India gave the green light to businesses hurt by the rising costs of crude oil to start borrowing up to $10 billion in foreign money that will offset the heavy weight of rising oil prices and the falling rupee, Reuters reported on Wednesday. India’s current commercial borrowing rules prevent businesses from borrowing more than $750 million in foreign money—the previous limit as outlined in April by the Reserve Bank of India (RBI) as cited by Lexology. Rising oil prices spurred by increasing fears that Iran’s crude oil exports will take out more oil from the market than previously thought—up to as much as 2 million barrels per day—has weighed heavily in recent months on the country, which is well on its way to overtaking China in terms of oil demand growth—a marker expected to be reached in 2024 according to an August news release from Wood Mackenzie. But equally […]