The ascendency of India as an economic world power

When I think of European Union (EU) and the level of cooperation that EU countries could achieve, I really feel sad for Asian countries. There is still a sense of deep rooted mistrust among Asian countries. So, regional cooperation is something that we cannot find in Asia in the scale of EU countries. It is nice to see that things are changing slowly but changing none the less. Indian Minister for Petroleum and Natural Gas, Murli Deora has proposed the idea of building a common oil reserve for Asian countries.

Zee News reported:

India today proposed building of strategic storage of oil by Asian countries as a cushion against supply disruptions and a three-tier cooperation mechanism to ensure a sustainable global hydrocarbon economy.

"I am of the opinion that developing Asian countries should seriously consider building strategic storage of oil," Minister for Petroleum and Natural Gas, Murli Deora said at the first meeting of Energy Ministers of India, China, the US, Japan and South Korea here.

Well, I am happy with this idea but I am not so hopeful about its implementation. India and China both have to be serious about the matter of energy security. They have the fastest growing economies in the world now.

Just let us hope for the best.