RBI Deputy Governor Urjit Patel on Monday said dramatic fall in global oil prices was a "boon" for Indian economy and may help save $50 billion on import bill.
According to Patel, the fall in oil prices will increase disposable incomes, reduce input cost of businesses and bring down energy subsidy burden.
"It (oil fall) saves, on an annualised basis, around $50 billion, roughly, one-third of our annual gross POL (Petroleum, Oil and Lubricants) imports of about $160 billion ... But our external situation undoubtedly improves," he said.
According to Patel, the fall in oil prices will increase disposable incomes, reduce input cost of businesses and bring down energy subsidy burden.
"It (oil fall) saves, on an annualised basis, around $50 billion, roughly, one-third of our annual gross POL (Petroleum, Oil and Lubricants) imports of about $160 billion ... But our external situation undoubtedly improves," he said.
No comments:
Post a Comment