India could be a ‘major winner’ as oil prices plummet

India could be a ‘major winner’ as oil prices plummet

Experts said low energy prices are a silver lining for one of the world's closely-watched economies: India.. Rajiv Biswas from IHS Markit explained that falling energy prices could reduce India's inflation and lower the cost of its import bills.. "A prolonged spell of low oil prices will support discretionary purchasing power," Radhika Rao, an economist at Singapore's DBS Group, told CNBC.. Prices of U.S. crude and international benchmark Brent plunged to multi-year lows after OPEC failed last week to strike a deal about production cuts with the oil cartel's allies, including Russia.. Oil prices crashed the week, sparking a sharp global sell-off in capital markets - but experts say low energy prices could be a silver lining for India, one of the world's closely-watched economies.. Happy with oil price at $50 to $60 per barrel, says Indian petroleum minister.