Friday, Mar 21, 2003
Front Page |
Southern States |
Other States |
Advts: Classifieds | Employment | Obituary |
By Our Staff Reporter
Speaking on the sidelines of the seminar on VAT and related topics, organised by the Federation of Indian Chamber of Commerce and Industry here today, A. C. Muthiah, President, FICCI, told presspersons that the war would "hit domestic oil prices and economic development.''
According to FICCI research, if `Battlefield Iraq' lasts for a week, the domestic oil prices would soar by 9 per cent and economic growth will spiral down by a mere 0.5 per cent. "We expect the (oil) prices to stabilise between 20 and 22 per cent if the war is short-lived,'' remarked Mr. Muthiah.
However if the attacks continue for over three months, India will have to face some serious consequences. While domestic oil prices would skyrocket to 45 per cent, the growth would slide by 2.5 per cent.
There is some good news though amidst all this. The aftermath of war will open new opportunities to Indian companies, in particular engineering and construction firms. According to the FICCI President, Indian firms could use Dubai as an entry point to ply development services including construction to the strife-torn region.
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of