The ascendency of India as an economic world power

Indian economy needs more oil because it is growing fast. The problem is that the price of oil in the international market is increasing at a faster pace than Indian economic growth these days. 100 dollar mark for price of oil is not a fantasy anymore. It can happen very soon. Indian Oil Minister Murli Deora feels that Africa can be a good source for acquiring oil. He feels that this can be a win-win situation for both the African countries and India.

AFP reported:

Rising oil prices, Deora told the opening day of the two-day meet, were "a matter of grave concern to all developing countries due to the imminent danger of economic dislocation and its cascading effect on both oil producing and consuming countries.

"As legitimate energy demands of developing countries grow in order to fuel their economic growth, the spare capacity across the global supply chain has been diminishing feeding speculative interests in the oil market," he said.

Against this backdrop, "the spectacular oil reserves of Africa are gratifying," Deora said, seeking greater cooperation between India and energy-rich African nations.

I agree with this and I feel that it is high time Indian government gives energy security a top priority for the country. Still, millions of people in rural India do not have access to electricity.