india is on the verge of finding massive crude oil deposits in the andaman Sea, which would boost the nation's GDP by up to five times and propel the economy to above $20 trillion. india is on the verge of discovering these enormous deposits, which are thought to contain over 2 lakh crore liters of crude oil, according to Union Petroleum and Natural Gas minister Hardeep Singh Puri.
How would the discovery boost the indian economy?
At least 80% of India's needs for gas and oil are met by imports, making it the third-largest importer of crude oil. India may become a net exporter of gas and crude oil if it can tap the vast oil reserves in the andaman Sea, but this would not eliminate the nation's reliance on oil imports.
According to Puri, drilling operations have been stepped up to speed up the process since india is on the verge of finding gas and crude oil in a region of 2.5 lakh square kilometers in the Andaman. The region is almost the size of Guyana, which has 11.6 billion barrels of oil and gas reserves. If india can access oil reserves of that size, it is expected to increase the country's GDP by at least five times and propel its economy from its current $3.7 trillion to over $20 trillion.
Why US, china concerned?
A crude oil discovery of the scale india is discussing is likely to significantly alter the geopolitical power balance, as New delhi may become a new power center capable of challenging the dominance of the united states and china, two of the world's most powerful nations in terms of both economy and military might.
The united states is the world's greatest producer and consumer of crude oil, a vital resource whose prices have a direct effect on the global economy by influencing the inflation of necessities.
Therefore, the US and other global powers like china and russia would face serious competition if india were to uncover enormous oil reserves.
How would the discovery boost the indian economy?
At least 80% of India's needs for gas and oil are met by imports, making it the third-largest importer of crude oil. India may become a net exporter of gas and crude oil if it can tap the vast oil reserves in the andaman Sea, but this would not eliminate the nation's reliance on oil imports.
According to Puri, drilling operations have been stepped up to speed up the process since india is on the verge of finding gas and crude oil in a region of 2.5 lakh square kilometers in the Andaman. The region is almost the size of Guyana, which has 11.6 billion barrels of oil and gas reserves. If india can access oil reserves of that size, it is expected to increase the country's GDP by at least five times and propel its economy from its current $3.7 trillion to over $20 trillion.
Why US, china concerned?
A crude oil discovery of the scale india is discussing is likely to significantly alter the geopolitical power balance, as New delhi may become a new power center capable of challenging the dominance of the united states and china, two of the world's most powerful nations in terms of both economy and military might.
The united states is the world's greatest producer and consumer of crude oil, a vital resource whose prices have a direct effect on the global economy by influencing the inflation of necessities.
Therefore, the US and other global powers like china and russia would face serious competition if india were to uncover enormous oil reserves.
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