In 2005-06 Indian oil import bill reached to $44.64 billion and it was 52% more than the previous year. In last fiscal year, 99.4 million tonnes of crude oil were imported by India for a price of $ 38.77 billion while 11.67 million tonnes of petroleum products cost for $ 5.86 billion. In 2004-05, India imported 95.86 million tonnes of crude oil for $ 25.98 billion while was spent to import 10.47 million tonnes of petroleum products. This statistics has been published by Petroleum Ministry and here we can see that there has a slight increase in import quantity but the increase in price is too much. 52% is really not a matter of joke. If the price of oil continues to rise or even remain at this level then Indian economy is going be badly affected- there is no doubt about it. If India wants to sustain
The billion dollar question is: What should Indian government do now?
- Indian government should try to attract massive foreign investment in exploration of gas, coal and oil in India.
- India should seriously engage itself with the Middle Eastern countries and its neighboring countries to secure a long term deal of oil and gas.
- Indian government should think of investing more on hydro electricity projects in Bhutan.
- Indian government should allocate more fund in the research and generation of alternative energy sources like wind energy. India is already the fourth largest producer of wind energy in the world.
DO you have any more suggestion for India?
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