ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • ZNAA'22
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Whopping 1 lakh jobs on the cards in aviation and aeronautical manufacturing sector by 2024, says Minister
  • Money Guru: 10 funds for financial independence, this 15th August - details
  • India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data
  • India@100: Anil Singhvi predicts Nifty will reach 1,75,000 in next 25 years - Here's why
Read in App
Business News » India News

Panel submits a report on reducing oil import dependency

During 2018, India consumed 204.92 million tonnes of petroleum products and 58.64 billion cubic metres of natural gas while the domestic production of crude oil and natural gas almost stagnated.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Panel submits a report on reducing oil import dependency
During 2018, petroleum import (Rs 7,028.37 billion) was 23.42 per cent of total gross import (Rs 30010.2 billion) of the nation. Representational Image, source: Reuters

A high-level committee Tuesday submitted its report on a strategy to reduce India's oil import dependence, an official statement said without giving details. The high-level committee (HLC) was constituted to examine the issues relating to the preparation of action plan to create synergy among R&D centres of oil and gas PSUs, tax issues and ways to benefit from GST, it said.

"The HLC, consisting of Anil Kakodkar, eminent scientist; and Sidharth Pradhan, an expert on financial and tax issues, also looked into merger, acquisition and consolidation of oil and gas PSUs and the joint ventures; explored the need and possibility of formation of new entity dealing with oil services and supply of qualified manpower to oil and gas sector around the world," it said adding the panel submitted recommendation on reducing India's oil dependency.

During 2018, India consumed 204.92 million tonnes of petroleum products and 58.64 billion cubic metres of natural gas while the domestic production of crude oil and natural gas almost stagnated. "The import dependency of crude oil and LNG during the year was 82.59 per cent and 45.89 per cent, respectively which is likely to increase in days to come," the statement said.

During 2018, petroleum import (Rs 7,028.37 billion) was 23.42 per cent of total gross import (Rs 30010.2 billion) of the nation.

India's projected oil demand is going to grow at CAGR 4 per cent during 2016-2030 against the world average of 1 per cent though the projected oil demand will be much lower as compared to the US and China. "India is thus at a very precarious situation and to secure its energy needs in a sustainable manner, out-of-box solutions are needed. R&D is going to play an important role in the process," the statement said.

The HLC visited different R&D and training institutes of different oil & gas PSUs as well as engaged with executives of the oil sector to understand the business, challenges, and opportunities in the sector before writing its recommendations.

"The Committee has recommended short term, medium term and long term strategies in the report, clearly bringing out the strategy to reduce the import dependency of the nation," the statement said adding the Petroleum Ministry will consider the recommendations while formulating policies on the issue. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Crude OilIndia's Oil imports
Written By: PTI
Updated: Tue, May 21, 2019
10:16 pm
New Delhi, PTI
RELATED NEWS
Oil prices retreat amid talks to revive Iran accord; Brent crude at $96.38/bbl Oil prices retreat amid talks to revive Iran accord; Brent crude at $96.38/bbl
India expanding strategic petroleum reserves, diversifying its oil import sources: S&P India expanding strategic petroleum reserves, diversifying its oil import sources: S&P
OPEC+ boosts oil output by slower pace than previous months OPEC+ boosts oil output by slower pace than previous months
Windfall tax on diesel cut again, scrapped on jet fuel; levy on domestic crude oil hiked Windfall tax on diesel cut again, scrapped on jet fuel; levy on domestic crude oil hiked
US markets resilient ahead of this week's Fed meeting US markets resilient ahead of this week's Fed meeting

LATEST NEWS

Whopping 1 lakh jobs on the cards in aviation and aeronautical manufacturing sector by 2024, says Minister

Money Guru: 10 funds for financial independence, this 15th August - details

Kharif 2022: Paddy area down 13% so far due to deficient rains in West Bengal, Jharkhand, Bihar and Chhattisgarh

Market July roundup: Around 90% of Nifty50 constituents gain – Check top gainers and losers

Home loan, EMIs to get costlier as HDFC hikes lending rate again - 2nd time in August

Snapchat layoff: Company plans to cut jobs after poor Q2 result

Xiaomi Smart Air Fryer with Google Assistant launched in India - Price, offers, features and availability

India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data

Profit of public sector banks rises 9% to Rs 15,306 crore in April-June

RRB Group D 2022 exam city slip for jobs recruitment released; here is direct link to download it online

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV