Why are the Oil Prices in India So Much Cheaper than Rest of the World?
Introduction: What is an Oil Price and Why are the Prices in India so Different from Other Countries?
India has the cheapest oil prices in the world. This is because India imports most of its oil from neighboring countries, such as Iran. The price of oil in India is not controlled by the government, but instead by the global market.
Oil prices are determined by many factors, but one of the most important is supply and demand. The higher the demand for a commodity, such as oil, and less supply available to meet that demand will cause a rise in price. It is also important to note that these prices are set on a global scale so there may be differences between markets due to location and other factors.
The Indian Economy on a World Scale
India is one of the fastest growing economies in the world. It is ranked as the tenth largest economy in the world and is also a member of BRICS.
India’s economic growth has been fuelled by its large, young population and its increasing integration into the global economy. India’s economic growth rate was 7% in2023, making it one of the fastest-growing major economies.
India has been a member of BRICS since 2010 and this has helped it to integrate with other emerging markets on a global scale.
India's Demographic Dilemma
India’s population is growing at a rate of 1.2% annually, which is the highest in the world. The population of India will be 1.7 billion by 2030, making it the second most populous country in the world after China.
The number of Indians who are married has been declining since 1951 and this trend is expected to continue for at least the next few decades. In 1951, there were more than 8 million marriages in India and now there are less than 4 million annually. This decline has been attributed to many factors like urbanization and rising education levels among women which have led to a delay in marriage age and increase in the age gap between spouses
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