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India is the ninth largest importer of crude oil and is ranked sixth in overall oil consumption globally. However, petroleum contributes only X percent to the Gross Domestic Product (GDP). In FY2012, the estimated production of petroleum products in India stood at X million tonnes, which was approximately X percent higher than the previous year’s. Petroleum production in India came in at X million in FY2011. The sector is characterized by a huge demand for coal, which is likely to continue in the foreseeable future. The high level of coal dependence is due to the fact that more than 54 percent of the total installed electricity generation capacity in the country in coal based. The petroleum demand in the country is likely to go up swiftly in the near future as vehicle ownership expands. With a substantial domestic energy base, India primarily depends on imports of crude petroleum.
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