Nearly four million trucks are being kept off India's roads after their owners began an indefinite strike to protest against rising fuel bills. The soaring global price of crude oil has forced the Indian government to cut subsidies and raise prices. Truck operators say they have been hit hard by oil prices which have risen by 40% since the beginning of the year. Trucks carry food and other essential commodities in India. The strike is likely to push up their prices. Analysts say this will add to the double digit inflation and slow down growth in the country. Similar weeklong strike in 2004 slowed down the annual growth in industrial output to 7.9% from 8.4% in the previous month as the strike disrupted shipments.
No comments:
Post a Comment