Crude oil prices took a nosedive on Thursday, dropping below $70 a barrel for the first time in years — and this is great for India.

Around the world, the impacts of OPEC's decision not to limit the supply of oil are still sinking in: stocks are tumbling, other danger lies ahead in the long term, and oil-producing countries like Venezuela could even face civil unrest.

But India, which is proving extremely well-suited to the current macroeconomic climate, could see its current account pushed into surplus.

India is the world's third largest importer of oil, after the U.S. and China. Oil makes up about 31 percent of total imports for the South Asian nation, which imports 80 percent of its oil needs (or, about 4,591,000 barrels a day in 2012).

Here's the impact that a $10 drop in oil prices would have on India (as well as other oil-importing countries like South Africa and Turkey):

CPI in India, at 5.5 percent last month, is already well below the government's 2016 target. The oil crash will very likely push it further.

Wholesale prices have already been falling thanks to decreasing oil prices, and will be sure to continue:

India wholesale prices graph Capital Economics

So right now, India looks like a winner. But there is the concern that OPEC's decision to loosen its hold of the market could lead to volatility down the road.

We could see heavy price shocks in the future, which would be harmful to India and all its oil-importing companions.