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FM Expresses worry over India’s import dependence on crude oil & natural gas

PW Bureau

The government will also implement the Inter-Ministerial Committee’s suggestions concerning the exploration in the petroleum and gas sector, says Union Minister

New Delhi: India’s import dependence on crude oil and natural gas has been a cause for concern to the government, says Union Minister Piyush Goyal, who feels the demand can be moderated by increasing its biofuels usage and hydrocarbon production. The government will also implement the Inter-Ministerial Committee’s suggestions concerning the exploration in the petroleum and gas sector, the Union Minister said.

Need to reduce imports

Goyal, while presenting the interim budget, said: “India's import dependence on crude oil and natural gas has been a source of big concern to our government. While we have taken a large number of measures to moderate the increasing demand through the use of biofuels and alternative technologies, urgent action is needed to increase hydrocarbon production to reduce imports.”

The Committee suggested transforming the system of bidding for exploration and changing from revenue sharing to exploration programme for category-II and III basins.

6 crore connections under Ujjwala scheme

The interim budget also added that the Narendra Modi government’s flagship Ujjwala scheme has covered 6 crore households in a span of three years.

“Our government embarked upon a programme to deliver 8 crores free LPG connections under the Ujjwala Yojana. More than 6 crore connections have already been given and the remaining will get free gas connections by next year. Ujjwala is a remarkable success story of our government programme, defined by a bold yet practical vision of responsible and compassionate leadership,” Goyal said.