Davos (PTI): Indicating a possible moderate hike in fuel rates, Finance Minister P Chidambaram has said India cannot pass the full burden of runaway rise in crude prices to consumers who will be pushed to "misery" by such a move.

"(Even) if oil prices touch 100 dollars a barrel, we cannot pass the burden to consumers as it will push them to misery," Chidambaram said at 'BBC World Debate - Global Economic Shock: Perfect Storm Ahead?' organised at World Economic Forum's annual meeting here.

He said the rural economy would come to a grinding halt if consumers have bear the sharp increase in the international oil prices.

Chidambaram said even if the oil prices have to be increased, it would be a "moderate hike".

The government would continue to provide oil subsidy and will share the burden with the oil companies, he said.

Chidambaram's comments come amidst efforts by the government to evolve a political consensus over ways of tackling the increasing burden of state-owned oil companies.

After touching the 100 dollar a barrel mark on January 2, global crude prices have somewhat moderated, but remain in the range of 90 dollars per barrel.

On whether some sectors of the Indian economies were overheating, he said "there is no such evidence". The Reserve Bank of India intervened last year, when it saw signs of overheating in sectors like real estate, he added.

He also said that India and China would account for 60 per cent of the world GDP by 2020 regaining their past glory.

"The share of India and China stood at 60 per cent in world GDP in 1820, and by 2020 it will be again be 60 per cent," the minister said.