what india gets out of Gulf Financial crises
The Gulf financial crises due to global economic slow down of the oil consumption in the world decreased, due to lockdown nobody is using crude oil (petrol /diesel) consumption, its reduced nearly 280 million barrels per day approx since demand decreases supply should be less, but Saudi Arabia is producing more and more oil as due to this the concequences is there is massive fall in crude and this is the 18-year low price of world oil prices, as world oil prices are fallen down the oil-producing countries financial economics will fall drastically nearly 60 to 80% dip in there financials, In the countries like Dubai major revenues are from travel aviation hospitality and oil, as due to covid19 there is fall in travel industry, Actually India is getting benefited by this because our central govt charges more tax on oil, and since we are importing 85% of crude from outside and 65% from gulf , we get it for lesser world market price and due to this India govt gets profitable , as per each dollar of crude price dip India gets approx 10000 crores approx. but the investment over gulf and India get effects, also we have our indias working in gulf gets effected. and due to this our Indians whoever working in the gulf will be facing massive job loss.
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