Iran ‘Oil Shock’ Will Hurt India’s Economy

28 February 2012 - Which Way to Pay

Email Article Print Article

Iran ‘Oil Shock’ Will Hurt India’s Economy

An ‘oil shock’ resulting from a disruption of oil supply in West Asia would cause oil prices to spike which could damage India’s economy, more than most other countries. Iran has become the focus of attention for the global economy on account of oil-economics. Escalation in Iran-Israeli tension has already sent crude oil prices edging up and could cause significant problems for India. Rising oil prices will be bad news at a time when the Reserve Bank of India appeared to be about to ease up on the monetary tightening of last year.

Finance Minister Pranab Mukherjee said today that the surge in crude oil prices is a  “disturbing trend” but that it was too early to say what the definite impact will be on India’s economy.

Oil Minister S Jaipal Reddy has said that India is not facing any external pressure on purchasing crude oil from Iran and it will only abide by UN sanctions and not those proposed by anyone else. He has said India rejects US and European sanctions against Iran, “We will respect UN sanctions but will not honour any other sanctions.” He added, “We have cordial relations with Iran and we continue to import oil from them.”


Related Links:
• Reserve Bank of India
India's Central Bank
• Government of India
Ministry of Finance
• Economic Calendar
For scheduled economic events
• Latest News
Read the latest economic news


Compare Foreign Exchange and Currency >>

Compare Loan and Debt Products >>

Compare Cards Products >>

Compare Money Products >>

Compare Insurance Products >>

When the planning starts for that special day in everyone's lives , There is always the worry and stress of how much strain it is going to put on your financial situation . Marriage loans are helping lots of people to ease this stress.
08 August 2015
Which Way To Pay
Marriage loans have been introduced to help prepare for the expense you will incur when celebration the most special day of everyone's life.
As everyone wants that big day to be perfect , there is also a hefty cost that comes with it .
14 May 2015
Which Way To Pay
Marriage isn't a cheap affair that's why Marriage loans have proven so popular across India.
Everyone want the best education , But financially this can be a worry
07 October 2014
Which Way To Pay
Getting the best education is the main priority in most people's lifetime.