COVID-19: Oil prices drop to historic lows after extreme collapse in demand | The Times of India
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COVID-19: Oil prices drop to historic lows after extreme collapse in de…
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The historic oil price crash in April and a protracted spell of subdued market reduced India’s oil import bill since January by 40%. This gave the cash-strapped government some headroom as it battled Covid-induced headwinds. India paid Rs 2.6 lakh crore for 115.5 million tonne of oil imported in the January-July period against Rs 4.2 lakh crore for 130.8 mt in 2019. Cheaper oil has a positive impact on macroeconomic parameters, which reduces drag on govt finances and frees up resources for welfa
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The historic oil price crash in April and a protracted spell of subdued …
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“Our oil dependency has fallen by 60 per cent. Since 2008, India’s economy has quadrupled, yet the oil import bill has risen only 80 per cent. It is no longer a stress on our fundamentals.” Hear Morgan Stanley’s Managing Director and Chief India Equity Strategist, Ridham Desai, explain how India’s macroeconomic environment has structurally improved under Modi Govt. 🔽 | Bharatiya Janata Party (BJP)
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