As the country's economy has metamorphosised from agriculture to manufacturing — adequate, efficient, reliable and affordable energy has become important for sustainable development and inclusive growth of the country. A year ago, India had surpassed Russia to become the third largest energy consumer in the world after China and the US. Oil and gas witnessed around 35% share in India's energy consumption.

 

The main challenge facing the Ministry of Petroleum and Natural Gas today is the fact that a massive 77% of the country's energy requirements — oil, gas, and petroleum are sourced from abroad, thereby consuming large reserves of India's foreign exchange. Prime Minister Modi has asked the ministry to work overtime to diminish this import dependence to 67 per cent by the year 2022, but it is a tall order.