April 20, 2017: India sets record for gasoline, diesel demand.
June 7, 2016: A headline story over at The Wall Street Journal -- 24 million new vehicles in India give oil prices a lift.
Over the past few weeks, there have been an increasing number of stories on India's economy surging and its effect on the global economy. India has been on my radar scope since I began blogging but until this past year, not much was being written about it.
It seems we have reached a tipping point, and India is becoming the "new China" as far as business magazines and journalists are concerned.
From an earlier post:
India, the new "China." From Bloomberg/Reuters:What got me to thinking about it today, was the recent article on pea processing in North and South Dakota.
The world’s second-most populous nation is increasingly becoming the center for oil demand growth as its economy expands by luring the type of manufacturing that China is trying to shun. And just like China a decade ago, India is trying to hedge its future energy needs by investing in new production at home and abroad.India may have one advantage its neighbor to the northeast didn’t. While China’s binge came during a commodity super-cycle that saw WTI crude reach a high of $147.27 a barrel in 2008 -- due in no small part to its demand -- India’s spurt comes during the biggest energy price crash in a generation.While oil has tumbled more than 50 percent from mid-2014 levels, the South Asian nation spent $60 billion less on crude imports in 2015 than the previous year even while buying 4 percent more.In 1999, China’s economy was less than a 10th of its current size of more than $10 trillion, and bicycles vied for space with taxis and buses on crowded streets in major cities like Shanghai. In the ensuing 17 years the economy, spurred on by foreign investment in manufacturing, grew from the seventh largest in the world to No. 2. Vehicle sales surged and oil demand has nearly tripled since then, positioning the country to overtake the U.S. as the world’s largest crude importer this year.