India’s reliance on oil imports hits fresh full-year high in FY24.

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.


  • 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.


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