Solution

   According to a medium-term forecast by the International Energy Agency (IEA), India’s natural gas demand is set to grow by 4 per cent in 2023 and rise at an average annual rate of over 8 per cent till 2026.   It also showed that global gas demand is on course to grow by an average 1.6 per cent a year between 2022 and 2026, down from an average of 2.5 per cent a year between 2017 and 2021.   Following a steep 6 per cent decline in 2022, liquefied natural gas (LNG) imports into India increased by 8 per cent in the first eight months of 2023 compared to the same period of the previous year. Primary gas supply increased by 2 per cent.   During the next five years, India is set to add over 20 billion cubic metres (bcm) of natural gas incremental demand.   The industry is set to remain the largest contributor to this growth, accounting for close to 40 per cent of the total increase.