How India’s reduced reliance on imported energy lowered oil’ s role in current account: Ridham Desai explains
Morgan Stanley’s managing director and chief India equity strategist, Ridham Desai, while speaking at the Business Standard BFSI Summit explained how India’s rapid economic growth and reduced reliance on imported energy have lowered the impact of oil on the current account.
“Our oil dependency has gone down 60 per cent. Our economy has quadrupled since 2008, and our oil import bill has gone up 80 per cent during the period. It is no longer consequential to our fundamental account, which means we are not running such a large savings deficit,” Desai said while speaking at the Business Standard BFSI Summit.
