How India’s oil economy changed under Modi regime

With the US announcing to withdraw waivers granted to eight economies including India to buy crude oil from Iran beginning early May, over-dependence on oil imports in the third largest consumer of oil has again come to limelight.

During the first year in office of prime minister Narendra Modi in 2014-15, India used to import a majority (18.4%) of its total crude oil requirement from Saudi Arab with Iran at a distance 7th position contributing only 6% of India’s crude basket. However, towards end of Modi’s tenure, as per the latest available data for the first 10 months of the financial year 2018-19 (April-January), Iran is now the third largest contributor to India’s energy security, contributing 11.3% of the country’s crude oil demand.