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Oiling the economy

DNMUM435972 | 5/6/2019 | Author : Praveena Sharma | WC :1450

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With low crude prices during a large period of its regime, PM Modi-led government was able to keep a lid on fiscal deficit and inflation. The tax collections from fuel, which jumped over twofold, were used to fund Budget and fiscal expenses
Price of black gold or crude oil is very crucial for India’s macro-stability.
Being heavily reliant on imports to meet the domestic requirement of crude oil and liquefied natural gas (LNG), any swing in their prices directly impacts the current account deficit (CAD), inflation, fiscal deficit and subsidies. Any change in these macro-economic numbers also affects the government’s ability to spend, fund the Budget and garner tax revenues.
Therefore, it would not be wrong to conclude that a major factor that helped the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government deliver on the macro front was benign crude prices.
Below boiling point
From a high of $111.89 per barrel in the financia
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