India hasn’t run out of luck just yet. While oil that plunged below $30 a few months ago helped India contain inflation and shrink its trade deficit, a rebound to $50 has other advantages for the world’s fastest-growing importer of crude. More cash for fuel exporters could boost global growth, lure commodity-dependent sovereign wealth funds back to emerging markets and increase demand for Indian-made goods, including petroleum products. “The environment might be better rather than worse for India,” said Sonal Varma, an economist at Nomura Holdings Inc. in Mumbai. Oil at “$60, $65, $70 — that’s when the problem starts, but right now I think it’s fine.” The prospect of even higher fuel prices increases the urgency for Prime Minister Narendra Modi to pass a national sales tax and establish a rate-setting panel to meet a nascent inflation target. Central bank Governor Raghuram Rajan is among economists who have […]