In financial year 2020-21, we are taking a study on the data of Import of top commodities to understand consumption of Petroleum Crude in India and government initiatives to reduce dependency on Import.
Top commodities imported by India is Petroleum Crude, Gold, Petroleum products, Coal, Coke & Briquette, Pearl, Precious and Semi-precious stones all these products valuing USD 270699 Million. Out of this total volume Percentage share of Petroleum Crude - 45%, Gold - 17%, Pearls, Precious and Semi Precious Stone – 11%, Petroleum Products - 15% and Coal, Coke and Briquette is 12%.
Below is the detail of Volume of Import in Top Categories which India is importing from different countries to meet her domestic requirements. Our main import constitute in 57% of these total five which is in petroleum crude, coal, coke and Briquette.
|
Commodity |
US Million $ |
|
Petroleum Crude |
122449 |
|
Gold |
46166 |
|
Petroleum Products |
39358 |
|
Coal, Coke and Briquette |
31718 |
|
Pearl, Precious and Semi Precious Stones |
31008 |
|
Total |
270699 |
This chart and table clearly depicts India’s high dependence on the Import for energy sector. The Government is looking for alternative measure seriously to lower dependency on import for these sectors.
Government is focusing on ethanol plants in 11 states of the country. Cutting down on import of crude oil will enable government of save foreign exchange.
Government is taking below steps to bring down import of Petroleum Crude substantially :-
1. Setting of Ethanol plants in large scales in most of the states in India.
2. Currently blending of Ethanol in Petrol is upto 6 percent and it is planned to rise blending to 10% by the end of 2022,
3. Around 5000 compressed bio-gas plants are being set up which will convert all wastage like agricultural and municipal into fuel,
4. Government has changed oil exploration rules may time in the last five years to get private and foreign investment in this sector.
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