India facing 'economic crisis' due to huge oil imports: Nitin Gadkari

Reuters Delhi, India Oct 04, 2018, 06.04 PM(IST)

File photo of Nitin Gadkari. Photograph:( PTI )

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India, the world's third-biggest oil importer, depends on overseas markets to meet 80 per cent of its oil needs.

India is facing an "economic crisis" due to its huge oil imports, two local TV channels cited Transport Minister Nitin Gadkari as saying on Thursday, ahead of a meeting of key ministers to discuss the falling rupee and the nation's widening trade deficit.

India, the world's third-biggest oil importer, depends on overseas markets to meet 80 per cent of its oil needs.

The partially convertible rupee has lost about 13 per cent against the dollar since the beginning of the year, adding to the nation's oil import bill at a time when crude is hovering at around $85 a barrel.