Surging fuel prices have led to discontent in India & Brazil and compensatory measures in Thailand, Vietnam. A 2011 analysis of previous such oil shocks suggests they are strong predictors of downturns.
India’s government and a clutch of state-owned companies already own 87 percent of ONGC. The only upside for ONGC investors is the price of crude. If that’s fixed, then there’s no reason to own its shares.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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