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ne of the most-often
quoted stories of the
21st century is the
emergence of India and China on
the global economy landscape.
These emerging economies have
provided much required calmness
amid global economic turbulence.
However, the flip side of the
story is their growing appetite
for energy and commodities.
India is the 4th largest economy
in the world and it is a home for
one-sixth of total population of
the world. At this pace of growth
in the economy and subsequent
increase in purchasing power, the
energy needs of a vast population
and growing industry can be quite
demanding for policy-makers.
The consumption of oil and its
products in India itself is 2,438,000
barrels per day which exceeds 125
million metric tonnes per year.
Despite the vast and diverse
geography of India, the oil
reserves is very less.75% of the
total oil is imported from the oil
rich countries. Oil and gas account
for 40% of the total energy needs.
53% of the energy needs are
fulfilled by coal. Only 7% of the
total energy needs are fulfilled
by alternative sources of energy.
Statistics reveals that a large part
of energy needs are dependent
on oil. Other sectors of energy
production are already working
to their maximum limit. About
67% of the total vehicles use petrol
in one or other form as fuel in
vehicles, cooking gas is produced
from oil, generators make use of
oil for electricity and so on........
We all know the importance of
fuel. Now the question arises
as to what will happen on the
consumption of these resources?
According to a report, Indian
oil reserves will be consumed
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