Terming GST and note ban as bold reforms, the Organization of the Petroleum Exporting Countries’ (OPEC’s) Secretary General Mohammed Barkindo has said that India is experiencing some of the greatest structural changes and added that these reforms have put the country firmly on a sustainable growth path. He also said that the country’s expanding middle class represents a growing source of demand, not just for energy but for goods and services from around the world.
Barkindo said that reforms, including demonetisation policy, the Goods and Services Tax (GST), and efforts to diversify the energy mix have all been designed to move the country toward sustainable growth and stability. He further said that with major growth in transportation sector, expansion in exports of numerous goods and services, world-renowned IT sector, a strong services sector and solid manufacturing base, India has undergone a great economic transformation and its role in the global marketplace, as well as involvement in international trading networks, are admired signposts.
OPEC’s Secretary General also said, Opec noticed that world oil demand growth is increasingly shifting to India and anticipated that India’s oil demand will increase by more than 150% to 10.1 million barrels per day (mbpd) from current demand of around 4 mbpd by 2040. The country’s total share of global oil demand is also rising to over 9% by 2040 from current 4%. He added that there are many factors helping to foster, strengthen and support the deepening relationship between Opec and India.
