New Delhi, June 4 -- India's decision to limit the pass-through of rising global oil prices to domestic consumers has effectively acted as an implicit subsidy to households and businesses, former International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath said.

Speaking to news agency ANI, Gopinath said the Indian government's restraint in raising retail fuel prices-despite a sharp surge in international crude oil prices triggered by the West Asia crisis-has provided meaningful, albeit understated, economic support.

She observed that the degree of pass-through of global oil prices to domestic fuel prices has been considerably lower in India than in most other countries.

"The government is already to some extent supporting ...