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India is set to benefit from the decline in global oil prices, which has dropped by over USD 4 a barrel. This significant reduction in oil prices will have a positive impact on the Indian economy, particularly in terms of lower oil import bills. India, being one of the largest oil importers, will see a substantial reduction in its import bill, which will help ease the current account deficit and inflation.

The decline in oil prices is attributed to increased oil production in the United States, stable oil supply from OPEC, and reduced oil demand due to economic slowdowns. This window of opportunity for India can be utilized to reduce its dependence on oil imports and promote alternative energy sources[1][3].

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