Transport Minister Nitin Gadkari has said that India is witnessing an economic crisis because of the huge oil imports. The statement has come ahead of the important meeting which is scheduled to take place on Thursday to discuss measures for controlling falling rupee and widening trade deficit.
India is one the third biggest importer of oil and mainly depends upon the foreign markets to meet the 80% demand of the oil.
Since the beginning of the year, the rupee has fallen considerably to about 13%. The fall in the rupee has added to the pressure in the country's oil import bill. The current price of the crude oil is around $85 a barrel.