Besides, it would also reduce the Asia's third-largest oil consuming nation's current account and fiscal deficits and support economic growth.
'All else being equal, the current account deficit could improve by 0.2 per cent of GDP in 2009-10, and progressively go higher to an average improvement of 0.6 per cent of GDP in 2010-11 to 2013-14,' the report said.
Image: Reliance Industries' petrochemical plant at Hazira, western India. | Photograph: Reuters
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