Is India’s Oil Dependence Dwarfing Renewable Energy Goals?

Despite the aggressive and inspiring initiatives towards green energy development in India, the country is still the 3rd biggest oil consumer in the world. With a consumption record of 4.69/million barrels per day, India is expected to join China in coming years to account for nearly 50% global oil demand. Now, that is a scary prediction for a country that is actively engaging in policy reformation, manufacturing sector and infrastructure development to increase green energy usage.

Why? Because as the dependence on oil increases it will give rise to the forex outflow, which could have been invested towards a speedier green energy adoption that promises to save billions on fossil fuel imports, create jobs, improve export demand, and restore climate degradation.

Where is the Indian Economy headed?

Shri Narendra Modi led BJP Government has carried out some transformational reforms in India by focusing on GST, infrastructure development, reducing bureaucracy and regulation, simplifying the tax code, insolvency, and IBC that helped India become a better-ranked business ready country and rebalanced the rights of promoters, banks, vendors. These developments have led India to become one of the fastest-growing economies in the world. Although previous predictions suggest that India’s Gross Domestic Product (GDP) had grown at 7.3% in FY 18-19 with a better prospect for the next fiscal, in June 2019, the figures revealed that the economy had been slowing down for nearly three quarters.