India's Modi among leaders with most to gain from cheap oil prices

New Delhi

AS markets crashed around the world this week, Indian Prime Minister Narendra Modi saw a chance to revive his stalled reform agenda.

India is among the best positioned in Asia to benefit from cheap oil, and it's partly shielded from China's economic tumult. That gives Mr Modi additional time to focus on proposals that would be more difficult to pass if oil prices were stoking inflation.

"They clearly have this favourable opportunity," Rajeev Malik, a Singapore-based senior economist with CLSA Asia-Pacific Markets, said of Mr Modi's government. "It's not a question of ability, it's really about willingness." Legislative wins for Mr Modi would help bolster sentiment in emerging markets like India that were pummelled in the global s…