Analysis

Nitin Gadkari Blames Global Crude Oil Prices For Current Macroeconomic Crisis

Crude prices, coupled with the steep fall in the rupee has strained the balance of payment position and the resultant spike in the current account deficit, which is slated to top 2.9 per cent of GDP this fiscal year. The country is not only the third biggest consumer of oil but also the third largest importer with 81 per cent of consumption being met through imports.