Lower import bill to aid growth

Lower oil prices have eased current account deficits in several countries, including India and Pakistan, says Unctad report


India’s economy is expected to grow 7.5% this year, driven by domestic demand and consumption as well as an improved fiscal position due to a lower oil import bill, a report by the United Nations Conference on Trade and Development (Unctad) said on Tuesday. The Trade and Development Report, 2015, said Asia is estimated to account for almost half of total global growth in 2015. Lower oil prices have eased current account deficits in several countries, including India and Pakistan, the report noted.