Low oil prices don't mean much for India at this stage: Expert

March 31, 2020 16:04

The prevailing low global oil prices do not mean much for India facing serious economic downturn due to the impact of the lockdown to contain the spread of the coronavirus, according to a former Indian diplomat. Talmiz Ahmad, who had served as Indian Ambassador to Saudi Arabia, Oman and the UAE, said obviously low prices are good for the Indian economy. But he said the world economy, including India's, is looking at a very serious downturn. "So, even if the prices are low it does not really mean much when the growth rate outlook is extremely feeble," Ahmad, the former Additional Secretary for International Cooperation in the Ministry of Petroleum and Natural Gas, told PTI.

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