The spike in crude oil prices may have changed the fiscal equation for the Modi government and causing some headache to the Reserve Bank of India (RBI).
It has also made going tough for a whole host of sectors in the domestic economy. But some others are smiling.
Crude oil prices rose about 20 per cent in September quarter, its biggest increase for that quarter since 2004. The black gold hit a high of $59.49 recently.
On Tuesday, Opec Secretary General Mohammed Barkindo urged US shale oil producers and other crude-producing nations to join the ‘noble’ initiative of curtailing global supply to bring stability to the oil market. Read More…