OIL & GAS

Reducing import dependency: PM Modi wants more oil, govt doesn’t play ball

Though crude oil prices fell a third since Narendra Modi came to power in 2014, import volumes rose a fourth and ensured that India’s import bill fell by just a sixth. So even though the oil price spike has been temporarily halted—after US defence secretary contradicted president Trump’s threat of targeting 52 Iranian cultural sites—India’s oil balances could start going out of whack if the price exceeds $75-80. This is because, while Modi wanted India to reduce its import-dependence from 77% in FY14 to 67% in FY22 and to 50% by 2030, this has instead shot up (see graphic) thanks to unfriendly government policy, including stripping ONGC of its cash and the various hobbles on its operations due to it being a PSU. Read More

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