THE IMPACT OF GLOBAL CRUDE OIL VOLATILITY ON INDIA'S CURRENT ACCOUNT DEFICIT AND THE FISCAL VIABILITY OF PETROLEUM-BASED COMMERCE

Abstract - India's position as the world's third-largest crude oil importer renders its macroeconomic fundamentals critically susceptible to international oil price fluctuations. This study examines the multidimensional impact of global crude oil price volatility on India's Current Account Deficit (CAD) and the fiscal viability of petroleum-based commerce over the period 2016–17 to 2024–25. The research is grounded exclusively in secondary data sourced from the Reserve Bank of India (RBI), Minis