OPEC hails GST, demonetisation moves of India

NEW DELHI: Amid an onslaught from the fracking industry and the Trump administration's latest proposal to further flood an oversupplied market by draining the US strategic reserves, Opec appears to be acknowledging India's importance as a vital market.

An indication of India's growing clout came when Opec secretary-general Mohammad Sanusi Barkindo, commenting on his meeting with Indian oil minister Dharmendra Pradhan in Vienna on Monday , praised the economic reforms undertaken by PM Narendra Modi.

According to a statement issued by Opec late on Monday , Barkindo particularly mentioned demonetisation and the move to bring in GST (goods and services tax) regime as examples of the “bold reforms“ and appreciated “the way India had managed to overcome the global economic slowdown“.

The statement quoted Barkindo as describing India as “a global economic powerhouse“ on back of “high growth rates, dynamic services and strong manufacturing sectors“. He “saw tremendous value and substance“ in the `Energy Dialogue', particularly when looking at ever-expanding cooperation between India and Opec member-countries.