Paper Title
An Analysis of Consumption of Petroleum Products in India and its Relationship with Economic Growth
Article Identifiers
Authors
Anjali Tripathi , Dr. Madhurima Lall
Keywords
energy consumption, economic growth, crude oil, petroleum products, VAR
Abstract
Energy is vital for the growth of an economy. India, a developing country, needs constant energy availability for its developmental activities. The energy mix of India is comprised of various sources like- coal, lignite, natural gas, electricity from renewable resources, crude petroleum etc. Since India is still in a developing phase, it relies more on imported crude oil which currently accounts for more than 85 percent. The consumption of crude oil or petroleum products is on a continuous surge, it rose by 4.6 percent in the FY 2023-24. Therefore, estimating the consumption of petroleum products in India is required to make correct policy decisions in time. The current study is concerned with the analysis of the consumption of petroleum products in India and its relationship with the economic growth rate. VAR model results found that petroleum product consumption is positively related to the previous lag value of the GDP and is negatively related to its past year's two lag values. Moreover, economic growth Granger causes petroleum product consumption.
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How To Cite (APA)
Anjali Tripathi & Dr. Madhurima Lall (August-2024). An Analysis of Consumption of Petroleum Products in India and its Relationship with Economic Growth. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(8), b72-b79. https://ijnrd.org/papers/IJNRD2408101.pdf
Issue
Volume 9 Issue 8, August-2024
Pages : b72-b79
Other Publication Details
Paper Reg. ID: IJNRD_226361
Published Paper Id: IJNRD2408101
Downloads: 000121995
Research Area: Commerce
Country: lucknow, Uttar Pradesh, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2408101.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2408101
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