Impact of crude oil prices on indian economy
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Answered by
3
Heya......
@ India import crude oil from foreign countries mainly from Iraq....
Rise in price of crude oil will leads to Gulf crises in India....
Because...
India will have to pay more money for purchasing oil and it reduces the India foreign reserves...
India will suffer many economical crises..
@ India import crude oil from foreign countries mainly from Iraq....
Rise in price of crude oil will leads to Gulf crises in India....
Because...
India will have to pay more money for purchasing oil and it reduces the India foreign reserves...
India will suffer many economical crises..
Answered by
6
As per a Reserve Bank of India (RBI) report, every $10/barrel increase in crude prices leads to an additional $12.5 billion deficit, which is roughly 43 bps of India's GDP. ... Hence, when crude prices hit $85/barrel, the deficit on account of oil balloons to $106.4 billion, which is 3.61 percent of India's GDP.
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