Major concern over jump in crude oil prices

The perfect storm for the Indian economy is brewing in West Asia. The surge in international crude oil prices triggered by the new war in Iraq is set to blow a hole in the new government's budget plans and slow down any attempt to revive the economy. On Wednesday, the news filtering out from Iraq brought the dreaded scenario firmly on the horizon of the Narendra Modi- led National Democratic Alliance government which is preparing to present its first Budget early next month. The other elements of the storm-rising inflation and fears of a sub-par monsoon-are already in place.


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