High oil prices to hit growth: FM

Finance Minister P Chidambaram on Tuesday said that surging global oil prices may pull down India’s economic growth by 0.5 per cent but expected stable interest rates to spur investment.

“We will be hurt in terms of growth. We think it (oil price rise) hurts growth by about 0.5 per cent a year,” Chidambaram, currently on a visit to Singapore, said.