India has further strengthened its position of being a net importer of oil during the five years of the Modi government, floundering on an ambitious plan that entailed reducing country’s import dependency of oil by 10 per cent by 2022.
As per government’s estimates, the country’s import dependency on oil has increased from 78.3 per cent of total consumption in 2014-15 to settling at a new high of 83.7 per cent in the 10-month period of FY19. The increase has also been consistent with dependence on imported oil increasing in all the five years of the government with the number being 80.6 per cent in FY16, 81.7 in FY17 and 82.9 in FY18.
Ironically, the country imported more oil to meet its domestic demand in the past five years even though Prime Minister Narendra Modi had set out a road map for reducing India’s crude oil imports by 10 per cent by 2022 in March 2015. Read More