Oil is once again proving to be Prime Minister Narendra Modi’s friend when his government is making efforts to fend off a possible slowdown in the pace of economic growth. Crude prices dropped sharply on Friday, the day finance minister Nirmala Sitharaman announced a slew of measures to boost business confidence and pump-prime the economy.
US crude plunged over 3% to $53.58 per barrel as China announced fresh tariffs on US goods, clouding hopes of revival in global demand. Right on cue, global benchmark Brent, which is more pertinent for India, fell 2%, or $1.19 to trade at $$58.75 per barrel.
The price drop could not have come at a better time and will support steps to revive growth. Cheaper oil keeps macroeconomic parameters such as CAD (current account deficit) and inflation in the comfort zone by reducing crude import and subsidy bills. Read More
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