The conversation between human and AI assistant.
What are the impacts (both positive & negative) of declining crude oil prices on Indian economy?
Could you elaborate on the positive impacts?
Well, India being the third largest consumer of crude oil in the world, declining crude oil prices can contribute to a reduction in India's import bill, leading to an improvement in the country's current account balance. This reduction in import bill could also result in lower fuel prices, benefiting industries that rely on fuel as a key input, thus increasing their profitability.