If India develops its alternative and sustainable sources of energy, the country does not require crude imports. The country has the alternative sources in abundance as crude substitution, said Dr Anjan Ray, Director of Indian Institute of Petroleum, Dehradun.
Crude import is a key factor in India’s current account deficit (CAD), which currently is 49 billion dollars or 1.9% of the Gross Domestic Product (GDP). The increasing CAD is a cause of concern for the country and if it crosses the threshold of 3% of the GDP, it would badly affect the economic stability.
Besides, India’s import is hugely affected by the geopolitical situation, like the threat of sanctions by the United States on imports from Iran, the second biggest supplier of crude to India. Read More
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