India’s crude oil import dependency hits record high, likely to rise further
India’s dependence on imported crude oil reached 88.2% in the first 11 months of the current financial year (FY25), surpassing last year’s levels and indicating a potential all-time high for the full fiscal year. Data from the Petroleum Planning & Analysis Cell (PPAC) of the oil ministry shows an increase from 87.7% in the same period of FY24 and 87.8% for the entire FY24.
The rising dependency on imports is driven by growing energy demands across sectors, including transportation, petrochemicals, and aviation, while domestic crude oil production remains stagnant. India’s oil import reliance has steadily increased over the years, except for FY21, when COVID-19 slowed demand.
Government efforts to reduce import dependency, including policy reforms and incentives for domestic oil exploration, have had limited success. The Oilfield (Regulatory and Development) Amendment Bill, recent biofuel blending initiatives, and electric mobility promotion have yet to significantly curb petroleum demand growth.
India imported 219.9 million tonnes of crude oil between April and February, up from 213.4 million tonnes in the same period last year. Meanwhile, domestic oil production declined to 26.2 million tonnes from 26.9 million tonnes. With domestic crude oil covering only 11.8% of total petroleum product consumption, self-sufficiency remains low.
The country’s crude oil import bill for the April-February period stood at $124.7 billion, a nearly 3% increase year-on-year. As the world’s third-largest consumer and a key importer of crude oil,
India’s demand is expected to continue rising, with petroleum product consumption projected to grow by 4.7% in FY26, reaching 252.93 million tonnes. Refinery capacity is set to expand further, with the country’s current capacity standing at nearly 257 million tonnes per annum.
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Declare cow as Gujarat's `Rajya Mata': Congress leader in assembly
Gandhinagar, Mar 28 (PTI): The Congress on Friday asked the BJP government in Gujarat to bring a bill to recognise the cow as "Rajya Mata" or state mother to ensure that the "holy" animal is protected.
Congress Legislative Party leader Amit Chavda made the demand during a discussion in the state assembly on a bill introduced by the government for the regulation of bovine breeding.
Before Chavda, BJP MLA D K Swami said the cow is considered a mother in Hindu culture.
He went on to say that Speaker Shankar Chaudhary and deputy Speaker Jethabhai Bharwad do not need reading glasses because they drink cow milk regularly.
"Our Speaker and deputy Speaker do not have glasses because they consume cow milk. We believe in cows, not buffalos. Though we also need buffalos, that is a separate issue. The holy cow is our mother. It is a symbol of Earth," said Swami, supporting the Gujarat Bovine Breeding (Regulation) Bill.
Agriculture minister Raghavji Patel, who introduced the bill, recovered from health problems recently due to the "blessings of cow", said the BJP MLA.
Congress's Amit Chavda claimed that cows were suffering in Gujarat because large tracts of `gauchar' or grazing land were given away to industrialist.
"In Hindu culture, the cow is considered a mother. That is why we pray to the cow on auspicious occasions. But cows are now suffering because the government gave away nearly 103 crore square meters of land used as gauchar (grazing land) to industrial houses through sale or lease," the opposition leader alleged.
As per the figures shared by the state government in the assembly, nearly 2,800 villages do not have designated grazing land, Chavda said.
"We all should be worried about the situation of cows in these villages. After the loss of gauchar land, our cows have no other option than to eat plastic and other waste on the city roads," he added.
Though the state government has framed laws against cow slaughter, it is also earning revenue from the export of meat otherwise, the Congress leader further said.
The government should also give more grants to cow shelters, he added.
"I urge the state government to bring a bill to declare cow our 'Rajya Mata' (state mother). We have already submitted a private member's Bill to the Speaker regarding the same. But I demand that the government bring a bill....That will ensure that cows get proper food, shelter and treatment," he said.
The bill was passed unanimously.
On the last day of the Budget session, two other Bills -- The Gujarat Land Revenue (Amendment) Bill and The Gujarat Fisheries (Amendment) Bill -- were also passed unanimously.
