分类： bharat

India runs on coal and travels on oil. Oil and coal and their products make up four of top five imports for India. The only exception is centuries-long longing for gold among Indians. In value terms, crude oil is the single largest import contributor and has consistently accounted for more than 20 per cent of India’s imports basket.

India imports about 85 per cent of its fuel oil needs. It is the third largest consumer and importer of the crude oil in the world. Any fluctuation in the crude oil prices is bound to impact Indian economy. Inflation, current account deficit (CAD), fiscal deficit and overall GDP (Gross Domestic Product) growth rate gets favourably or adversely impacted.

The RBI estimates that a crude price shock will be followed by high CAD to GDP ratio if price increase is passed on directly to the final consumers, this January 2020 RBI paper says.

There have been suggestions that India should stockpile oil when the prices are favourable in the international markets. The current prices of crude oil present one such situation for India. The crude oil fell below $30 per barrel on Monday. On Wednesday, the prices fell below $26 per barrel. The last time crude oil prices had fallen to $26 per barrel level in 2016 after which it started increasing. In January, the crude oil was selling at $70 per barrel.

Indian government has decided to increase its strategic petroleum reserve (SPR) by buying oil from Saudi Arabia and UAE, the principal players responsible for sharp cut in crude oil prices due to rivalry between the factions of oil exporting countries. Saudi Arabia increased its oil output from less than 10 million barrels a day to 13 million barrels per day.

The total number of novel coronavirus-positive cases in India has risen to 153. Three fatalities have also been registered. Italy has lost 2,500 people to Covid-19 and these numbers don’t seem to be slowing down. The novel coronavirus has impacted all forms of livelihood. Countries like Spain and Italy are on lockdown. People are practising self-quarantine in an attempt to slow the spread of the novel virus.

To also put a halt on the increasing number of cases, governments of various countries, including India, has put a ban on people entering their country from abroad. According to a PTI report, India has banned the entry of people flying in from Europe, Turkey and the UK from March 18 to 31. People on vacation or business tours outside the country are currently stuck on foreign lands.

Reports of a lot of passengers being stuck at the Bali airport are doing the rounds on Twitter. One user shared pictures from the Bali airport and wrote, “150 plus Indians stuck at Bali airport. Many more in Bali, no help from the Indonesian government, no support from Air Asia. And other flight tickets are too expensive #helpneeded #indiansstuckatbaliairport,” and he tagged Prime Minister, Narendra Modi and Home Minister Amit Shah in his tweet.

The 33-year-old researcher, who had recently returned from Italy, is lodged at the state-run Capital Hospital here. He is the first confirmed case of the deadly disease in the state after a test report on Monday last.

Bagchi said that the youth “had a good breakfast this morning, he had upma and aloo matter sabzi. In lunch, he had rice, dal and curry. We are praying he gets better soon and comes back safe and sound.”

Bagchi also stated out of 47 samples taken in the state, 46 have tested negative.

He advised religious institutions such as temples, mosques, churches and gurdwaras to strictly adhere to social distancing measures and take necessary steps to restrict the entry of devotees.

“Those institutions which cannot fulfil these guidelines need to make sure that worshippers do not come there and the institution needs to take care of the safety and security of the people who come for worship and rituals as well as law and order for people who are there,” Bagchi added.

Bagchi pointed out that any pilgrim who visited a religious institution and touches any surface has to wash his/her hands with soap and added that anyone having flu-like symptoms with fever will not be allowed to these institutions.

So far, the Odisha government has identified 6,323 buildings in panchayats to serve as temporary medical camps or quarantine if needed.