Prime Minister Narendra Modi informed the Lok Sabha that India currently holds a strategic petroleum reserve of over 53 lakh metric tonnes, with plans to establish an additional reserve of 65 lakh metric tonnes. Over the past 11 years, the country has significantly diversified its energy imports, reducing dependency on any single nation.
PM Modi highlighted the improvements in Indian refineries over the past decade, emphasizing that the country now imports energy resources from 41 countries, compared to 27 countries previously. The government’s focus remains on ensuring a steady supply of energy reserves, including petrol, gas, and fertilizers, amidst global uncertainties.
The Prime Minister underscored the government’s vigilance over shipping routes and maritime channels to ensure timely delivery of essential resources. He mentioned the successful arrival of many vessels from the Strait of Hormuz to Indian shores, despite challenges.
In addition to energy security, PM Modi discussed measures to enhance food and fertilizer reserves. He credited farmers for maintaining adequate food supplies and highlighted efforts to diversify fertilizer imports, reducing reliance on any single supplier. The government has also promoted organic farming and distributed 22 lakh solar pumps to alleviate farmers’ concerns.
PM Modi reiterated the government’s commitment to developing alternative energy sources to safeguard national interests. Notable progress includes increased ethanol blending capacity in petrol and significant advancements in railway electrification and metro network expansion. The government’s focus on electric mobility is evident through the provision of 15,000 electric buses to states.
Acknowledging the critical role of energy in the economy, PM Modi assured that despite global economic shocks, the government remains dedicated to supporting and protecting citizens. Consultations with stakeholders and collaborative efforts between the government and industry are aimed at mitigating the impact of crises and ensuring stability.
