Retrospect Budget 2018: Energy Security Needs A Course Correction

The Economic Survey rightly indicates that we as a nation are expected to embark on a high economic growth trajectory. As a continuation, the Union Budget 2018 is a positive step towards an overall development and growth of the economy demonstrating the intent to boost investments in rural development, healthcare, education and social sectors. However, the crucial need of energy security that has a direct correlation with an increase in the economic activities seems to have been neglected in the budget. There is little action that has been taken in addressing the fundamental immediate need of the economy to attain energy security and reduce the burden of crude oil import.

This year oil prices have already indicated a constant surge and are currently trading around US$70 per barrel. This upward trajectory is ominous for countries that import crude oil. India’s behemoth energy requirement has prompted the government to set ambitious goals of self-reliance and energy security. This is in a scenario where the outlook for the inflow of foreign direct investment (FDI) into emerging markets is also cloudy. Read More…

crude oil import, foreign direct investment, Retrospect Budget 2018

Retrospect Budget 2018: Energy Security Needs A Course Correction added by The Economic Times on February 3, 2018
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