Pull the plug on diesel subsidy

The most significant reserves of fossil fuels distributed across the globe are fast depleting. In the coming decades, energy security is set to become an increasingly critical economic and political issue. India was the fifth-largest consumer of oil in the year 2010. By consuming 2.67 million bbl / day, the country closely followed the United States, China, Japan and Russia in its oil consumption. Unfortunately, this dependence will continue to rise, due to limited prospects of domestic production. As per IEA estimates, India's crude import dependency is projected to rise by 94 per cent in the year 2030.

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