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India imports 80 percent of its crude oil needs as the spread of the novel coronavirus has pushed global oil prices down, likely saving up to $45 billion in oil imports
in the next fiscal year, according to the Confederation of Indian Industry (CII).
The Confederation of Indian Industry said that for every $1 drop in crude oil prices, import bills are reduced by $1.
5 billion
.
"In 2020, international crude oil prices are expected to average $35 per barrel, compared to $65 per barrel in 2019, a decline of about $30 per barrel
.
India is expected to save around $45 billion in oil imports
for the whole of 2020-21.
”
The report on the state of the economy and the impact of the coronavirus also states that the government has cumulatively increased the excise and local taxes on petrol and diesel by Rs 3 per litre
.
"This will increase revenue by about Rs 4,000 crore by 2020-21 and reduce the fiscal deficit by 0.
2 per cent
of GDP in FY2020-21," the report said.
”
The rapidly spreading Covid-19 has derailed the global economy, increasing the likelihood of
a global recession, the report said.
India is already facing a slowdown in growth, with GDP growth slowing to 4.
7%
in the third quarter of fiscal 2019-20.
The impact of COVID-19 is likely to pull it even lower
in the fourth quarter.
Without urgent policy action, gross domestic product (GDP) growth could slip below
5.
0 percent by fiscal year 2020-21.
India imports 80 percent of its crude oil needs as the spread of the novel coronavirus has pushed global oil prices down, likely saving up to $45 billion in oil imports
in the next fiscal year, according to the Confederation of Indian Industry (CII).
The Confederation of Indian Industry said that for every $1 drop in crude oil prices, import bills are reduced by $1.
5 billion
.
"In 2020, international crude oil prices are expected to average $35 per barrel, compared to $65 per barrel in 2019, a decline of about $30 per barrel
.
India is expected to save around $45 billion in oil imports
for the whole of 2020-21.
”
The report on the state of the economy and the impact of the coronavirus also states that the government has cumulatively increased the excise and local taxes on petrol and diesel by Rs 3 per litre
.
"This will increase revenue by about Rs 4,000 crore by 2020-21 and reduce the fiscal deficit by 0.
2 per cent
of GDP in FY2020-21," the report said.
”
The rapidly spreading Covid-19 has derailed the global economy, increasing the likelihood of
a global recession, the report said.
India is already facing a slowdown in growth, with GDP growth slowing to 4.
7%
in the third quarter of fiscal 2019-20.
The impact of COVID-19 is likely to pull it even lower
in the fourth quarter.
Without urgent policy action, gross domestic product (GDP) growth could slip below
5.
0 percent by fiscal year 2020-21.
