Monday , December 10 2018
Breaking News

India facing “economic crisis” due to huge oil imports-Minister

India is facing an “economic crisis” due to its huge oil imports, media reported Transport Minister Nitin Gadkari as saying on Thursday.

He said it ahead of a meeting of key ministers to discuss the falling rupee and the nation’s widening trade deficit.

India, the world’s third biggest oil importer, depends on overseas markets to meet 80 per cent of its oil needs.

The partially convertible rupee has lost about 13 per cent against the dollar since the beginning of the year, adding to the nation’s oil import bill at a time when crude is high.

-NAN

 

About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.