Find out What Nitin Gadkari Has to Say on India’s Economic Crisis
The Transport Minister, Nitin Gadkari has stated that our country is facing an “economic crisis” due to its huge oil imports on Thursday. This was stated ahead of a meeting of key ministers to discuss the falling rupee and the nation’s widening trade deficit.
Our country is world’s third biggest oil importer that depends on overseas markets to meet 80 percent of its oil needs.
As per records, the partially convertible rupee has lost about 13 percent 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.