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Why India could become the biggest oil consumer
 While the USA remains the largest oil market in the world, with China placing second, it is in India that the real demand story may be playing out. 02.Jun.16 10:31 PM By Anastasia Sutulova Photo Toinnov.com |
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Current statistics shows that India might soon replace Japan and become the Asian second biggest oil consumer and the third one in the world. What is accelerating this demand? The main reason is the hasty growth of the country’s economy. In 2015, India’s GDP increased by 7.3 percent which is even bigger that it was in China. What is more, since 2010, India has been selling more and more cars every year, and India’s total vehicle fleet has more than doubled since 2007. Taking into account that cars are not the only popular means of transport in India, and that sales of two-wheelers have been even higher, it is possible to suggest that the motorization of India will become another drive of India’s oil demand. Finally, Indian government has launched a program that is intended to increase manufacturing’s share of India’s economy by 2022. It is estimates that if this transaction is successful, India’s oil demand will increase by one third. There is no doubt that it will still take a long time for India to change oil markets and replace China. But the important thing is that it seems to have all the prerequisites. | |
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