India’s crude oil import bill will grow fatter despite numerous measures by successive governments to reduce its dependence on crude oil.
A Moody’s report on Monday said that “India’s oil and gas consumption will support its investments in refining capacity and upstream production, but crude oil imports will keep growing amid stagnant production”.
India imports nearly 80 percent of its oil requirement which makes is highly dependent on imported oil and hence susceptible to wild fluctuations in the international oil market.
The governments push towards electric vehicles to reduce dependence on imported oil was also not seen as bearing fruit in the near term. Moody’s said: “Even though the government is encouraging faster adoption and manufacturing of electric vehicles, the response has not been great because of a lack of high-quality, affordable vehicles.”(IANS)