80% of the demand of crude in India is fulfilled through imports of crude oil. For example, if we are consuming 100 barrels of crude oil, then we are importing 80 of those barrels from outside. This means that there is only 20% production of crude oil done through our domestic facilities. So, we have a huge demand from the foreign markets. And that is why it is impacting our import bill on such a large scale. And because of high import bill, we can see its effect on higher prices, fiscal deficit, current account deficit and other things.
Economic Growth can be defined as a positive change in the level of goods and services produced by a country over a certain period of time. Following are some of the factors which can promote economic growth:-
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance