Officials have since emphasized the need to lower oil imports, given their damaging effects on the economy. On the contrary, India’s dependence on imported oil has gone up over the past five years. According to latest official data, India imported 83.7% of the crude oil it consumed last fiscal year, the highest in many years. In absolute terms, crude oil imports stood at 226.6 million metric tonnes (MMT) last year, compared with 189.2 MMT in 2013-14. Perhaps it’s time for fresh reforms to reverse India’s growing reliance on oil imports that could potentially rock the country’s macro-economic stability.

Source: Mint May 06, 2019 11:37 UTC