India, which is heavily dependent on Middle Eastern oil, is looking on with increasing apprehension as the US and Iran flirt with war. The country imported 84 per cent of its crude in the last financial year, government data show, and two of every three of those barrels was sourced from the conflict-prone region.
A major war in the Middle East threatens to push up consumer prices, widen the nation’s external deficits, and potentially derail Prime Minister Narendra Modi’s bid to revive flagging economic growth.
Every $10 increase in the price of a barrel of crude widens country’s current-account deficit by about 0.4 per cent of gross domestic product, said Sonal Varma, chief India economist at Nomura Holdings Inc. Read More
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