01 Dec 2005
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India’s Oil


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India’s finance minister, Palaniappan Chidambaram (MBA ’68), is presiding over an economy, Asia’s third largest, that’s chugging along nicely and projected to finish with a 7 percent growth rate this year. But as Chidambaram told Reuters News (September 15, 2005), he’s keeping his eye on three areas of concern: pressure on government spending, the need to attract domestic and foreign investment, and oil prices. “I think oil prices are outrageous,” said Chidambaram, whose country imports 70 percent of its petroleum. “Oil-producing countries are exploiting the situation caused by the high growth rates of China, India, and perhaps the United States. They are making windfall profits. As a result, they are impoverishing developing countries.”

On the subject of outsourcing, Chidambaram asserted that it helps lower taxes for Americans and that “producing goods and services in India makes goods and services cheaper in the United States” (Yale Daily News, September 23, 2005).

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Class of MBA 1968, Section B

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