As we know, solar power is the fastest growing industry in our country, and India envisions becoming a superpower in this domain. However, new findings suggest that we are headed even further, blanketing all the natural resources, India is on its way to becoming the newest energy superpower.
According to a report in OilPrice, India is in talks with a number of companies in various countries, negotiating deals for oil, coal, etc. The International Energy Agency (IEA) released a report on energy investment trends for 2016 which shows a remarkable surge in India’s investment in energy projects.
The Reliance refinery in Gujarat state.The National
At present, Oil and Natural Gas Corporation (ONGC), which is the Indian state oil firm, plans to expand by bidding for offshore blocks. Indian officials are at the negotiation stage for coking coal supplies in Canada. It is a type of coal suitable for making into coke. And, in Venezuela, the government is seeking to sell 9 percent stake in the key San Cristobal oil field to ONGC.
It is true that we were unaware of the advancement until the revelation happened. A number of ventures into investing have made India one of the world’s biggest energy investors which holds a promising position for India to sit on the number one spot.
The IEA flow chart below shows the energy investment of various countries. Whereas China and the U.S. hold the top positions, India positions as the third-largest country with biggest investments. With 7% rise in the investments 2016 as compared to the past years, the nation has been able to achieve this feat.
The domains where India is investing the most are of electricity, oil and gas, coal and renewable. The aforementioned jump of 7% means around $100 billion worth investment. Not only have we been able to beat the oil giant, Russia, making our way to the top, but the experts expect to see a jump in petro-spending this year, too.