4 min read.Updated: 27 Jan 2017, 02:00 AM ISTTadit Kundu
The entire reduction in India's fiscal deficit over the past few years can be attributed to the fall in crude oil prices
Mumbai: One of the biggest drivers of India’s superlative macro-economic performance in the recent past has been a relatively under-appreciated element: oil. Since 2014, the dramatic fall in crude oil prices has helped India contain her twin deficits, and tame inflation. But with oil exporting countries planning to curtail oil supply, raising the possibility of a rise in oil prices, the Indian economy might soon have to deal with another pain point besides demonetisation.