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Oil import payments shoot up in H1

The Economic Survey 1999-2000 has recorded that the sharp rise in world oil prices has resulted in a 53.3 per cent rise in oil import payments during the first six months of 1999-2000 fiscal.

This also led to a 2.7 per cent rise in the total import payments during the period. The recovery in growth of export receipts, at 7.8 per cent, has however been robust, as a result narrowing down the trade deficit by about $ 600 million, the report says.

The rise in oil prices has also led to a substantial increase in the oil pool account deficit, in spite of the increase in diesel prices announced in October 1999.

UNI

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