Abstract:
The Economy of India is the seventh-largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies, a member of BRICS and a developing economy among the top 20 global traders according to the WTO. The oil and gas industry is amongst the six core industries in India. This industry is a major factor for the growth being witnessed in the Indian economy today. The natural gas and petroleum sector, which is inclusive of refining, transportation, and marketing of these products, contributes about 15% to India's GDP. Exports from petroleum are the highest in terms of the foreign currency amassed and accounts for 17% of the total exports. The power and fertilizer sectors in India drive the demand for gas in the country. They use 66% of the total gas produced. The demand for gas is set to grow; thus, the natural gas share in the overall mix is projected to rise from 8% to 20% by 2025. The investments by public sector oil companies is going to be US$ 11.33 billion to expand supplies and build new networks for transportation of oil and gas. The policies of the government are a further boost to foreign investment in this industry. As the energy sector is neither expected to slow down nor lose its importance, the growth prospects are considered to be enormous in this industry.
