India hits massive JACKPOT, may become super rich, GDP will increase 5 times; the treasure is…, tension for US, China due to…
India oil reserves: India is close to discovering gigantic reserves of crude oil in the Andaman Sea, a find that is expected to catapult the Indian economy to over $20 trillion, and increase the country’s GDP by as much as five times. According to Union Petroleum and Natural Gas Minister Hardeep Singh Puri, India is close to locating this massive reserves which is estimated to hold about 2 lakh crore liters of crude oil.
How the discovery would boost Indian economy?
India is the third-largest importer of crude oil, relying on imports to meet at least 80 percent of its oil and gas needs. However, if India manages to extract the huge reserves of oil from the Andaman Sea, it will not end the country’s dependence on oil imports, but could potentially make it a net exporter of crude and gas.
Puri said India is close discovering crude oil and gas in an area of 2.5 lakh square kilometers in Andaman, and drilling efforts have been intensified to accelerate the process. The area is nearly the size of Guyana, which has reserves of 11.6 billion barrels of oil and gas, and if India can get its hands on oil reserves of that magnitude, it is projected to catapult the Indian economy to above $20 trillion from the current $.3.7 trillion, and boost the current GDP by at least 5 times.
Why US, China are concerned?
The United States and China are two of the predominant global economic and military superpowers today, and a crude oil discovery of the magnitude India is talking about, is likely to shift the geopolitical power balance by a significant margin as New Delhi could potentially emerge as a new power centre that can challenge American and Chinese dominance.
US is largest consumer of crude oil in the world, but it is also the largest producer of this key resource whose prices directly impact the global economy by affect inflation of essential items.
Thus, India discovery a massive oil reserves would pose a significant challenge to dominance of the US and other world powers such as China and Russia.
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