Oil Sector A Timely Blessing

Oil Sector: A Timely Blessing D R Pendse THE world saw two oil shocks in the 1970s. When the first came in 1973-74, many thinkers of undisputed competence saw it as an appalling prospect for countries like India. In fact, it set in motion a chain of forces which not only brought the Indian economy out of the tunnel but it helped the economy discover new strengths. The second oil shock in 1979 was deeper-rooted and severer, and brought to fore more prophets of doom. But various developments in India's oil sector, unexpected and unthought of when the oil shock came, have brought the economy once again on top of the shock, and have, this time, provided a much needed and timely support to some other weakening sectors of the economy. The energy crisis is far from over for India, but another battle is obviously won.