A rise in the price of crude oil hurts the economy because crude accounts for a significant portion of India’s overall imports. If crude rises further, it will not only impact the stability of the rupee and the rise in stock markets, but may also produce an inflationary effect. New Delhi: Rising oil prices present a challenge to India’s growth, the Economic Survey presented in Parliament on Tuesday said. “Price of crude oil (Indian basket) has increased from $39.9 in April 2016 to $52.7 in December 2016," the Survey said. So, if at some level, if that level reaches, the government decides to tweak it, then it might have some impact," he said responding to a query on impact of rising crude prices on budget. Asked about the level at which the government would like to tweak excise duty, he said it would be difficult to give a figure.