The media seems to have not given adequate attention to an important figure cited by CEA V Anantha Nageswaran. India's basket of imported crude is now priced at $114-115. The CEA mentioned this figure at an SBI Conclave last week. He said this amounted to a rise of over 30 per cent from the price of $85-90 in June-July.
The price of Brent crude is today $104. But that is the price of futures. The figure mentioned by the CEA probably takes into current spot prices which are ruling much higher.
India's basket of crude oil cost $71 in FY 26. So what we have now is a 61 per cent rise over the FY 26 price. It explains why the rupee is edging towards Rs 96 per dollar despite the inflows of $143 bn through the forex swap route.
The interesting thing is gdp growth remains strong despite the huge increase in oil price we are facing- growth is projected at around 7 per cent by most estimates.
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