Moscow: Igor Sechin, the CEO of Rosneft, a major Russian oil producer, predicted that India's GDP would skyrocket to $5 trillion within the next five years at the 27th St. Petersburg International Economic Forum (SPIEF). Looking further ahead, he envisioned India eclipsing the United States, the largest economy in the world, by 2050.
He also foresaw India's energy appetite nearly doubling by 2050. This surge, he argued, is intricately linked to India's economic growth, positioning it as one of the fastest-growing energy markets globally. Sechin underscored the pivotal role of developing nations in driving future oil consumption, with Asia, particularly India, at the forefront of this momentum.
However, Sechin cautioned against an overzealous embrace of what he termed the "green agenda." He pointed out that while renewable energy and electric vehicles remain promising, their current contributions to the global energy mix are marginal. Sechin stressed the continued dominance of oil, gas, and coal in meeting energy demands, highlighting the profitability challenges hindering a rapid transition to greener alternatives.
Rosneft's recent agreements with Indian firms have solidified Russia's position as a key supplier to India. Despite geopolitical headwinds, Russia has emerged as a reliable ally in meeting India's energy needs, with crude imports witnessing a significant upsurge to $46.48 billion in FY24, constituting one-third of India's total oil imports.
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