India was the third highest energy consumer in the world in 2023 behind China and the United States.1 In 2023, India passed China to become the world’s most populous country in the world, with 1.44 billion people. Its gross domestic product (GDP) grew 7.8% in 2023 from the previous year. India has one of the fastest-growing economies and the fourth-largest economy in the world.2
In 2023, India was the third-highest consumer of petroleum and other liquids, behind the United States and China. The country was ranked 12th as a consumer of natural gas, consuming 2.2 trillion cubic feet (Tcf) in 2023, and was the 4th largest importer of liquefied natural gas (LNG).3
India’s National Electricity Plan (NEP) 2023 focuses on expanding India’s transmission network to accommodate an estimated peak demand of 458 gigawatts (GW) by 2032. The country’s Central Electricity Authority assessed that India’s installed renewable energy capacity will reach approximately 55% of total installed generation capacity by fiscal year (FY) 2026 and 66% by FY 2031, from 36% in 2023.4 The fiscal year starts on April 1 and ends on March 31.
India’s petroleum and other liquids production remained flat at 939,000 barrels per day (b/d), in 2023. However, crude oil and condensate production dropped to 604,000 b/d that year, the lowest since 1993.5 The decline in production is mainly attributed to weather-related disruptions and maturing fields.6
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