Oil is once again turning PM Modi’s friend with govt move to boost economy

US crude on Friday plunged over 3% to $53.58 per barrel. Right on cue, global benchmark Brent, which is more pertinent for India, fell 2% to trade at $$58.75 per barrel. Low oil prices will help boost demand and reduce input cost for farmers who use diesel to run equipment. Lower subsidy liability frees up funds for social sector and infrastructure spending.

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