters pay the price for 50% tariffs imposed by the U.S., not refiners profiteering from Russian oil. These harsh words come from former RBI Governor Raghuram Rajan who in an exclusive conversation with India Today TV’s Rajdeep Sardesai urged India to reassess its Russian oil policy. Rajan asked a blunt question: “Who benefits and who is hurt?” While refiners enjoy excess profits, exporters are paying the price through steep U.S. tariffs. He suggested diverting some of those inflated profits to reimburse exporters. Rajan also stressed India must avoid dependence on any one nation, whether it is the U.S., China, or Japan, and instead build alternatives and self-reliance. Calling for urgent structural reforms, Rajan highlighted the need to ease doing business, integrate with global supply chains, and make domestic firms more competitive in the global marketplace.