Global crude oil price crash increases India's import dependence
The crash in crude oil prices is making it harder for India to cut its dependence on imports. Cheaper imports not only boost local consumption but also dissuade oil companies from investing in raising domestic production. In March, Prime Minister Narendra Modi had laid a road map for the local industry to cut the country's import dependence by 10% in seven years from 78% at the time. In the four months since then, the import dependence has risen to nearly 80%.
The crash in crude oil prices is making it harder for India to cut its dependence on imports. Cheaper imports not only boost local consumption but also dissuade oil companies from investing in raising domestic production. In March, Prime Minister Narendra Modi had laid a road map for the local industry to cut the country's import dependence by 10% in seven years from 78% at the time. In the four months since then, the import dependence has risen to nearly 80%.
Comment