Continuing crude crash a boon to India like none other: Mythili Bhusnurmath

Mythili Bhusnurmath, Consulting Editor, ET Now, talks about the continuing slide in crude prices. Excerpts:

ET Now: Just when we thought $40 was the base for crude, it has cracked even further. How are you looking at this story? What of the impacts on India?

Mythili Bhusnurmath: From an India perspective, nothing could have been better. Most of us always thought that the decline in crude prices was temporary.

We were in fact preparing for the time the prices would reverse. We thought all the gains made in inflation and fiscal deficit management would just disappear once oil prices were up. We were living in dread of that.

But now it looks like the sweet time for India is going to extend. On top of that, we just had the IMF saying that crude prices are likely to go into the $5-$15/barrel range.

Now, that is truly incredible! It completely changes the equation for us. I do think God has been kind to us. Just when we thought India's growth won't take off strongly, there comes another veritable boon.