Srinagar: India’s oil dependence from foreign countries to meet its energy needs has jumped to a multi-year high of nearly 84 per cent, latest government data showed.
As per the reports, Prime Minister Narendra Modi had set a target to cut India’s oil import dependence by 10 per cent, from 77 per cent earlier. Further, the dependence can be cut to half by 2030, he had said.
However, the growing consumption and domestic output remaining stagnant, India’s oil import dependence has risen from 82.9 per cent in 2017-18 to 83.7 per cent in 2018-19, according to the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC).
Import dependence in 2015-16 was 80.6 per cent, which rose to 81.7 per cent in the following year, PPAC said.
In recent years, the oil consumption has grown from 184.7 million tonnes in 2015-16 to 194.6 million tonnes in the following year and 206.2 million tonnes in the year thereafter. In 2018-19, demand grew by 2.6 per cent to 211.6 million tonnes.
Surprisingly, the domestic output continues to fall from 36.9 million tonnes in 2015-16 to 36 million tonnes in 2016-17.
The trend of negative growth continues in the following years as well as output fell to 35.7 million tonnes in 2017-18 and to 34.2 million tonnes in the fiscal year that ended on 31 March, PPAC data showed.
However, the government of India is focusing to increase domestic production, promoting the use of biofuel and energy conservation to reduce dependence on imported crude oil.
According to PPAC, India spent $111.9 billion on oil imports in 2018-19, up from $87.8 billion in the previous fiscal year. The import bill was $64 billion in 2015-16.
For the current fiscal, it projected crude oil imports to rise to 233 million tonnes and foreign exchange spending on it to marginally increase to $112.7 billion.