Just a couple of months ago, major oil trading houses were predicting the return of $100 crude. Now, with oil prices at half that level, here’s a look at what the slump means for India.
While Indian economy apparently reaped huge benefits from a sharp fall in crude oil prices about three years ago, with the GDP growth topping 8% and defying a global slowdown, the oil price fall actually ended up hurting Indian economy
Prime Minister Narendra Modi said on Thursday the size of Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each.
The Indian economy is in for a rough ride, with rising oil prices set to continue weighing on its already-weakened currency, widen its deficit, and affect its growth outlook.
There was a time when monsoons in India were amongst the toughest to predict. Not anymore. The Indo-US ties stand in its shoes now. I am not sure whether anybody in his sane wisdom would be able to hazard a guess whether all’s well; I certainly can’t.
India’s manufacturing activity improved at a slower pace in July on the back of moderate growth in output, new orders and employment. The activity had improved at the fastest pace in the year so far in June.
Led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region, Asian Development Bank (ADB) said in a new report today.
India’s growth remains “quite robust” into the future, the IMF has said despite slightly downgrading the country’s growth projection for 2018-19 due to high oil prices and a tight monetary policy regime.
In a good news, India has now become world’s sixth-largest economy, pushing past France, according to the updated World Bank figures for 2017. France has been pushed to seventh spot in the list,
India has become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017.