As petrol prices hit the Rs 100 mark in some Indian states, PM Modi said that earlier governments should have focussed on cutting India's import dependence.
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00:00Our government is sensitive to the concerns of the middle class.
00:09I do not want to criticize anyone, but I want to say,
00:18had we focused on these subjects much earlier,
00:23our middle class would not be burdened.
00:30I do not want to criticize anyone, but I want to say,
00:37had we focused on these subjects much earlier,
00:42our middle class would not be burdened.
01:00In 2019-2020, India imported over 85% of oil and 53% of gas to meet the domestic demand.
01:26I do not want to criticize anyone, but I want to say,
01:35had we focused on these subjects much earlier,
01:41our middle class would not be burdened.
01:45Now, it is our collective duty to work towards a clean and green source of energy,
01:57reduce energy dependence.
02:02Our government is sensitive to the concerns of the middle class.
02:10That is why India is now increasing the focus on ethanol to help farmers and consumers,
02:25furthering urges of solar power to become a leader in the sector,
02:34encouraging public transport to make people's lives productive and easy,
02:41embracing alternative sources like LED bulbs to enable huge savings for middle class households.
02:55India has now come out with scrappage policy to help lakhs of people.
03:03More Indian cities have metro coverage than never before.
03:11Solar pumps are getting more popular.
03:16They are helping farmers greatly.
03:21This would not be possible without the support of the people.
03:27India is working to meet the growing energy demand.
03:33India is also reducing our energy import dependence.
03:40At the same time, we are also diversifying our import sources.
03:47Friends, how are we doing this?
03:52Through capacity building.
03:54In 2019-2020, we were fourth in the world in refining capacity.
04:03About 65.2 million tons of petroleum products have been exported.
04:13This number is expected to rise even further.
04:18Our companies have ventured overseas in acquisition of quality oil and gas assets.
04:29Today, Indian oil and gas companies are present in 27 countries with investment worth about Rs. 2,70,000 crore.
04:45Friends, we are developing a gas pipeline network to achieve one nation, one grid.
04:58We have planned to spend 7.5 lakh crores in creating oil and gas infrastructure over 5 years.
05:11Friends, today, India is increasing the share of energy from renewable sources.
05:20By 2030, 40% of all energy will be generated from green energy sources.
05:29Friends, since 2014, we have brought in various reforms across the oil and gas sector,
05:39covering exploration and production, natural gas marketing and distribution.
05:46We are working on attracting domestic and international investment through investor-friendly measures.
05:56We are trying to eliminate the cascading effect of different taxes on natural gas across different states.
06:08Unfortunately, uptakes will lead to reduction of cost of natural gas and increase in its usage across industries.
06:19We are committed to bringing natural gas under the GST regime.
06:26I want to tell the world, come, invest in India's energy.