14 January 2015

Crude price slump a boon for India: RBI

Urjit Patel 
Deputy Governor, RBI
MUMBAI: The dramatic fall in global crude prices is a big boost for India as it can bring down the country's annual oil import bill by about $50 billion, according to RBI Deputy Governor Urjit Patel. 

"The dramatic fall in oil prices is a boon for us. It saves, on an annualised basis, around $50 billion, roughly, one-third of our annual gross oil imports of about $160 billion," RBI Deputy Governor Urjit Patel said. He was speaking at an awards function here last night. 

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