| Syllabus: GS-III; Subject: Economy; Topic: Trade and External sector, Issue: Oil Imports. |
Context: India’s reliance on imported crude oil hits a record high of 87.7% in FY24.
Synopsis:
- Rising demand for fuel drives increased dependency despite efforts to boost domestic production.
- Heavy reliance on oil imports impacts trade deficit, forex reserves, and inflation.
- Government initiatives aim to reduce dependency through electric mobility and biofuels.
- India’s self-sufficiency in crude oil remains low at just 12.3% in FY24.
