India is facing an “economic crisis” due to its huge oil imports, Times of India and NDTV quoted Transport Minister Nitin Gadkari on Thursday. He has said this before meeting other ministers to discuss the falling rupee and the nation’s widening trade deficit.
India is the world’s fourth biggest oil importer after China, US and Japan. India has imported worth 50.2 billion dollars in 2017 whereas China, US and Japan have imported crude oil worth $162.2, 139.1 and 63.7 billion dollars respectively. India depends on overseas markets to meet about 80 per cent of its oil needs.
The partially convertible rupee has lost about 13 per cent against the dollar since the beginning of the year, adding to the nation’s oil import bill at a time when crude is hovering at around $85 a barrel.