India’s oil and gas import dependence during April-January at 77.1%

India’s oil and gas import dependence during April-January accounted for meeting 77.1% of the domestic needs.

This comes against the backdrop of India looking at private investment to raise domestic oil and gas production, which has stagnated for the last few years. Prime Minister Narendra Modi in 2015 had set a target of reducing India’s oil dependence by 10% to 67% (based on import dependence of 77% in 2014-15) by 2022.

“Government is making all efforts to reduce import dependence. India’s oil and oil-equivalent gas import dependence in 2014-15 and 2015-16 were 68.9% and 72.2%, respectively, and during current April-January, 2020-21 is 77.1%,” petroleum and natural gas minister Dharmendra Pradhan informed the Lok Sabha on Monday in a written reply, according to a statement from the petroleum and natural gas ministry.