Key Points
Mumbai: The chief economic advisor V Anantha Nageswaran does not see the likely jump in oil prices due to global factors, including global slowdown and geo-political conflicts, impacting the domestic economy in a major manner next fiscal..
Addressing the SBI-organised economic conclave here on Thursday, he based his optimism on the assumption that cooling off of economic activity will happen first before a decline in global interest rates...
"Therefore, I do not think energy demand will necessarily become sufficient enough to see oil prices spike up in 2024..
"I don't see any reason to distrust the Reserve Bank's latest forecast of 7 per cent for this fiscal," Nageswaran said.. Quoting the latest financial stability report of the RBI, he said the Indian basket of crude price which was moderating for more than a year, began to trend upwards during July-October before beginning to decline in recent months...
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