1.1 INDIAN ECONOMY & ITS GROWTH
Growing global engagement; merchandise exports of over US$105 bn and imports of US$156 bn. Both growing at over 20% annually. Surging Foreign Exchange Reserves > US$165 bn. FII investments of US$14 Bn and FDI of US$ 8 Bn in 2006-06. 70% of the companies with FDI yielding higher profitability that that of the parent company. Some of the largest infrastructure creation in the world (Golden Quadrilateral -5,400 kms) planned investment of about USD 300 bn during the next 10 years for creation of expressways and roads. Formation of Special Economic Zones (SEZ), more than 300 zones planned during the next 3 years through public-private partnership. Liberalize and ease domestic consumption and investment- India ranked 41st in competitiveness. Strengthen the contribution from the export markets.
Maintain financial and currency stability – Controlled modern inflation – Cap on fiscal deficit, bill on fiscal responsibility soon. Clearer focus on planned government capital expenditure.
1.1.1 IOCL & ITS ROLE IN INDIAN ECONOMY:
IndianOil is India’s largest commercial Organization. It is highest ranked Indian company in the latest Fortune ‘Global 500’ listings, ranked at 98th position, this year. The increasing energy requirements together with a slow increase in domestic crude production is leading to higher import bill as the country’s oil imports is more than 75 percent of total oil consumption.
It is estimated that coal import which was negligible in the past is also likely to touch around 30% of the total coal requirement in the next few years. The competition for acquiring energy resources is intensified globally. It is causing a serious concern as the Indian economy will require to intermingle with an ever expanding global fuel market. We are determined to achieve the growth path in an environmentally responsible manner in line with national target to cut the emissions intensity of GDP...