By: Akshat Singh --
27 March, 2013
India is the third largest economy of Asia and also the fourth largest oil consumer and imports crude oil & natural gas very heavily to fulfill its energy requirements. Currently, in the year 2012-13, the domestic production of natural gas is estimated to be 104 mmscmd (million metric standard cubic meters per day) which was 114.90 mmscmd in the year 2011-12. On the other hand, LNG imports, which was 39.32 mmscmd in the year 2011-12 and formed 25.5 % of the total fuel consumption, and are estimated at 73 mmscmd in the year 2012-13 and would increase to 105 mmscmd in the year 2013-14. At this rate, LNG imports share would increase to 41% this fiscal and to 50% in the next year. By 2014-15, LNG imports would be around 115 mmscmd which would be more than the domestic production of 113 mmscmd. This would make India a net importer of natural gas within few years of time. Hence, the rise in net crude and natural gas imports would further increase the fiscal deficit.
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