With expensive oil sticking around, India's current account deficit could double to 2% of GDP and the rupee might slip further against the dollar.
Each extra month of pricey oil could add another ₹30,000 crore in costs, mainly to help out fuel companies.
The report also warns that all this pressure could mean less tax collected and possibly less money for things like infrastructure.
In short: stable oil prices really matter for keeping India's economy on track.