India's crude oil import drops 43% to $64 bn
India's crude oil import bill for 2015-16 fell by 43% to $64.4 billion, compared to $112.7 billion in 2014-15, as global oil prices slumped to multi-year lows, according to government data. Volume wise, India's oil imports rose to 202.1 million tonnes (MT) from 189.4 MT in 2014-15. Further, domestic crude oil production fell marginally to 36.9 MT from 37.5 MT.  