Considering Rupee Fall, PM Modi Urged Oil Companies to Review Payment Terms

Sharing is caring!

Indian Prime Minister Narendra Modi urged global oil suppliers to review payment terms in order to give relief to the country which is struggling with a weakening currency.

Modi was speaking to oil ministers and chief executives of oil majors at a round table in New Delhi, a government statement said.

“He requested for review of payment terms so as to provide temporary relief to the local currency,” the statement quoted him as saying.

India, which imports more than 80 percent of its oil imports, has been under pressure as crude oil prices have surged and its rupee currency has lost value.

“Prime Minister Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets,” the statement said.

Indian Rupee was trading at 73.82 against US dollar around 5 pm today.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: