Crude windfall in making for India: Oil prices set to cool more, may shore up fiscal, trade balance


Crude windfall in making for India: Oil prices set to cool more, may shore up fiscal, trade balance

The slump in China’s economic growth to the lowest in nearly three decades may bring some crude relief to the Indian economy, with the slowing global demand pushing crude oil prices lower.

Subdued crude oil prices could help Indian government contain fiscal deficit and also the trade deficit, as the country imports 80 per cent of its oil requirements, analysts said. China’s gross domestic product or GDP rose at 6.2% in Apr-Jun quarter, the slowest since 1992 and down from 6.4% in the last quarter, according to the government data released on Monday. China will continue to face “downward pressure” in the second half of this year, the National Bureau of Statistics, China said in a statement.

Earlier this month, Finance Minister Nirmala Sitharaman announced additional special excise duty of Re 1 per litre and road and infrastructure cess of Re 1 per litre on both petrol and diesel Read More

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