RBI MPC member Nagesh Kumar flags import dependence, Gulf remittances, El Nino risks in minutes

India's heavy reliance on imported oil and fertilisers routed through the Strait of Hormuz, its dependence on remittance inflows from the Gulf and the possibility of an El Nino-led disruption to monsoons pose significant economic risks, RBI Monetary Policy Committee member Nagesh Kumar flagged in the minutes of the latest policy meeting.