India is the fastest growing major economy in the world. But this rapid growth of around 7.5% a year has led to colossal oil consumption – and domestic oil production is not keeping pace. With reliable energy supply a key driver of economic growth, the government knows it needs energy security to sustain its remarkable success.
And so, as India’s oil imports increase, the country has also set ambitious targets for its domestic power sector.
There’s enormous potential for exploring local resources – and India is focused on increasing its exports of petroleum products.
PRIME MINISTER NARENDRA MODI WANTS TO CUT OIL IMPORT DEPENDENCE BY 1O% BY 2O22.