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Government To Spend 7.5 Lakh Crores In Creating Oil And Gas Infrastructure Over Next Five Years

Capital Market 

Prime Minister Narendra Modi stated yesterday that India is increasing the share of energy from renewable sources. By 2030, 40% of all energy will be generated from green energy sources. CPCL's new Gasoline desulphurisation Unit at its refinery in Manali inaugurated today is another effort for a greener future. The refinery will now produce low sulphur environment friendly fuel of BS VI specification.

Since 2014, the government has brought in various reforms across the Oil and Gas sector covering exploration and production, natural gas, marketing and distribution. Uniformity of tax will lead to reduction of cost of natural gas and increase in its usage across industries. The government is committed to bringing natural gas under the GST regime. It is planned to spend seven and a half lakh crores in creating oil and gas infrastructure over five years. A strong emphasis has been laid on the expansion of city gas distribution networks by covering 407 districts.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, February 18 2021. 11:38 IST
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