SuvarnaTeja
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Actually, budget this year assumes that Oil price per barrel will be $70. The 6% deficit is based on this assumption. So cheap Russian oil (in limited quantities) will barely be enough to meet the targets set in budget.
India's problem has always been to accumulation of enough dollars to buy Oil & gas. It is not a budget issue but a foreign reserves issue. This is why GoI always discourages people from buying Gold to save the USD to buy Oil instead.
If India can Buy Oil and Gas from Saudi, Iran and Russia using Rupees or some kind of barter system then all the Foreign reserves could be diverted towards buying Defense Equipment from the US and France.
This strategy will keep all parties happy.