India facing 'economic crisis' due to huge oil imports

NEW DELHI (Reuters) - India is facing an “economic crisis” due to its huge oil imports, two local TV channels cited Transport Minister Nitin Gadkari as saying on Thursday, ahead of a meeting of key ministers to discuss the falling rupee and the nation’s widening trade deficit.

India, the world’s third biggest oil importer, depends on overseas markets to meet 80 percent of its oil needs.

The partially convertible rupee has lost about 13 percent against the dollar since the beginning of the year, adding to the nation’s oil import bill at a time when crude is hovering at around $85 a barrel.

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