OPEC applauds GST, demonetisation moves by PM Narendra Modi

NEW DELHI: The Organisation of Petroleum Exporting Countries ( OPEC) has officially reached out to India, one of the biggest buyers of the cartel’s output, and applauded demonetisation, GST and other economic reforms undertaken by the Narendra Modi government.

OPEC Secretary General HE Mohammad Sanusi Barkindo said in a statement after meeting India’s oil minister Dharmendra Pradhan in Vienna that India has become a “global economic powerhouse” with which the cartel wanted to expand cooperation.

“Barkindo appreciated the bold economic reforms undertaken by Prime Minister Narendra Modi. He applauded the demonetisation and the Goods and Services Tax initiatives and the way India had managed to overcome the global economic slowdown,” the OPEC statement said.

“He also highlighted the fact that with India’s high growth rates and its dynamic services and strong manufacturing sectors, the country has become a global economic powerhouse,” the OPEC statement said.