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India’s government says volatile crude oil prices are worrying the economy

Oil tankers are parked in a yard in front of a tank farm on the outskirts of Calcutta February 3, 2015. REUTERS / Rupak De Chowdhuri / File Photo

NEW DELHI, Oct. 11 (Reuters) – Volatility in crude oil, edible oils and metal products prices worries India’s economy, although inflation is expected to ease in the coming months, a government report said Monday.

“India is well positioned on the way to a rapid recovery, as the growth impulses are visibly transferred to all sectors of the economy,” said a report by the Treasury.

The Reserve Bank of India’s Monetary Policy Committee left policy rates unchanged on Friday and lowered its retail inflation forecast from 5.7% for the current fiscal year ending March 2022 to 5.3%, but warned of the risk of higher fuel prices. Continue reading

Reporting by Manoj Kumar and Aftab Ahmed; Adaptation by Kim Coghill

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