Assessment of Present Economic Scenario in India ‘A Study on the Factors Situation Influencing Petroleum Industry’
IOSR Journal of Business and Management (IOSR-JBM), 1 (Special Issue 1), pp. 16 – 23, 2014
8 Pages Posted: 7 Aug 2019
Date Written: February 2014
This paper deals with present economic scenario in indian petroleum industries. To analyze the reason for hike in petroleum product price level and provide the corrective measure to reduce the cost of product as much as possible. With today's unstable and extremely focused worldwide market, escalated by expanding for advanced items from requesting clients, government have begun to understand the criticalness of petroleum fare. Domesticated utilization of petroleum items in 2011-12 enlisted a development of 5% (as contrasted with 8% GDP development). In view of provincial utilization of petroleum items, import dependence for oil in India was 76% in 2011-12 and dependent upon the relative development sought after and preparation, it is evaluated that oil dependence will be as high as 85 for every penny in 2020. As far as using, as a nation we use, around 80-90% of import bill on petroleum items. The reason for this paper is to inspect the criticalness of cash variance and the choices availabilities to decrease the cost level.
Keywords: Economy of India, Petrol Price Hike, Need for Change in Petrol Price, Need for Change in Petroleum Industry, Inflation Strategy, Present Day Economic Scenario
JEL Classification: M21, O11, O13, O24, O47
Suggested Citation: Suggested Citation