Chief Economic Adviser Arvind Subramanian on Monday stressed on the importance of implementing rising oil prices, which are expected to have a detrimental impact on India’s inflation, Gross Domestic Product (GDP) and consumption levels.
Addressing a press conference post the presentation of the Economic Survey 2017-18 here, Subramanian said the present oil prices had impacted government finances and held back real economic activity.
“This year, oil prices went up significantly, and affected consumption, government finances and held back real economic activity. If this continues, GDP growth will drop, and inflation will spike in the coming quarters,” he said. Read More…
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