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V.Balasubramani
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Modi's 'lucky' exchange rate, where $1 is equal to Rs 8,578 crore
The drop in the oil prices has been hugely beneficial to India.
Rohan Venkataramakrishnan
Prime Minister Narendra Modi has been very lucky. He might attribute that luck to himself, as he did when campaigning in Delhi before elections in the capital, but there's no denying he has been the recipient of some real fortune when it comes to oil prices. Over the course of the last year, oil has dropped from around $110 per barrel to less than half of that at $53 per barrel at the moment.
And most indications suggest those prices are here to stay. For net exporters of the stuff, this isn't necessarily a good thing think of countries like Russia – but for India, which imports a huge amount of oil, it's a huge boon. Oil happens to be one of the biggest items on the nation's import bill and even a small drop in prices ends up having a huge effect on the economy, so a fall of this magnitude is massive.
Read more at: http://scroll.in/article/709529/Modi's-'lucky'-exchange-rate,-where-$1-is-equal-to-Rs-8,578-crore
The drop in the oil prices has been hugely beneficial to India.
Rohan Venkataramakrishnan
Prime Minister Narendra Modi has been very lucky. He might attribute that luck to himself, as he did when campaigning in Delhi before elections in the capital, but there's no denying he has been the recipient of some real fortune when it comes to oil prices. Over the course of the last year, oil has dropped from around $110 per barrel to less than half of that at $53 per barrel at the moment.
And most indications suggest those prices are here to stay. For net exporters of the stuff, this isn't necessarily a good thing think of countries like Russia – but for India, which imports a huge amount of oil, it's a huge boon. Oil happens to be one of the biggest items on the nation's import bill and even a small drop in prices ends up having a huge effect on the economy, so a fall of this magnitude is massive.
Read more at: http://scroll.in/article/709529/Modi's-'lucky'-exchange-rate,-where-$1-is-equal-to-Rs-8,578-crore
