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10.06.26 - 01:36
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The Oil Shock Is Weakening India′s Economy and Finances (ZeroHedge)
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The Oil Shock Is Weakening India's Economy and Finances
By Tsvetana Paraskova of OilPrice.com
India is scrambling to contain the economic and financial impact of the worst oil supply disruption in history as analysts say the high oil prices would continue to weigh on the Indian currency, economic growth, and public finances as long as supply is choked at the Strait of Hormuz.
More than three months after the Iran war began, investment banks, brokerages, rating agencies, and even India's central bank are lowering economic growth forecasts, while the government intervenes to stop the cash bleed from the balance of payments that has surged with the oil prices.
India, which imports more than 85% of the oil it consumes, received about half of all its imports from the Middle East before the war. Now, state-owned and private refiners are looking to diversify imports, including by taking in record volumes of Russian oil, and turning to Venezuela and Brazil for additional crude to offset the lost Mid...
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07.06.26 - 11:54
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Oil shock fears overdone, India can grow above 8%: Neelkanth Mishra (Times of India)
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India's economic growth is robust, with concerns over high crude oil prices being exaggerated, according to World Bank Executive Director Neelkanth Mishra. He highlighted strong domestic demand and refining margins as buffers, suggesting growth could exceed 8% and remain in the 7.5-8% range even with elevated oil prices. Mishra believes the economy is well-positioned to absorb price shocks....
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