India Petroleum Oil & Coal Imports to Rise with Growing Energy Demand
The International Energy Agency (IEA) predicts that by 2030, India will be the world’s third-largest energy consumer, accounting for 25% of global energy growth and inflation. According to the IEA’s India Energy Outlook 2021, which was released on Tuesday, India’s energy consumption will nearly double as GDP grows to an estimated $8.6 trillion by 2040 under the country’s current national policy scenario. An energy agency and policy adviser to members of the Organization for Economic Cooperation and Development said that by 2040, global GDP growth would add the equivalent of another Japan to the global economy. While domestic oil and gas production has remained stagnant for years despite government policies to promote petroleum exploration and production as well as renewable energy, India’s growing energy demands will increase its reliance on fossil fuel imports.
