New Delhi: The Central Government is facing the trouble of softening the economy. Finance Minister Nirmala Sitharaman has made several major announcements for the economy on Friday. Crude oil has declined. It is a pleasant message for the economy. U.S. crude oil fell more than 3 percent to 53.58 dollars a barrel after China announced a levy on U.S. products. Global benchmark Brent is more relevant to India.
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It has been two percent, or 1.19 dollars, to $58.75 a barrel. Oil prices have come down at the right time. It will further strengthen the steps that accelerate growth. The advantage of cheap oil is that it works by reducing the expenditure on import bills and subsidies. That is why the current account and inflation control helps. On the other hand, cheaper oil also increases demand, thereby reducing the cost of farmers. which use a set like diesel pump for irrigation.
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If the subsidy is reduced, funds are left for social welfare schemes and infrastructure spending. This leads to an increase in economic activity. Earlier in 2014, when PM Modi was sworn in, India was paying 108 dollars for crude oil. But for the third year, the price fell to $48 a barrel. This gave the Modi government an opportunity to raise funds by raising taxes on fuel and increase spending on social sector schemes.
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