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Union Petroleum Minister Dharmendra Pradhan today said the country will augment its refining capacity to 600 million metric tonnes from the present 230 million metric tones to meet the growing demand.
Addressing the inaugural session of 21st Refinery Technology Meet, Pradhan said his ministry has been emphasising on innovation and strengthening R&D wing.
Stating that Prime Minster Narendra Modi wanted 10 per cent cut in the imports by 2022, the minister said three fourth of the demand would be met by 2040.
However, he admitted that there has been gap between, innovation, industry and policy which was hampering the growth.
"But we will forge ahead. India not only will increase its production for domestic consumption but also meet the requirement of neighbours Nepal, Bhutan, Bangladesh, Myanmar and Sri Lanka," Pradhan said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)