RBI deputy Patel says dramatic fall in oil prices a boon

RBI Deputy Governor Urjit Patel says "dramatic" fall in global oil prices a "boon" for Indian economy, may help save USD 50 billion on import bill.

RBI deputy says fall in oil prices to increase disposable incomes, reduce input cost of businesses and bring down energy subsidy burden

Both Brent and US. crude are at their weakest since early 2009 after dropping for seven straight weeks as oversupply clashes with slowing demand. They have plunged almost 60 percent since June last year.

Patel's speech at an event was uploaded on RBI website on Tuesday.

"It (oil fall) saves, on an annualised basis, around USD 50 billion, roughly, one-third of our annual gross POL (petroleum, oil and lubricants) imports of about USD 160 billion ... But our external situation undoubtedly improves."