There is a need to increase localisation of products that are being used in the oil and gas sector, Petroleum Secretary Tarun Kapoor said.
“We are looking at a large number of products that are being imported. We want them to be made in India. We have asked Engineers India to work on vendor development. The government sector alone in the oil industry has a capital expenditure of over ~1 trillion a year, there is operating expenditure also. And the private sector is spending too. In all, around ~1.5 trillion to ~2 trillion is spent by this sector annually,” Kapoor said, addressing the Energy Startup Summit 2021 organised by Tata Motors and Repos Energy on Monday.
Kapoor gave the example of gas meters and said there was currently not enough capacity in the country to manufacture them.
Speaking earlier at the event, NITI Aayog Chief Executive Amitabh Kant said: “There is focus on new technologies like solid state batteries and direct solar wafers which are the future. The world is on the cusp of a mobility revolution, which is going to be shared, connected and zero emission.”
Kant said rapid technological evolution was driving the transportation revolution in the world.”