Published on June 24, 2014
The Iraqi crisis is exerting pressure on the Indian economy.
The fluctuating petroleum prices has affected fisc in countries like India.
India imports two-thirds of its crude needs and Iraq is the second-largest supplier. The weakening rupee and the ever-increasing dollar has also pushed up import bill by ₹7,500-8,000 crore.
Rising crude prices can lead to inflation and widen trade deficit.
