The ascendency of India as an economic world power

Liquefied natural gas (LNG) is important for any country. However, very few country in the world have substantial reserve of natural gas and the continuous high economic growth of Asian countries have put pressure on the demand of LNG in the world market. Countries like India and China have to go secure uninterrupted supply of LNG for sustaining their high economic growth. So, I am happy to see that India is trying seriously in this regard. India is trying to secure a long term deal with Australia about it.

Reuters reported:

India expects soon to ink a deal to buy 2.5 million tonnes a year of liquefied natural gas (LNG) from Australia to secure energy supplies as Asian demand grows, government and company officials said on Wednesday.

The LNG will come from Australia's Gorgon development, said A. Sengupta, finance director at Indian gas firm Petronet LNG Ltd. (PLNG.BO: Quote, Profile , Research).

India needs to explore new areas and secure deals that will ensure long term supply of LNG. Compared to China, India has not done well in addressing its fuel concerns. Indian decision makers need to take this issue very seriously.