India is presently saving about 70b$ due to the price correction that Crude Oil had, which is presently quoted at 45-50$. It will not again reach the $100 mark. Crude Oil will become history in a couple of decades, countries who minted money through crude reserves and are holding stock will have to force sell their stocks, else it will become junk very soon.
A couple of days back there was news that India is aiming to go all electric on its vehicles by 2030. Tata Motors to launch electric bus, M&M planning more electric vehicles along with its E2O. Today there is news that Jaguar Land Rover or (JLR) will be rolling out its Electric Vehicle by 2020 and all their new variants from them on will be an EV. Volvo follows too……
All these news support the ending of the Oil Supremacy, I remember a couple of years back how much the OPEC commanded the world markets, often coming out with production cuts and help the Oil price rise in the global markets. Middle east countries drooled themselves into high time luxuries, now the tide has began to turn against them.
For India, non-dependence on Crude imports will help save tonnes of dollars as well as subsidy expenses. As it is we are witnessing the Government aggressively cutting down on subsidies. All the savings that would come through these above mentioned advantages will be spent to build our economy, the dream of seeing India as a world super power is just around the corner.