Millions of Indians Will Not Afford Cars in Future

Bangalore:  For Millions of Indians, even to this date, having a car is a class symbol. Cars have always enthralled us which has instigated companies like Tata Motors to come up with cost effective cars like ‘Nano’ which turned dreams of many into reality. But dreams are soon turning into nightmares with the intensifying price rise and imperceptible overheads that makes us believe that cars are no more a common man’s dream. Let’s see some of the factors

The first half of 2011, India’s economy was affected by global and domestic issues. But India still remained as the fastest growing economy. Promising a double digit growth in future, oil, gas and energy sector have taken centre stage. Indian oil sector have been facing a lot of setbacks especially when the growing demand has not been met by speedy production.  India’s strong demand for oil comes from industrial, agriculture and transportation sectors.

India imports between 70-80 percent of its consumption requirements. India is currently the sixth largest net importer of oil in the world and is expected to become the fourth largest net importer of oil by 2025, behind U.S., China and Japan.