DUBAI: Low oil prices have created a favourable environment for the Indian economy as it helped to absorb the loss faced by oil companies and kept inflation under control, Finance Minister Arun Jaitley said today. Jaitley said that low oil prices also enabled the government to rationalise subsidies. "It has enabled us to absorb the loss that our own oil companies were facing because of future purchases. It has also kept inflation under control, which, in turn, has helped the Reserve Bank to ease up the rates. "It has also enabled us to increase the cess around fuel which has been diverted for infrastructure creation," he said told reporters during a press briefing. Oil prices, at the levels...
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