India needs to reduce oil imports by 10% over the next seven years through efficient use and speedier exploration and production from domestic fields to become self-sufficient in energy , PM Narendra Modi said on Friday .
Inaugurating `Urja Sangam', an energy conclave organized to mark 50 years of ONGC Videsh, Engineers India Ltd and IndianOil's Barauni refinery, the PM launched a campaign to exhort well-off consumers to surrender subsidy on cooking gas, indicating the importance of cutting fuel subsidy in reducing dependence on imports.
India imports 77% of its oil requirement and spent Rs.1.89 lakh crore, or roughly $80 billion, in 2013-14. Modi said if imports were cut by 10% by 2022, the country could look at halving it by 2030. “This 10%, we will produce ourselves and this should be our dream,“ he added.
“Our target has to be higher, only then we can reduce the import... for that we have to make effort,“ the PM said, adding the government was working towards piping gas to one crore households in the next four years.
The PM said Rs.100 crore in subsidy had been saved by 2.8 lakh people, who voluntarily gave up subsidy on cooking gas. “This money can be used for schools and providing medical facilities. I appeal to those who can buy LPG at market price to please not take subsidized LPG.“
Inaugurating `Urja Sangam', an energy conclave organized to mark 50 years of ONGC Videsh, Engineers India Ltd and IndianOil's Barauni refinery, the PM launched a campaign to exhort well-off consumers to surrender subsidy on cooking gas, indicating the importance of cutting fuel subsidy in reducing dependence on imports.
India imports 77% of its oil requirement and spent Rs.1.89 lakh crore, or roughly $80 billion, in 2013-14. Modi said if imports were cut by 10% by 2022, the country could look at halving it by 2030. “This 10%, we will produce ourselves and this should be our dream,“ he added.
“Our target has to be higher, only then we can reduce the import... for that we have to make effort,“ the PM said, adding the government was working towards piping gas to one crore households in the next four years.
The PM said Rs.100 crore in subsidy had been saved by 2.8 lakh people, who voluntarily gave up subsidy on cooking gas. “This money can be used for schools and providing medical facilities. I appeal to those who can buy LPG at market price to please not take subsidized LPG.“
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