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IMPACT OF CRUDE OIL PRICES ON ECONOMY: AN EMPIRICAL STUDY OF INDIAN ECONOMY
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Author(s):
GEETANJALI NARWAL NEHRA
Vol - 6, Issue- 12 ,
Page(s) : 6 - 13
(2015 )
DOI : https://doi.org/10.32804/IRJMST
Abstract
Crude oil prices play a very significant role on the economy of any country. India's growth story hovers around the import of oil as India imports 70% of its crude requirements. In this paper, an attempt has been made to study the impact of crude oil price on the Indian economy by considering Gross Domestic Product (GDP), Index of Industrial Production (IIP) and Wholesale Price Index (WPI) as the relevant variables. Crude oil is one of the highest demanded commodities in the entire world so fluctuations in crude oil price can make serious impact on the growth of any economy.
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