India, Aug. 30 -- India should consider a windfall tax on refiners benefiting from discounted Russian crude to support exporters hit by 50% US tariffs, according to Raghuram Rajan.

"We need to ask who benefits and who is hurt," the former RBI governor told India Today in an interview on 27 August. "Refiners are making excess profits, but exporters are paying the price through tariffs."

"Do they still make those excess profits? Should we take some of those profits and benefit some of the exporters who are being hurt by the fact that they're buying oil from Russia."

Later, Rajan took to LinkedIn to express his views on a windfall tax.

"Why not impose a windfall profit tax on our refiners proportional to the Russian oil they buy, and tra...