As a result of efficient policies of PM Modi, India is fast moving towards becoming an economic superpower. Today the whole world is keeping a close watch on the economic progress towards India. In a vast country like India, many challenges are also in front of the country on the economic front. Today, the demand for crude oil is increasing rapidly in India and due to this reducing the increasing burden on the economy of India is included in the priority of the Modi government. To deal with this crisis, PM Modi has planned to overcome it with far-reaching effective policies.
India is one of the major importers of crude oil.
India today is among the largest importer of crude oil in the world. India imports 80 percent of its requirement, while only 20 percent is produced in India. In the financial year 2021-22, India imported crude oil worth $ 119 billion. According to statistics, in the year 2021-22, India spent almost double on crude oil as compared to the last financial year.
Modi government made ethanol the new fuel power
Addressing a program last year, PM Modi had said – 7-8 years ago ethanol was rarely discussed in the country. But today ethanol has joined the priorities of 21st century India. Along with the environment in ethanol, the lives of the farmers are also being affected. Resolved to meet the target of 20 percent blending of ethanol in petrol by 2025. Earlier we had set a target to achieve this target by 2030. But due to some past successes and people’s cooperation, it was decided to reduce the target of 2030 by five years to achieve the target by 2025. Till the year 2014, ethanol blending in India used to be only 1-1.5 per cent, today it has reached around 8.5 per cent. In 2013-14, 38 crore liters of ethanol was purchased, whereas now 320 crore liters of ethanol is procured in the country. 8 times more ethanol is being procured. Last year, oil marketing companies bought ethanol worth 21 thousand crores.
Ethanol capacity will be 1,250 crore liters
By the end of this year, the ethanol capacity in India will increase by 25 percent to reach the level of 1,250 crore litres. The government has provided the facility of single window clearance for the industries engaged in ethanol. Its benefit is fast approval of projects with interest rate and environmental clearance. So far, banks have approved loans worth more than 20 thousand crores and out of this, 10 thousand crores have been given. 225 projects have got its benefit.
Petroleum and Natural Gas Minister Hardeep Singh Puri, while addressing a program recently, said that in the year 2013-14, where ethanol blending in petrol used to be 1.53 per cent in India, now it has increased to 10.17 per cent in July, 2022. India has set up 2G refineries at Parali in Panipat and at Numaligarh to make ethanol from bamboo. With this, along with reducing pollution in the country, the goal of energy security will also be achieved.
Revolutionary Green Hydrogen Policy
The Union Cabinet chaired by PM Modi had approved the Green Hydrogen Policy on January 4, 2023 at a cost of Rs 19,744 crore. Under this policy, the Modi government has set a target of producing 5 million tonnes of green hydrogen by the year 2030. In this, a target of increasing 125 GW renewable energy capacity was also set. Under this policy, more than 6 lakh jobs will also be created by investing a total of 8 lakh crores. With this, by the year 2030, India has to save 1 lakh crore in oil import.
Many major policy decisions of the Modi government will reduce the huge amount of money spent on oil imports to India in the future, and will also provide the facility of providing many options to the people in the fuel sector.
Tags: crude oil, Prime Minister Narendra Modi
FIRST PUBLISHED : January 19, 2023, 16:44 IST