Question

What is the future of petroleum industry in India?

Answer 1

• Future of petroleum industry has good potential but require few developments.
  
• Petroleum industry is one of the major economic growth sectors. In the present conditions, international trade boundaries are being dissolved and this is presenting great opportunities for India to be on to the global market stage.
  
• But India is importing 70% of its oil requirement from other countries due to increasing population demand.
  
• But it is always necessary to implement energy strategies to utilise petrochemical products efficiently to avoid future shortage.
  
• The main problems with the Petroleum Industry in India are related to infrastructural developments, the lack of proper storage facilities, enhancements in refining capacities, and fluctuating import prices.
  
• All the above problems have to be kept in mind to flourish petroleum industry in the future.