The Indian petroleum industry is booming and has a good potential, but the sector still needs to be strengthened. There are a lot of changes being made on a global level. The petroleum industry of India is one of the major contributors of the economic growth.
Since the industry has become more global, there is a tremendous potential for this sector to grow in India. Presently, there are a lot of developments taking place in India, generating a lot of opportunities. India aims to become one of the major players in the export of petrochemical intermediaries.
Today, 70 percent of the oil requirements are fulfilled with the help of imports. India to examine through the international markets comprising of the emerging energy-trading nations – China, Russia and Iran. India collaborated with Venezuela, Burma, Middle East nations, and Pakistan.
India’s long term strategies are to emphasize on using energy efficient methods and enhance energy self-sufficiency. India has to compete for conventional energy sources. These can be achieved by developing energy efficient buildings and vehicles.
The main problem with the Petroleum Industry in India is related to infrastructure developments. The lack of proper storage facilities, enhancements in refining capacities, and fluctuating import prices plays important role in hampering the petroleum industry.
India should target for improving the petrochemical sector for better economic growth. The need for intermediary products for producing end use products should be considered with utmost importance. India’s per capita consumption of petrochemical products is low, whereas the production is high. There is a great potential for India to become the leading exporters of intermediary products.