(PTI)
India will overtake China as the largest growth market for energy in volume terms by 2030, Oil Minister Dharmendra Pradhan said on Friday. India, Asia’s second biggest energy consumer since 2008, had in 2015 overtaken Japan as the world’s third largest oil consuming country, behind the US and China.”We are third largest energy consumer now but by 2030 we will be No.1 energy consumer,” he said at a FICCI meeting.
While energy consumption will grow by 4.5 per cent per annum per annum — faster than all major economies in the world — India’s consumption growth of fossil fuels would be the largest in the world.
The country is 83 per cent dependent on imports to meet its oil needs and sources half of its natural gas from overseas. Pradhan said while the global average growth was 1.4 per cent, India was seeing a growth rate of 4.5 per cent.
