India plans to nearly double its oil refining capacity over the next five years, Prime Minister Narendra Modi said on Saturday, despite the coronavirus virus epidemic offering a much more aggressive time than before to the economy.
The country’s energy minister said in June that India’s oil refining capacity could rise to 450-500 million tonnes in 10 years from its current level of around 250 million tonnes.
But while addressing the convocation ceremony of a petroleum university, Modi said “work is being done to double the country’s oil refining capacity in the next five years”.
The convocation was also addressed by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates the world’s largest oil refinery in Modi’s home state of Gujarat.
Modi said that India aims to increase the share of natural gas by four times in its energy consumption mix. Currently cleaner-burning fuel accounts for about 6% of the energy consumed in the country.
Modi said that India will increase its target of increasing renewable energy capacity by 2022 to 175 GW and 450 GW by 2022. The country had a renewable energy capacity of around 75 GW at the end of 2018.
Business Standard has always worked hard to provide information and commentary on events that are of interest to you and have broad political and economic implications for the country and the world. Your encouragement and continued feedback on improving our offering has only strengthened our resolve and commitment to these ideals. Even during these difficult times arising from Kovid-19, we are committed to keeping you informed and updated with relevant news, official views and critical commentary on topical issues of relevance. However, we have a request.
As we fight the economic impact of the epidemic, we need your support even more, so that we continue to provide you with more quality content. Our subscription model has seen enthusiastic response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of offering you better and more relevant content. We believe in free, fair and reliable journalism. Your support through greater membership can help us practice the journalism to which we are committed.
Support quality journalism and Subscribe to Business Standard.