India depends on overseas markets to meet 80 per cent of its oil needs.
Highlights
- India depends on overseas markets to meet 80 per cent of its oil needs
- Rupee has lost 13 per cent against dollar since beginning of year
- It is adding to India's oil import bill when crude is around $85 a barrel
India is facing an "economic crisis" due to its huge oil imports, Transport Minister Nitin Gadkari was quoted 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 per cent of its oil needs.
The partially convertible rupee has lost about 13 per cent 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.
© Thomson Reuters 2018