Question 5GS3GS3
What are the key macroeconomic consequences of rising global crude oil prices for India?
Main Body
of logistics (13-14% vs 8% global average) (5) Will increase unemployment in secondary and tertiary sector and impact citizen welfare (6) Can lead to rising national debt to finance more expensive imports (7) Hinders economic development progress by reducing investments. Funds diverted to finance imports. Hence India is vulnerable to global crude price shocks as has been seen in the 1980s oil embargo.
— Varun Tokas · AIR 117
63 words1 paragraphs
Conclusion
Hence India is vulnerable to global crude price shocks as has been seen in the 1980s oil embargo.
18 words
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Topper
Varun Tokas
AIR 117
Subject & Paper
GS3GS3
Topic
Economic Development
Macroeconomic indicators
Oil price impact
Writing Stats
81
Total words
1
Paragraphs
analytical
Tone