India's finance minister, Nirmala Sitharaman, has said that the country could buy Russian crude oil at or above the price cap imposed by the G-7 if the recent OPEC+ output cut increases energy costs. She added that India will look for "affordable prices" to serve its large population. Sitharaman also discussed India's economic challenges, including weakness in demand for manufacturing goods and services activity that could be a drag on India's recovery, and the lack of progress on privatization. She said that the government hopes to continue on the fiscal glide path and that the Reserve Bank of India has found reasonable justification to pause for now. On the topic of cryptocurrencies, she said more reports show that cryptocurrencies have macro-stability implications, if there's a consensus among G-20 members, "we will look at a broad framework and will leave it to each country to adopt their own legislative framework".
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