|The Effects of Rising Oil Prices on the Indian Economy|
Increased oil prices have a negative impact on the Indian Economy
The current front page of newspapers and media networks in India is dominated by the rise in oil prices. The rise in oil prices has persisted since the beginning of 2021 and does not appear to be stopping or slowing down. Every day, people hope that the price will decrease, but instead of decreasing, it continues to rise. Every day, leaders of various political parties and ordinary citizens protest against the rising price of oil, expecting that the price will be reduced. I believe that we are all aware of the current situation that the citizens of the country are in.
Some Important Points On The Effects of Rising Oil Prices on the Indian Economy
1) Oil prices keep going up over the world.
2) Beginning in June 2017, oil prices began to rise rapidly.
3) In the last few years, it has expanded by more than 70%.
4) Rising oil costs will have an impact on the stock market.
5) Oil prices will rise due to increased demand and supply constraints.
6) The rise in crude oil prices has impacted the price of gasoline & diesel.
7) It will also raise the shipping & manufacturing costs.
8) The GDP has decreased, and the country’s economy has suffered as a result.
9) Another cause for an increase in oil prices in 2021 is the recovery from the epidemic.
10) According to a 2016 report, the world’s oil reserves are estimated to be 1.65 trillion barrels.
11) Based on current consumption levels, we only have 47 yrs of oil.
12) Venezuela possesses the world’s greatest oil resource.
13) Nations that supply oil include Saudi Arabia, the United States, Iran, Russia, Venezuela, and others.
Courtesy: Komal Sharma, Direct News 99