Transport Minister Nitin Gadkari on Thursday asserted that the country is facing an “economic crisis” due to its huge oil imports. Notably, the statement from Gadkari comes ahead of a meeting of key ministers to discuss the falling rupee and the nation’s widening trade deficit.
After inaugurating the ‘IndiaChem – 2018’ conference organized by Ficci, Nitin Gadkari said that India is facing an “economic crisis” due to its huge oil imports and need to reduce imports and increase exports.
“India is presently ahead in innovation, entrepreneurship, technology, research and development. There is a huge potential in the Indian petrochemical sector, but we need import substitutes, pollution-free, cost-effective and indigenous ways to go ahead,” he added.
While blaming OPEC countries for the current increase in oil prices, Gadkari said, “One day they will find there is no market for crude oil.”
India is the world’s third-biggest oil importer and mainly depends on overseas markets to meet 80 percent of its oil needs. The weakening of partially convertible rupee against US dollar is bringing in a massive boost to the country’s oil import bill.
While the price of crude oil is hovering at around $85 a barrel, the Indian rupee hit a new low of 73.77 against the US dollar.