India’s reliance on oil imports hits fresh full-year high in FY24.
India’s reliance on oil imports hits fresh full-year high in FY24.
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | April 17, 2024
| Syllabus: GS-III; Subject: Economy; Topic: Trade and External sector, Issue: Oil Imports. |
Context: India’s reliance on imported crude oil hits a record high of 87.7% in FY24.
Synopsis:
- Rising demand for fuel drives increased dependency despite efforts to boost domestic production.
- Heavy reliance on oil imports impacts trade deficit, forex reserves, and inflation.
- Government initiatives aim to reduce dependency through electric mobility and biofuels.
- India’s self-sufficiency in crude oil remains low at just 12.3% in FY24.
Leave a Reply
You must be logged in to post a comment.