India's heavy and growing dependence on imported energy is putting financial strain on the economy. More than half of India's $191 billion trade deficit in the financial year 2012-13 was due to oil imports,
Tag: oil imports
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PM tells Moily to cut oil imports by $25 bn
The Prime Minister Manmohan Singh has asked the Union Oil Minister Marpadi Veerappa Moily to save $25 billion on oil imports in the current fiscal year, so that it can help the country narrow its current account deficit (CAD).Moily said and added that oil is one of the components which is responsible for CAD.
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Treading the slippery path
Efficiency enhancement through pricing and non-pricing methods is the need of the hour in meeting our energy adequacy. With India's energy efficiency estimated to be the fifth lowest in the world, there is a tremĂÂendous scope to improve efficiency. DependĂÂence on oil imports is expected to rise.