The oil ministry has worked out a plan to save $22 billion in the oil import bill from Iran thus helping reduce the current account deficit (CAD), petroleum minister M Veerappa Moily has said.
"Oil (imports) is one of the components responsible for CAD. The prime minister has told us to save $25 billion in the import bill. As of today, we have pieced together a plan to save $22 billion in import bill," Moily said.
The import of oil to india on 2012 was $178 billions.
He said the savings would be around one percent of the GDP.
"Oil (imports) is one of the components responsible for CAD. The prime minister has told us to save $25 billion in the import bill. As of today, we have pieced together a plan to save $22 billion in import bill," Moily said.
The import of oil to india on 2012 was $178 billions.
He said the savings would be around one percent of the GDP.
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