As the coronavirus triggered mayhem creates newer wounds all across the world which keep popping up within very short intervals, it’s not only the time and task to make calculations of human casualties, but also of the economic costs it is entailing. Despite the fact that epicentre is China, repercussions heralding the stressed days for the global economy are being increasingly felt. Stock markets are continuing to bleed profusely and it’s being reiterated by almost all financial analysts- until the processions of deaths get curtailed, the current pall of gloom will remain. India, now being very much a part of world economy has just started to feel the heat and there are certain sectors, particularly the ones depending largely on import of raw materials, are reeling under pressure. But, even if everything seem slipping away towards the worse, the inspirational and timeless axiom ‘every cloud has a silver lining’ has miraculously presented itself relevant to the context, so far as India is concerned.
Over the past few days, along with the Corona death counts, that which was the second lead news was the unprecedented fall in global crude oil prices, the lowest  in last two decades, ‘thanks’ to a price war still continuing between Saudi Arabia and Russia. This is no doubt a welcoming news for India since almost 82% of its oil needs are met through imports. This has been the historical reality and it must be aware to all how much impact the economy has to absorb due to international oil fluctuations, the negative being when there are substantial rise in prices. But, in this case, a rare opposite has happened and analysts are terming it as a blessing since it has come at a time when the economy is passing through an extremely trying phase. A cursory glance over  oil expense data will tell why this might prove to be an opportunity in revival of the economy. In fiscal 2018-19, the bill was a staggering 87 billion dollars and if the current price per barrel which is oscillating over 30 dollars remain, there will be, in all probability a nearly 50% reduction of expense. With GST collections falling behind targets, the fall will not only check foreign currency outflow, but also keep the rising inflation within manageable limits. All these salutary effects will diffuse to most of the strategic sectors, giving the economy, in its totality, the much needed breathing space.
Although as of now there is every reason to cheer about this unexpected ‘windfall’, things in the long-run will depend how much competently it is leveraged. It would also be hailed if the benefit of lower oil prices are passed on to the consumers. A silver lining has finally been spotted amid the despondency. 

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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