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Amid
Egypt crisis, India worries over oil bill
Sunday February 06, 2011 08:22:55 PM,
IANS
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Kandi (West Bengal): India's oil import bill will be a matter of concern if oil prices
shoot up further, Finance Minister Pranab Mukherjee said Sunday.
"At this point of time, the trade balance and the current account
deficit are manageable. But going forward, we don't know how
(they) will pan out," he said on the sidelines of a programme here
in Murshidabad district in West Bengal.
"If oil prices increase further, then both the current account
deficit and the trade balance will be a matter of concern," he
told reporters.
Experts have warned that the unrest in Egypt will push up oil
prices.
Mukherjee spoke after inaugurating online the 5,000th rural branch
of State Bank of India at the Sagardighi railway station, about 30
km from here.
He also inaugurated the 13,333rd branch of SBI and the 22,222nd
ATM of the State Bank group here.
The minister said though exports have gone up, imports had risen
significantly.
He said imports of capital goods and raw materials were
increasing. "That will increase the production and manufacturing
sector."
"I don't know to what extent we can control petro-product use.
(Due to the hike in oil prices), the import bill will increase and
the trade deficit will be widened," he said.
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