The Indian energy market is showing dichotomous trends with falling industrial output in line with lower demand for oil and natural gas, but import dependency on imported fossil fuels rising at the same time. Government data shows that Indian oil and natural gas demand declined 1.4% in April to September 2019, against a growth of 3.5% during the corresponding period of 2018. This is in line with overall declining economic growth and de-growth in industrial output, as reflected by an index of industrial production, which contracted 4.3% during September – the sharpest fall since 2012.
