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India on firm growth path with bold moves like note ban, GST: Opec

India is the world's third-largest oil consumer, During 2000 to 2015, imports from Opec nations increased from $2 bn to $140 bn

Press Trust of India  |  New Delhi 

opec, OPEC, oil, output
Secretary General of Opec Mohammed Sanusi Barkindo

is experiencing some of the greatest structural changes as bold new reforms like note ban and have put the country firmly on a sustainable growth path, cartel Opec's Secretary General said on Tuesday.

Speaking at the Energy Forum by CERAWeek, he said the country's expanding middle class represents a growing source of demand, not just for energy but for goods and services from around the world.

"India's economy has been experiencing some of the greatest structural changes in a generation. A slate of bold new reforms, embarked upon under the visionary leadership of Prime Minister Modi, has put the country firmly on a sustainable dynamic growth path particularly when it comes to energy," he said.

Reforms, including policy, the Goods and Services (GST), and efforts to diversify the energy mix have all been designed to move the country toward sustainable growth and stability, he said.

He further said that with major growth in transportation sector, expansion in exports of numerous goods and services, world-renowned IT sector, a strong services sector and solid manufacturing base, has undergone a great economic transformation and its role in the global marketplace, as well as involvement in international trading networks, are admired signposts.

"At Opec, we have been paying close attention to these macroeconomic and business trends in Some of them shall directly benefit the growing populations of Opec's own member countries," Barkindo said.

In particular, he said, is working to better understand the potential impacts that such beneficial economic changes may have on future demand.

"even sees world demand growth increasingly shifting to We anticipate that by 2040, India's demand will increase by more than 150 per cent to 10.1 million barrels per day from around 4 mbpd currently," he said.

The country's total share of global demand is also seen rising to over 9 per cent by 2040 from 4 per cent now.

"There are many factors helping to foster, strengthen and support the deepening relationship between and India," he said.

During 2000 to 2015, India's imports from nations increased from $2 billion to nearly $140 billion. countries' imports from increased from $5 billion in 2000-2001 to $56 billion by 2015.

"In terms of crude oil, what we see is similarly impressive in terms of growth. India's total imports have risen to close to 4.3 mbpd in 2016 from around 1.5 mbpd in 2000. Nearly 80 per cent of these total imports came from member countries," he said.

This has been because of demand in India, which last year was the fastest in the world, with an increase of close to 340,000 barrels per day or 8.3 per cent.

currently is the world's third-largest consumer.

"Along with other producers, we have all seen that constructive dialogue and flexible cooperation can play an important role in maintaining stable markets," he said.

First Published: Tue, October 10 2017. 15:59 IST