BackIndia facing ‘economic crisis’ due to huge oil imports: Nitin Gadkari
India, the world's third biggest oil importer, depends on overseas markets to meet 80% of its oil needs
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New Delhi: India is facing an “economic crisis" due to its huge oil imports, two local TV channels cited Transport Minister Nitin Gadkari as saying on Thursday, ahead of a meeting of key ministers to discuss the falling rupee and the nation’s widening trade deficit.
India, the world’s third biggest oil importer, depends on overseas markets to meet 80% of its oil needs.
The partially convertible rupee has lost about 13% against the dollar since the beginning of the year, adding to the nation’s oil import bill at a time when crude is hovering at around $85 a barrel.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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