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Business News/ News / India/  Vedanta's Anil Agarwal urges India to focus on domestic exploration to fight poverty
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Vedanta's Anil Agarwal urges India to focus on domestic exploration to fight poverty

The fuel consumption rose by more than 5% to 4.82 million barrels pre-day (18.5 million tonnes) in February, its 15th consecutive year-on-year rise.

Vedanta Resources Limited Chairman Anil AgarwalPremium
Vedanta Resources Limited Chairman Anil Agarwal

Anil Agarwal, the founder of Vedanta Resources, has taken to Twitter to emphasize the importance of boosting India's domestic exploration and production.

According to him, such an increase would create more jobs and help in the fight against poverty.

In a series of tweets, Vedanta's founder asserted that India currently spends $122 billion on oil and gas imports, which make up 90% of our needs. "By increasing our domestic exploration and production, we will create jobs and help eradicate poverty ."

Agarwal noted, "While we continue to make amazing progress in renewable energy, it cannot meet our growing needs alone. We must look at our oil and gas sector to secure India's energy future."

He further informed, "With 75% of our oil reserves still unexplored, India can unlock its true potential with the help of global companies. They have cash reserves worth $3 trillion and are looking for investment opportunities."

Earlier, the heads of global and Indian energy companies met with Prime Minister Narendra Modi at the Indian Energy Week, a significant event during India's G20 Presidency, to discuss potential opportunities in the energy sector.

However, it's important to recognize the urgency of transitioning to more sustainable and renewable energy sources.

The fuel consumption rose by more than 5% to 4.82 million barrels pre-day (18.5 million tonnes) in February, its 15th consecutive year-on-year rise. The demand was the highest recorded in data compiled by the Indian Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) from 1998, Reuters reported.

Fuel consumption in 2023-24, a proxy for oil demand, could rise to 233.8 million tonnes from the revised estimate of 222.9 million tonnes for the current fiscal year ending in March, according to government forecasts.

Domestic demand for gasoline, used mainly in passenger vehicles, is expected to rise by 7.1% to 37.8 million tonnes, while gas oil consumption was seen growing by about 4.2% to 90.6 million tonnes, the data showed.

(With inputs from agencies)

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Published: 14 Mar 2023, 11:08 AM IST
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