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India imports more oil in 5 years of Modi govt; 10% import cut by 2022 remains a dream (with graphic)
Subhash Narayan
New Delhi, March 6 (IANS) India has further strengthened its position of being a net importer of oil during the five years of the Modi government, floundering on an ambitious plan that entailed reducing countrys import dependency of oil by 10 per cent by 2022.
As per government’s estimates, the country’s import dependency on oil has increased from 78.3 per cent of total consumption in 2014-15 to settling at a new high of 83.7 per cent in the 10-month period of FY19. The increase has also been consistent with dependence on imported oil increasing in all the five years of the government with the number being 80.6 per cent in FY16, 81.7 in FY17 and 82.9 in FY18.
Ironically, the country imported more oil to meet its domestic demand in the past five years even though Prime Minister Narendra Modi had set out a road map for reducing India’s crude oil imports by 10 per cent by 2022 in March 2015.
“We cannot be living in a dream world. India has not been able to raise domestic production of oil and gas for the past decade. Some of its ageing blocks are now showing signs of fatigue while new discoveries and production is not coming online. If we aspire to move of the path of self-sufficiency, efforts to boost domestic production should go on a war footing,” said a former head of country largest state-owned explorer ONGC, asking not to be named.
Though the Ministry of Petroleum and Natural Gas (MoPNG) has taken several policy measures to ramp up domestic production with reforms such as the Hydrocarbon Exploration Licensing Policy, or HELP, and taking a series of de-bottlenecking measures in NELP, or New Exploration Licensing Policy, and pre-NELP regimes, the results are yet to show on the ground.
What is frustrating is that country’s oil production has stagnated around 35 million tonnes (MT) since 2007-08 onwards while domestic gas output has actually fallen for the past four years. Over the past 19 years, from 1998-99 to 2017-18, India’s crude oil production increased only by 8.8 per cent from 32.8 MT to 35.77 MT.
The decline has come at a time when consumption is rising, pushing the country to rely more on imports.
Higher imports have also meant rising import bill, pushing up the current account deficit. As per estimates, crude import bill in FY19 is expected to shoot up by close to 50 per cent to $ 130 billion, twice the level what government agencies were earlier projecting.
If the oil import bill reaches closer to $ 130 billion mark, it would be close to levels experienced in FY13 and FY14 when international oil prices had skyrocketed and hovered over $100 a barrel for most of the year. The Indian basket of crude at present is just about $ 65 a barrel.
This will make oil import bill for FY 19 the highest in the five years of the Modi government and very close to high import bill during UPA-II when the crude oil prices had breached all records to touch close to $ 140 a barrel mark.
( can be contacted at [email protected])
(For Graphics):
India’s import dependence on oil based on consumption
Year Import dependence in %
2014-15: 78.3
2015-16: 80.6
2016-17: 81.7
2017-18: 82.9
2018-19: (April-Jan): 83.7
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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