IEA hails India’s ‘strong’ economy; exudes confidence in PM Modi’s third largest economy dream

Updated:3 years, 3 months ago

Paris (France), April 11 (ANI): Calling the Indian economy ‘strong’ amid Saudi Arabia’s oil cut announcement, International Energy Agency Chief Fatih Birol on April 11 in France’s Paris expressed his expectations of seeing India growing into “world’s third largest economy”. He further stressed on the upcoming changes and increases in the bill that the country will witness under its oil import as a majority in India consumes oil and it is an oil imported country. “India's economy is strong and continue to be stronger we expected India’s economy will soon be the third largest economy of the world and the growing economy needs energy. This is oil this is solar. This is a nuclear power and others we do revise our numbers all the time. But I expected the Indian economy still be strong this year, one of the strongest in the world. And as such, we require strong oil and electricity demand,” Birol said. “India is an energy imported country or an imported country, a majority of the oil consumed in India is imported is such is such a move could increase the India's oil import bill and as such a burden on the Indian economy and Indian consumers,” he added. The oil cuts announcement by Saudi Arabia and the other OPEC+ oil producers has left the whole globe into other crisis as this will result in an increased oil bill for the oil imported countries.

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IEA hails India’s ‘strong’ economy; exudes confidence in PM Modi’s third largest economy dream

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