India is more vulnerable to oil price rise than its EM peers
Crude oil imports as % of GDP (2019)
Emerging economies (EMs) that are part of G20 and for which data was available for 2018 have be en considered here. Russia and Saudi Arabia have been excluded as they are large net exporters of oil and gas. For the purpose of the analysis, crude oil imports refer to all products included under the 4-digit Harmonized System (HS) code 2709.