The historic oil price crash in April and a protracted spell of subdued market reduced India’s oil import bill since January by 40%. This gave the cash-strapped government some headroom as it battled Covid-induced headwinds. India paid Rs 2.6 lakh crore for 115.5 million tonne of oil imported in the January-July period against Rs 4.2 lakh crore for 130.8 mt in 2019. Cheaper oil has a positive impact on macroeconomic parameters, which reduces drag on govt finances and frees up resources for welfa
1:22
The historic oil price crash in April and a protracted spell of subdued market reduced India’s oil import bill since January by 40%. This gave the cash-strapped government some headroom as it battled Covid-induced headwinds. India paid Rs 2.6 lakh crore for 115.5 million tonne of oil imported in the January-July period against Rs 4.2 lakh crore for 130.8 mt in 2019. Cheaper oil has a positive impact on macroeconomic parameters, which reduces drag on govt finances and frees up resources for welfa
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