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Growth on track despite recent oil spike: FinMin
Mint Mumbai
|September 23, 2023
The government is confident of the Indian economy growing 6.5% this fiscal year despite rising oil prices and the risk of a stock market correction affecting investment, a finance ministry report showed
While vegetable prices that drove retail inflation have cooled, crude oil touched a 10-month high earlier this week. On Friday, oil traded at $94.85 per barrel, up 6.1% from a year earlier.
"The recent run-up in oil prices is an emerging concern.
But, no alarms yet," the ministry's monthly economic review for August said.
India is the world's thirdlargest energy buyer, depending on imports for most of its oil and gas requirements, and any increase in oil prices will increase its import bills.
This story is from the September 23, 2023 edition of Mint Mumbai.
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