Heavens seem to be smiling on India, says Uday Kotak; here’s why

By: |
Published: November 14, 2018 3:22:20 PM

Heavens seem to be smiling on India, said top banker Uday Kotak on a development that is advantage India. Here's what he is talking about.

Heavens seem to be smiling on India, says Uday Kotak; here's whyHeavens seem to be smiling on India, says Uday Kotak; here’s why

As crude oil prices crashed a whopping 7% to $66 a barrel, top banker Uday Kotak said it’s advantage India and that “heavens seem to be smiling on India”. The country has been under a lot of pressure due to higher-than-$60 a barrel oil price in last one year but the latest retreat is giving a lot of comfort to India.

Kotak said that if oil sustains below $70, it would be advantage India. The country is the third largest importer of crude oil and covered 80% of its total energy needs from imports.

“Heavens seem to be smiling on India. Brent at 65$ gives policymakers headroom to move ahead. At this crucial juncture for economics and politics, oil below 70$ if it sustains, is Advantage India,” Kotak tweeted.

Kotak has been a keen follower of oil prices and tweets often on the developments. When the oil breached $60 last year, he was among the first ones to tweet about it and its impact on India’s economics.

On Wednesday, crude oil prices plunged 7%, while the month of October witnessed the biggest fall since the price collapse of 2014. The oil price collapse despite the United States sanctions on Iran due to a slew of factors: eight countries, including India, were granted temporary waivers from sanctions; oil supply surged; economic growth contracted, leading to lower oil demand.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1PM Narendra Modi pitches India as favourite investment destination at Fintech Festival in Singapore | Watch video
2US President Donald Trump prasise close ties to India, PM Narendra Modi; says trade deals ‘moving along’
3RBI’S February circular: Promoters of defaulting power cos jittery as SC hearing starts Wednesday