What are the key macroeconomic consequences of rising global crude oil prices for India?

of logistics (13-14% vs 8% global average) (5) Will increase unemployment in secondary and tertiary sector and impact citizen welfare (6) Can lead to rising national debt to finance more expensive imports (7) Hinders economic development progress by reducing investments. Funds diverted to finance imports. Hence India is vulnerable to global crude price shocks as has been seen in the 1980s oil embargo.