India to become world’s third largest energy consumer by 2030: IEA

The International Energy Agency (IEA) has given a big talk about the Indian market on Tuesday. The IEA has stated that by 2030 India will overtake the European Union and become the world’s third largest energy consumer. The IEA has also said that India will have the largest share in the growth in energy demand for the next two decades.The IAA said in India Energy Scenario 2021 that by 2040, primary energy consumption will increase to about 112.3 million tonnes of oil, which is double the current level. GDP is estimated to be $ 8,600 billion by this time.At present, India is the fourth largest global energy consumer after China, the United States and the European Union. The report also said that by 2040, India’s GDP growth will be at par with Japan’s economy and India will overtake the European Union in the third place by 2030. According to the report, from 2019 to 2040, about a quarter of the increase in global energy demand will come from India, which is more than any other country. India’s growing energy needs will have to be made more dependent on fossil fuel imports as its domestic oil and gas production remains stable over the years despite government policies to promote petroleum exploration and production and renewable energy. It is worth mentioning that earlier in a report of the World Economic Forum also said that by 2030 India is ready to become the world’s third largest consumer market after the United States and China.The report has been named ‘Future of Consumption in Fast-Growth Consumer Market- India’.