Data source: RBI, JP Morgan presentation

One of the major concerns for Indian government is to cap fuel subsidies. After all, the same is a major contributor to India's fiscal deficit. But one look at global oil prices and consumption levels tells us that India is relatively better off. Not just in terms of prices but also per capita consumption levels. However, the only way to make more energy available for economic growth is to look for new sustainable resources. Something that the US has been successfully doing with shale gas.