Oil blocks languish in India even as imports surge

India's current account deficit has hit alarming proportions: it has risen from $78.2 billion in 2011-12 to $88 billion in 2012-13. Finance Minister P Chidambaram wants to hold it within the target of $70 billion for the year. A big contributor to the deficit is the oil and gas sector - India imports almost 70 per cent of its crude oil requirements.

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