Listing out oil as the “most important” challenge for India, Finance Minister Arun Jaitley said since most of the country’s oil comes through imports, economy has to be made resilient enough to face this challenge.
“The first and the most important challenge is that we are net buyers of oil. We are oil deficit. Most of our oil comes through imports and therefore the global oil prices which have risen on account of the artificial shortages which have been created, adversely impact us. And therefore we have to face that challenge by making our economy so resilient itself that we have the capacity to bear that challenge itself as far as the oil prices are concerned,” Jaitley said while addressing the 98th annual session of Assocham.
In a meeting with leading global CEOs of oil and gas sector and ministers from Saudi Arabia and the UAE on Monday, Prime Minister Narendra Modi had made a strong case for a partnership between producers and consumers in the oil market as it exists in other markets to help stabilise the global economy which is on the path of recovery. Modi has sought a review of payment terms with major oil producers as part of the NDA government’s strategy to help counter a falling rupee. Read more