Drop in crude oil prices is good for economy on all counts: Deepak Mahurkar

Deepak Mahurkar, leader oil & gas, PwC India, answers queries on what the oil and gas sector can expect from Budget 2015

Is the fall in crude oil price good for the Indian economy, irrespective of the extent of the decline?
- Rahul Dogra
 

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.