Oil dependence a key challenge for India: HDFC Bank director Keki Mistry
The one key challenge India faces is its dependence on oil, HDFC Bank director Keki Mistry said.
Mistry said that the trajectory of oil prices always needs to be watched as India imports 85 per cent of its oil requirements and is the world’s third-largest oil importer. “Oil prices have a direct impact on both inflation, the current account deficit as well as the GDP.” He said this while delivering the anniversary lecture on Bandhan Bank’s foundation day.
Responding to a question on potential risks in India’s journey during a fireside chat at the event, Mistry said the biggest risk for India is the risk of oil; climate is another risk.
