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Volume :14 Issue : 3 2007      Add To Cart                                                                    Download

The Impact of Higher Oil Prices on the Economic Growth of India

Auther : Faten Y. Jabsheh

India, a net oil importer, with the second largest growth in incremental demand for oil, has been experiencing optimistic annual growth rates, averaging 6%, over the past several years, and is pegged to become the world's fourth largest economy, after China, the U.S.A, and Japan, by 2020 in terms of Purchasing Power Parity (PPP). This study shows that energy intensity of GDP in India was stronger during the 1980s and early 1990s, due to increased investments in energy intensive industries and economic activities. This has dropped markedly over the last ten years due to efficiency gains and the overwhelming role of the service sector in the economy. A SWOT analysis of the Indian economy energy sector reveals that India has considerable strengths and opportunities to capitalize on, to mitigate the cost of increased oil consumption during sustained oil price elevations. Implications for national economic policy are discussed in the framework of a strategic outlook to manage elevated oil prices.

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