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Finance oil imports via overseas borrowings: Finance Minister to Veerappa Moily

Sep 30 2013, 16:58 IST
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Chidambaram also wanted oil companies to be Chidambaram also wanted oil companies to be "encouraged to import crude oil from Iran in greater quantities.which is paid in rupee and will help curtail foreign exchange outgo. (PTI)
SummaryThe Govt. has set a target to bring down the CAD, from 4.8 per to 3.7 per cent level.

Bank branch in Kolkata. Buying more oil from Iran would mean it pays more rupees than dollars it has to pay to other sellers.

Moily's other measures included asking state-owned oil firms to keep crude imports at 2012-13 level of 105.96 million tonnes that will save USD 1.76 billion in foreign exchange.

The mega fuel conservation campaign to limit its consumption growth to last year's 4.1 per cent level is projected to help save another USD 2.5 billion and prop up the rupee, which has slid sharply against the US dollar this fiscal.

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