India has to import crude oil. What problems do you anticipate for the country looking at the above situation?
India faces a major challenge as it does not have enough stocks of their own crude oil, forcing the country to depend on imports from abroad. This dependence creates a situation of vulnerability regarding energy security.
A significant problem arises if the prices of oil increase. In such a scenario, the cost of imports becomes a burden for everyone in the country, affecting economic stability. Additionally, since global reserves are estimated to last only 50 years more, relying on imports raises critical questions about the sustainability of development for the future.
Explanation
The answer is based on the specific text provided, which outlines three main issues: lack of domestic stock, the economic burden of price hikes, and the long-term sustainability crisis due to finite global reserves.