Growth in Indian economy projected to accelerate.New Delhi:
Crude oil or crude oil plays an important role in accelerating or slowing down the pace of India's growth rate. Brent crude oil prices have come down to $ 73 a barrel for the last few days. The impact of falling international oil prices impacts India's GDP growth prospects in 2023-24. NDTV India reporter Himanshu Shekhar Mishra spoke to well-known oil economist Kirit Parekh about this.
"We are importing more than 200 million tonnes of crude oil. If oil prices fall, our growth rate may increase. Parekh says that in such a situation, the economy can be better because when crude oil is expensive, it increases the pressure on the Indian economy. A lot of the country's money is spent in this work and the expenditure on imports increases significantly.
It is important for India that the price of oil decreases. This can increase the pace of economic development. This will save the expenditure on crude oil imports, which can be invested in the economy. Cheap oil is very important for India.
Kirit Parekh said that we are importing crude oil from Russia. This has also affected the price of crude oil in the international oil market. Prices were volatile immediately after the Russia-Ukraine war, but now stability is coming.
New Delhi: Commenting on the Reserve Bank of India's (RBI) projection of 2023.24 per cent GDP growth for 6-5, well-known oil economist Parekh says he is more bullish than the RBI as public and private investment is increasing in the country today. That is why he feels that growth will be better this year. There should also be benefits from the cheaper crude oil in the international oil market. He said that the price of crude oil will remain stable for the next few months.