Oil Prices Have Receded, But Too Soon To Sound 'All Clear': FinMin

The higher oil prices triggered by a brief Israel-Iran war have come down, but it is too soon to sound the "all clear" for the rest of the year, said a finance ministry report on Friday.

- Press Trust Of India

The ministry's monthly economic review also stressed that with no major imbalances in the macro aggregates, a subdued inflation rate combined with a growth-supportive monetary policy stance, India's macroeconomic health is in a relative goldilocks situation.

The brief Israel-Iran war, followed by the US intervention, pushed the price of crude oil sharply higher, it noted.

"Its persistence would have threatened India's growth and fiscal outlook in the current financial year. Thankfully, there is a ceasefire, and oil prices have retreated sharply," the ministry said.