‘Outrageous oil prices burden India’s economy’

Outrageous” international oil prices are burdening India’s budget as the nation struggles to protect its booming economy, Finance Minister P Chidambaram said on Wednesday.

.. speaking at an investment forum in New York, Minister Palaniappan Chidambaram said the rising cost of energy was taking a toll on India’s finances as the country had to put aside “huge” resources to avoid passing the full impact of the rise to its customers.