AS Prime Minister Narendra Modi kicks off his third term in office after a clear majority for the National Democratic Alliance (NDA), industry leaders expect a barrage of reforms and policy continuity to make India a renewable hub and economic power. The Petroleum Planning & Analysis Cell (PPAC) of the Petroleum Ministry recently released data showing that the country’s reliance on oil imports increased from 87.2 per cent in the corresponding period of FY23 to 87.7 per cent in the 11 months leading up to February.
Over the course of FY23, 87.4 per cent of oil was imported. Moreover, the fluctuation in crude oil prices not only increases the import bill but also impacts the fiscal prudence of the country. Therefore, FM Nirmala Sitharaman in her 202324 budget allocated Rs 35,000 crore for priority investments in energy transition and net zero. Out of the total amount Rs 30,000 crore was for capital support to oil marketing companies in their energy transition.
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