India is now seeking foreign investment in oil and gas sectors. To do so, there has been a recent cut in corporate taxes for the above sectors. The country’s government is planning to take any capital, infrastructure and funding required to turn it into an international energy leader. Many international companies are eager to buy into India’s growing demand for oil, with local oil companies being sold to foreign powers. However, let’s take a closer look at the impacts of the growing demand of oil in India.
Currently, India imports 82% of its oil, while they expect that to reduce to 67% and replace it with local markets and renewable energy. India is also said to have the fastest oil demand growth in the world and is estimated to surpass China as the second largest energy leader in the world. However, sales have actually gone down with a two year low being experienced in the market along with, a drop in automobile sales being experienced. So where is all the oil being consumed? It is actually coming due to the growing infrastructure, economy and construction of roads and other such things
What do you think? Will India recover from the slump and regain its growth rate? Comment down below….