Made in India
Plans to increase the manufacturing base and sustain high GDP growth will underpin rising oil demand and imports
They can sell for as little as 49,700 rupees ($750), yet India's scooters, mopeds and motorbikes have become an unlikely barometer of global oil demand. And, according to the latest data, a 6.1% fall in the volume of sales of these two-wheelers led in January to a 2.5% fall in the country's domestic oil demand, the biggest drop in a decade. The unlikely culprit for this interruption in India's growing appetite for crude imports in 2017 is the lingering effect of the demonetisation that prime minister Narendra Modi introduced last November: the removal from circulation of some banknotes, designed to curb corruption, created a dearth of cash, mainly in rural areas. As Facts Global Energy (FGE)
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