Gasoline at Rs 100: PM Modi says reducing dependence on imports | Photo credit: BCCL
New Delhi: On a day when gasoline broke the 100 rupee mark, Prime Minister Narendra Modi said on Wednesday that the middle class would not have been overwhelmed if previous governments had focused on reducing the energy dependence of the country. India.
Not to mention the relentless increase in retail fuel prices, which are tied to international tariffs, he said India was importing over 85% of its oil needs in FY 2019-20 and close to 53% of its gas needs.
“Can we be so dependent on imports? I don’t want to criticize anyone but I mean (that) if we had focused on this topic earlier, our middle class wouldn’t have been overwhelmed,” he said. at a conference to inaugurate oil and gas projects in Tamil Nadu.
The price of gasoline has crossed the Rs 100 per liter mark in Rajasthan after a fuel price hike for the ninth consecutive day. As India imports the majority of its oil needs, retail tariffs are benchmarked against international prices, which have exploded in recent weeks.
Modi said his government was sensitive to the concerns of the middle class and therefore focused on increasing the share of ethanol blending in gasoline. Ethanol extracted from sugar cane will help reduce imports and provide farmers with another source of income.
India, he said, is seeking to reduce its dependence on energy imports and diversify its sources to reduce risk. The focus is now also on the use of renewable energy sources, which by 2030 will constitute 40% of the energy produced in the country, he said.
In addition, the government is working to increase the share of natural gas in the energy basket to 15% from the current 6.3% and is committed to placing it under the goods and services tax (GST ) to eliminate the cascading effect of multiple taxes. , he added.
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