Falling rupee, rising oil price, RBI rate hike may impact GDP: Amit Mitra

Centre was unable to create any advantage for India when oil prices were muted during February 2016, said Amit Mitra

At a time when oil prices are rising steeply and the rupee is falling, West Bengal Finance Minister, Amit Mitra, expressed concern that the country’s Gross Domestic Product (GDP) growth rate may be negatively hit.

Alleging that the Centre was unable to create any advantage for India when oil prices were muted during February 2016 by increasing reserves and thereby creating a buffer stock and its inability to create a fuel stabilisation fund, Mitra said, “When oil prices are high, you (Centre) could use the reserves, you (Centre) could also have a possible fuel price stabilisation fund which I don’t