New Delhi: Exports of petroleum products from India are likely to reach $497.01 billion within the next five years, said a study by industry body Assocham. It said exports of petroleum products are growing at a faster rate than imports.
Petroleum products exported by India have been growing at an astonishing rate of 73 per cent for the past three years, according to Petroleum Trade, a study done by Associated Chambers of Commerce and Industry of India (Assocham).
"Petroleum exports were valued at $0.03 billion in 1999-2000, which increased to $18.53 billion in fiscal 2006-07, growing at a compound annual rate of 96.5 per cent. Imports on the other hand, increased from $12.6 billion in 1999-2000 to $57 billion in 2006-07," Assocham president Venugopal Dhoot said in a statement.
Momentum
"Even as energy requirements of Indian economy are rapidly increasing, capacity expansion of public- and private-sector refineries would help maintain the growth momentum of exports of petroleum products," he added.
The study also indicated that the growth rate of petroleum imports had been declining over the past two years.
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