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India to be petroleum self-sufficient by 2030

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Staff writer ▼ | March 14, 2013
The government of India wants to make the country self-sufficient for its petroleum needs by 2030.
India oil
India oilThe government of India wants to make the country self-sufficient for its petroleum needs by 2030.

"We are working with a programme that by 2020, 50 per cent of import of petroleum should be stopped and 75 per cent imports should be stopped by 2025. By 2030, the country must become self-sufficient in petroleum," said petroleum minister M. Veerappa Moily for Indian media. Mr. Moily signed an MoU with Hindustan Petroleum for setting up a state-of-art refinery in Barmer district of Rajasthan.

M. Veerappa Moily"The country has potential inside. We have dynamic professionals and we can do it. Several lakh crores of rupees we are spending on import. How we can come out of poverty if we pay such kind of money outside the country? The government is working with a vision so we in the 8-9 years could achieve 8 per cent growth rate and we are hopeful that the growth rate would be 10 per cent within next 2-3 years," the Minister said.

"Everybody should work for that and most importantly not in different directions. All should put efforts for industrial development, inclusive development and economic growth irrespective of party affiliation and ideology," said Mr. Moily.

Speaking on the refinery, minister said that it will accelerate economic development of the state and development of the region will take place after the refinery is setup, hopefully by 2016-2017. Remaining formalities should be completed within next three months.

The Minister also said that the refinery project will generate direct and indirect job opportunities for locals and asked the state government of Rajasthan to assign a team to work out a plan for development of skills of local people.