New ministerial panel mulls multiple ways to reduce oil imports

New ministerial panel mulls multiple ways to reduce oil imports

 Set with a steep target to cut India’s oil imports by 10 per cent by 2022, the Oil Ministry has formed an inter-ministry monitoring and advisory body to achieve the mark through a combination of raising domestic output and relying on alternate fuel sources.

The first meeting of the newly formed Integrated Monitoring and Advisory Council (IMAC) was held on Wednesday wherein the progress on import reduction of oil and gas was reviewed, Oil Minister Dharmendra Pradhan said on Thursday.

“Increased domestic production, promotion of biofuels, renewable energy, better roads, urban planning, fuel conservation, development of mini-grids, promotion of electrical vehicles put together will contribute in the process” of achieving the import reduction target, he said. Prime Minister Narendra Modi had in March 2015 set a target to cut India’s reliance on imports for meeting its oil needs by 10 per cent to 67 per cent by 2022.

“Ministry of Petroleum and Natural Gas prepared an elaborate roadmap to achieve the goal of 10 per cent reduction in import dependency set by the Prime Minister during Urja Sangam,” an official statement said.

IMAC was envisaged to facilitate better coordination and comprehensive strategy for all energy resources by focusing on supply and demand side management. It consists of Secretary, Petroleum and Natural Gas and officers from ministries of new and renewable energy, urban development, road and transport, agriculture, power, rural development and finance.          

https://www.dailypioneer.com/business/new-ministerial-panel–mulls-multiple-ways–to-reduce-oil-imports.html

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