India facing “economic crisis” due to huge oil imports – Minister

India is facing an “economic crisis” due to its huge oil imports, media reported Transport Minister Nitin Gadkari as saying on Thursday.

He said it ahead of a meeting of key ministers to discuss the falling rupee and the nation’s widening trade deficit.

India, the world’s third biggest oil importer, depends on overseas markets to meet 80 per cent of its oil needs.

The partially convertible rupee has lost about 13 per cent against the dollar since the beginning of the year, adding to the nation’s oil import bill at a time when crude is high.