Switching From Oil to Gas Could Help India Reduce Energy Import Bill

India’s annual energy import bill could almost double to $230 billion in the next decade if the south Asian nation does not switch from oil to natural gas and improves conservation activities.

Quoting from a report by Goldman Sachs, news agency Press Trust of India says greater urbanisation, economic growth and industrial growth will push energy import bill from current $120 billion to $230 billion in the next ten years.

“India has a fifth of the world’s population, but only a 30th of its energy,” the Goldman report says.

According to the report reforms in the energy sector could reduce India’s annual energy import bill by $40 billion by 2022-2023, says Press Trust.

Energy conservation measures include reducing transmission and distribution losses, using more energy efficient appliances, switching to alternative sources of energy and stricter emission standards for vehicles, Press Trust quotes from the report.