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Is the fall in crude oil price good for the Indian economy, irrespective of the extent of the decline?
- Rahul Dogra
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The drop in crude oil prices is good for the Indian economy on all counts. Saving of foreign exchange outgo, reduced cost of fuels to consumers, enhanced exchequer earnings with the adopted fiscal policy of increasing excise duty, better fiscal deficit and trade deficit situation, and many such benefits will accrue to India. Some of these are such large benefits that the Indian economy can turn around.