Question: Which one of the following is among the eight core industries in India?
(a) Oil & Gas sector
(b) Banking sector
(c) FMCG sector
(d) None of the above
Answer: (a)
Related facts:
(a) Oil & Gas sector
(b) Banking sector
(c) FMCG sector
(d) None of the above
Answer: (a)
Related facts:
- India plans to increase imports from major oil producing nations other than Iran, indicating that it will be acceding to the U.S plan to reduce Iran’s oil exports to zero.
- On 22 April 2019, USA announced that it would be cancelling the waivers from sanctions it had granted eight countries, including India, allowing them to import oil from Iran.
- Following the revocation of this waiver, any country violating the ban would face U.S Sanctions.
- The Oil & Gas sector is among the eight core industries in India and plays a major role in influencing decision making for all the other important sections of the economy.
- Other Core Industries are Electricity, steel, refinery products, coal, cement, natural gas and fertilizers.
- India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally.
- Oil imports rose sharply to 87.37 US billion dollar in 2017-18 from 70.72 US billion dollar in 2016-17.
- India retained its spot as the third largest consumer of oil in the world in 2017 with consumption of 4.69 mbpd of oil in 2017, compared to 4.56 mbpd in 2016.
Links:
https://www.thehindu.com/news/national/india-may-stop-oil-imports-from-iran/article26926148.ece