The ministry warned that the next two decades could resemble the turbulent inter-war period of the last century, and thus India needs to safeguard macroeconomic and financial stability.
A 10% oil price rise is likely to reduce India's GDP by 0.3%. Worse, it will cause inflation to flare up by 0.2%. The higher the price increase, the sharper the impact.
The party targeted Prime Minister Narendra Modi, accusing him of yielding diplomatic space to Washington and allowing the US to dictate India’s energy decisions.
