Oil shock could cost India 1.7% of GDP at $100 crude
A new estimate says India's oil shock cushion could cost 1.7% of GDP if crude reaches $100. GDP, or gross domestic product, measures the total value of goods and services the economy produces.
ContextIndia imports most of its crude oil, so sudden jumps in global prices can strain the government budget and push up fuel costs. Economists often use GDP to judge how much an economic shock could slow growth across the whole country.
Read at CNBC TV18
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