The fall in oil prices could revive India from a decade- low economic growth slump by reducing the country’s deficits, inflation and subsidies, and prompting refiners to invest in new infrastructure. Crude prices have fallen by more than half since mid- 2014 to below $50/bl, offering a huge financial boost for India, which imports around 80pc of its crude needs. The country will save around $50bn/yr, or around 31pc of its $160bn import bill, if prices stay at these levels, according to the Reserve Bank of India. Oil is the biggest contributor to the country’s recurring trade deficits.
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