Indian oil companies announced the hike of
petrol price by a further `.1.55 a litre,
without taxes, effective from midnight, as the falling rupee is making the
import of crude costlier. Currently, the rupee is more vulnerable than ever
before. Though the Government is making the right noises, it is unable to
contain the weakness of the currency. Overall business sentiment also remains
weak and the recovery is unlikely to happen anytime soon, as the interest rate
may not come down quickly.
The worst will soon be over for the Indian
economy. With more than normal monsoon, the economy should improve going
forward.
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