TIME FOR MODI GOVT TO SHIFT MORE TO RUSSIAN OIL AND CONTAIN INFLATION
FROM DECEMBER NEXT, INDIA WILL HAVE BIGGER BARGAINING POWER ON PRICING
2022-10-26 09:48
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Oil is the second biggest energy for India. It accounts for 29 percent of total energy in the country. Although coal is the biggest energy, oil is more sensitive to inflation as it impacts directly on the common people. Nearly 65 percent of oil is used in .the major daily consumer goods that are moved by road transport, due to inadequate rail transport. During April –October 2022, price of basket of oil increased by 29 percent. This triggered inflation to 7.4 percent, lending an unbearable impact on the middle and lower income group people in India.