India imports 85% and 53% of its oil and gas requirements, respectively. The PM announces that the country is striving to satisfy growing energy demand and prune imports.
The Government of India is preparing to settle around Rs 7.5 trillion to develop oil and gas infrastructure within the next five years.
PM Modi stated that in 2019-20, India imported over 85 percent of oil and 53 percent of gas to satisfy domestic demands. Further, he asked that "can a diverse and talented nation like ours be so energy-dependent." Prime Minister made the statement after dedicating the Ramanathapuram–Thoothukudi natural gas pipeline and Gasoline desulfurization unit at Chennai Petroleum Corporation Ltd and laying the foundation stone for the Rs 31,500 crore Cauvery basin Refinery at Nagapattinam.
In his speech, he said, "it is our collective duty to work towards clean and green sources of energy and reduce energy-dependence." Further, he added that his government is sensitive to middle-class concerns. Thus, India is shifting improved focus on clean and green sources like ethanol to aid farmers and consumers.
PM added that India is striving to that match energy demands and reduce dependence on imports. He said that "We are planning to spend around Rs 7.5 lakh crore (Es 7.5 trillion) in creating oil and gas infrastructure over five years."
Nowadays, Indian oil and gas companies are present in 27 countries and investing about Rs 2.7 trillion. About 65.2 million tonnes of petroleum products have been exported. This number is expected to rise even further. "Our companies have ventured overseas in acquisition of quality oil and gas assets," he said.
A great emphasis has been laid on expanding city gas distribution networks by covering 470 districts. The PM said that the government aims to increase gas share in the energy basket from 6.3 percent currently to 15 percent. He said that the energy share from renewable sources also would increase upto 40 percent by 2030.