Mr Pradhan said, India's excessive oil import dependency makes it vulnerable to external developments more than ever before and the emerging era is going to be more complex.
Addressing the third meeting of International Think-Tank in New Delhi today the Minister said that by adopting a less reactive and more transformative strategy India can meet the challenges arising out of global energy uncertainty. He said, the US sanctions on Iran and Venezuela as well as the on-going US-China trade war among others have an enormous impact on India's energy security and economy.
The Minister highlighted measures taken by the government to transform the oil industry. He stressed the need for expediting gas exploration and developing import and distribution infrastructure. Mr. Pradhan also said the oil sector can play major role in realizing the dream of making India a five trillion dollar economy by 2024. He said the schemes like Ujjwala and Saubhagya have transformed the lives of the people of the country.
Petroleum and Natural Gas Minister, Dharmendra Pradhan has called upon Oil companies to develop a major strategic mindset by using the latest technologies and working on transforming the oil sector.