How cheap oil is helped the government battle Covid headwinds | News – Times of India Videos


Sep 19, 2020, 03:03PM ISTSource: TOI.in

The historic oil price crash in April and a protracted spell of subdued market reduced Indiaโ€™s oil import bill since January by 40%. This gave the cash-strapped government some headroom as it battled Covid-induced headwinds. India paid Rs 2.6 lakh crore for 115.5 million tonne of oil imported in the January-July period against Rs 4.2 lakh crore for 130.8 mt in 2019. Cheaper oil has a positive impact on macroeconomic parameters, which reduces drag on govt finances and frees up resources for welfare.

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