How much will high crude oil prices cost India economy; this much hit likely on GDP growth, inflation, revenue
International crude oil prices, expected to remain elevated amid the Russia-Ukraine war, may cost India 1.9% GDP, hit households to the tune of $22 billion (about Rs 17 lakh crore), stoke inflation by one percentage point, cut excise revenues, and widen current account deficit. The escalating crisis between Ukraine and Russia could lead to potential disruptions in global energy trade and price disruptions, and can materially weigh on growth in the first half of fiscal year 2023, Madhavi Arora, lead economist, Emkay Global, told FinancialExpress.com.
