Abstract
In the recent global market, the continuous change in the crude oil prices makes the worries in the Gulf countries since their income and economic condition are almost fully dependent on this crude oil. The plunging price of a barrel of oil has fallen more than 70 percent and sunk to its lowest level since 2004. This change in oil prices has led to decline in the GDP growth, less income, less profit, project cancellation, lay off, salary cuts and resulted in companies not granting any allowances and increments. This economic crisis made millions of Indian migrants to lose their jobs and make them to go back to their own nation. This means that most Indians affected by the economic troubles in the Gulf will either be stuck with what they have, or will have to return to India if they were to look for something else, a prospect that brings with it plenty of additional issues. This paper highlights the reasons and the impact of changing oil prices on the labour market of India and Gulf countries.
Keywords: Global market, crude oil prices, Economic crisis.
References
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