This article is originally referred from iForex Blog
It’s very common to talk about the impact of China on global economy, and it’s very clear that a county with over a billion people has a substantial impact on the world. However, there is another massive Asian nation and just like China, its sheer size makes it a force to be reckoned with.
India, with about 1.3 people, is looking for new energy sources that could assist the growing economy without a substantial boost to crude oil import. The head of the government’s panel that explores the idea of creating fuels from plants, claims that fried food might offer a surprising solution.
The idea is to process cooking oil used by restaurant chains. If you’re skeptic about the amount of fuel that can be produced from frying pans, kindly reread the first paragraph. India isn’t just a large country – it’s huge, and according to estimation, such project can result in a minimum of 2 million tons of biodiesel, every year.
India has many reasons to invest in new types of energy sources. According to estimations, its crude consumption growth will soar in the coming decades, making the nation highly depended on imports. Even now, the country imports about 80% of the crude it uses. Prime Minister Narendra Modi has stated he intends to reduce energy import by 10 percentage points by 2022, by expanding the usage of alternative fuels.
The plan receives a boost from the country’s food preferences. India is among the leading edible oil consumers on the planet. Now, the challenge is to find a way to efficiently collect and reuse it. The country is also working on changing farming policies to support cultivation of biofuel crops.
Will India succeed in reducing its reliance on crude oil imports and what does the future hold for the crude oil market? Learn how to invest in crude oil at iFOREX and you could choose to either short or long your position, potentially benefitting regardless of whether the price of this commodity goes up or down.
Original Source: iForex Blog