India is set to surpass China as the leading contributor to global oil and gas demand growth over the next decade, owing to rapid industrialization, infrastructure expansion, and rising mobility, The Economic Times reported Thursday, citing New York-based Moody's Corporation.

Moody's forecasts India's oil demand to grow 3% to 5% on an annual basis, while China's oil demand peaks within three to five years amid slowing growth and increasing electric vehicle adoption, the report said.

India's demand for gas is also projected to grow 4% to 7% annually through 2030, though affordability and infrastructure could pose a threat to this growth, it said.

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