NEW DELHI: On a day when gasoline crossed the 100 rupees mark, Prime Minister Narendra Modi said Wednesday that the middle class would not have been burdened if previous governments had focused on reducing India’s energy. dependence on imports.
Without referring to the relentless rise in retail fuel prices, which are tied to international rates, he said that India imported more than 85 percent of its oil needs in the 2019-20 financial year and almost 53 percent of its oil needs. gas needs.
“Can we be so dependent on imports? I don’t want to criticize anyone, but I want to say (that) if we had focused on this issue earlier, our middle class would not have been burdened,” he said in an opening function. oil and gas projects in Tamil Nadu.
The price of gasoline surpassed the 100 rupees per liter mark in Rajasthan after fuel tariffs rose for the ninth day in a row. As India imports For most of its oil needs, retail rates are compared to international prices, which have skyrocketed in recent weeks.
Modi said his government is sensitive to the concerns of the middle class and has therefore focused on increasing the proportion of ethanol blending in gasoline.
Ethanol extracted from sugar cane will help reduce imports and provide farmers with an alternative source of income.
India, he said, seeks to cut back energy import dependency, as well as diversifying its sources to reduce risks.
The focus now is also towards the use of renewable energy sources, which by 2030 will constitute 40 percent of the energy generated in the country, he said.
In addition, the government is working to increase the share of natural gas in the energy basket to 15 percent from the current 6.3 percent and has committed to incorporating it into the goods and services tax (GST) regime to eliminate the cascading effect of multiple taxes. he added.
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