Photo: Ramesh Pathania/MintNew Delhi: Rising oil prices present a challenge to India’s growth, the Economic Survey presented in Parliament on Tuesday said. The concern over crude oil prices stems from India’s energy import bill of around $150 billion, expected to reach $300 billion by 2030. For example, the prices of crude oil have started rising and are projected to increase further in the next year. “For the next financial year, the recent uptick in global commodity prices, in particular crude oil prices, pose an upside risk,” the Survey added. Extreme volatility has marked crude oil prices, which reached a record $147 per barrel in July 2009.

Source: Mint January 31, 2017 13:41 UTC