Author: Rajya Sabha TV
11220View
25m 44sLenght
107Rating

India is a net importer of oil and gas and imports up to 80 per cent of its requirement from abroad by spending nearly $160 billion every year. However, due to a combination of factors, the situation unexpectedly turned to India’s advantage as the crude price of Indian basket fell from a high of $110 a barrel in May-June 2014 to $50 a barrel in January 2015. Analysts attribute this steep fall to a demand and supply mismatch in the world market. However, it helped India to contain its current account deficit and fiscal deficit and put its economy in order. Policy makers and stakeholders present a range of views on how this window of low crude prices can be utilised to diversify India’s energy basket and reduce its dependence on costly imported oil and gas. Anchor: Krishnanand Tripathi