India’s import bill could bloat by $25-50 billion in the current financial year due to spike in crude oil prices, but the government sees no reason for panic saying that macroeconomic fundamentals remain sound. “….If the prices go up obviously this will have impact but under different scenarios we see the impact ranging from roughly about $25 billion to a maximum $50 billion….,” department of economic affairs secretary Subhash Garg said, adding that oil is cyclical.
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