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.