Abstract
Abstract: The importance of Crude Oil has been on a rise in almost every single economy around the world. As economies grow, the requirement of this very vital resource is also fattening at a rapid pace. The Indian economy is rapidly expanding, as is its reliance on crude oil. For the period 2001-02 to 2020-21, the article investigates the reasons for changes in Crude Oil prices, as well as their implications for Indian Economic Development and GDP Growth. Because of the spike in crude prices, India's fuel and diesel prices have reached all-time highs. The current Indian economy is thriving despite rising trade disparities and persistent inflation. The goal of this study is to see how speculation and variations in crude oil prices affect Indian economic development, GDP growth, retail gasoline prices, financial markets (BSE), currency, and government finances. The study looked at how changes in oil prices affect Indian economic development via a variety of networks, including GDP, trade and investment characteristics, and other macroeconomic indicators.
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