A Lethargic Government, Can Manmohan Singh Fix It?

By siliconindia   |   Thursday, 16 February 2012, 00:51 IST   |    3 Comments
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2) Stagnating Production of Oil and Gas:
Oil and Gas
Ever growing economy is a positive queue for India but it is giving sleepless nights for our PM. The growing economy sets its demands for some essential energy resources which has to be maintained and expanded to meet the consumer expectations. Oil and Gas is one of those essential demands that top the list. Last year we have seen petrol and diesel prices touch the sky which disappointed the common man. Dr. Singh said it was important to secure energy supplies at affordable prices to meet the requirements of the rapidly expanding economy. "India needs adequate supplies of energy at affordable prices to meet the demand.'' India, which consumed over 138 million tonnes of fuel in 2009-10, imports three-fourth of its oil needs and one-third of its gas requirement. It imported $79.5 billion worth of 159.2 million tonnes of crude oil," as quoted by The Hindu. Manmohan Singh pointed out that present domestic sources were inadequate to meet the increasing demand for energy. To bridge the shortfall, the government was encouraging national oil companies to acquire oil and gas fields abroad. He stressed building strong economic partnership with hydrocarbon-rich countries will be a viable solution.