As the world’s fastest-growing major economy, India will account for approximately 25 per cent of global energy demand growth between 2020-2040, as per the BP energy outlook and IEA estimates. Ensuring energy access, availability and affordability for our large population is an imperative. This makes our case sui generis and has driven our energy strategy, now acknowledged the world over as being pragmatic and balanced.
How has India managed to do this?
When petrol and diesel prices went up by 35-40 per cent in the US, Canada, Spain and the UK, and despite importing over 85 per cent of its crude oil requirements and 55 per cent of its natural gas requirements, prices of diesel in India have actually gone down in the last one year. When several countries in our neighbourhood have had dry outs and power cuts to manage demand, there has been no shortage of fuel anywhere in India.
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