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India seen surpassing EU as 3rd biggest energy consumer by 2030

India’s growing energy needs will make it more dependent on hydrocarbon resources

India is expected to surpass the European Union as the world’s third-biggest energy consumer by 2030  with the country likely to record the highest growth in energy demand at 25% over the next two decades, according to a report by the International Energy Agency (IEA) released on Tuesday.

India’s energy consumption is expected to nearly double as the country's gross domestic product (GDP) expands to an estimated $8.6 trillion by 2040 under its current national policy scenario, the IEA said in its India Energy Outlook 2021.

“This is underpinned by a rate of GDP growth that adds the equivalent of another Japan to the world economy by 2040,” said the IEA, the energy agency and policy adviser for members of the Organisation for Economic Co-operation and Development.

India’s growing energy needs will also make it more dependent on hydrocarbon imports as its domestic oil and gas production has been stagnant for years despite government policies to promote petroleum exploration and production and renewable energy.