Shebonti Ray Dadwal replies: The lower oil prices have thus far been beneficial for India, being a major oil importing country. India is expected to save Rs. 2.14 lakh crore on its oil import bill in the Financial Year 2016. Moreover, a lower oil import bill has helped cut its current account deficit (CAD) from 4.8 per cent in 2012 to 1.6 per cent of the GDP. But this might not be the case in future. When the oil prices would increase, the CAD too will increase concurrently.
Effect of the Financial Crisis on European Defence: The Case of France
The ongoing global financial crisis has had an increasing strain on the defence budgets of different European countries. In the case of France, an intelligent and anticipatory/ preventive planning has mitigated the effects of the crisis but challenges remain, which have to be taken seriously and addressed effectively, if France wants to maintain its strategic autonomy.