Oil is now close to $75 per barrel:
http://www.rttnews.com/2420238/crude-oil-ends-above-75-ahead-of-opec-meet.aspx?type=cdt
The powerful new trend of declining oil prices shifts economic and geopolitical power towards the US and China:
http://www.businessweek.com/news/2014-11-19/cheap-oil-era-tilts-geopolitical-power-to-u-dot-s
India needs to be more proactive instead of merely lagging the trend. There needs to be an interest rate cut sooner rather than later, in order to ramp up India's growth sooner rather than waiting for 2016. Declining oil prices will mask and offset any inflationary effects of growth. If we don't seize the opportunity, then we are only leaving open the opportunity for others to steal a march on us, while our growth potential is again left unrealized.
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