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Crashing Oil to Impact Export of Value-added Items

Published: 14th January 2016 05:17 AM  |   Last Updated: 14th January 2016 05:17 AM   |  A+A-

CHENNAI: Union Minister of State for Commerce and Industry Nirmala Sitharaman said the rapidly decreasing prices of crude oil was largely a blessing for the country’s trade. “One of the only concerns is that India exports a lot of value-added oil products. That sector will be impacted,” she said in Mamallapuram on Wednesday. Speaking to reporters on the sidelines of the Confederation of Indian Industry’s third CMLV-India Business Conclave, Sitharaman said crashing crude prices were a large blessing for Indian trade. “But while we do import a large amount of oil, one concern is that we also export a significant amount of value added oil products. Over the course of the decline in prices, while the volume of exports has remained the same in this sector, the value of these exports have shrunk.” She also took note of concerns over the latest industrial production figures, but warned that taking these figures and comparing them on a month to month basis was not ideal and people shouldn’t rush to conclusions. 

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