Petroleum is backbone of Indian economy. Oil and natural gas play a major role in country`s economic growth and development. Country`s GDP is influenced by the price and import quantity of petroleum from oil producing countries like Saudi Arabia, Iran Iraq. The oil and gas sector is among the six core industries in India and plays a major role in influencing decision making for all the other important sector of the economy.
India is now world's 3rd biggest oil consumer behind USA and China. India has a GDP growth rate of about 7%, thus the consumption of oil is increasing. India consumes nearly 4.13 million barrels of oil per day. Due to economic growth India's demand for oil and gas is going to increase in many fold in the near future. India is the fourth-largest Liquefied Natural Gas (LNG) importer after Japan, South Korea and China, and accounts for 5.8 per cent of the total global trade
The paper largely focuses upon the various alternatives sources of energy which is adopted by govt and some are being planning to adopted in future. The study also reveals the impact of increase and decrease of petroleum price in various aspect of country`s economic growth and development. At the same time what the measures has been taken by govt to reduce and save the per capita petrol and energy consumption of energy.
Bcm-Billion Cubic Metres, TMT-Thousand Metric Tonnes, (CMPDI), (USGS) (PPAC) petroleum planning and analyses cell, (MT) million tonnes
