The Indian government has implemented a multi-pronged strategy to reduce its reliance on crude oil imports. Key measures include:
- Promoting Alternative Fuels: Encouraging the use of natural gas, ethanol, compressed biogas, and biodiesel as alternatives to petrol and diesel.
- Improving Energy Efficiency: Implementing energy-efficient measures to reduce consumption.
- Boosting Domestic Production: Increasing domestic oil and gas production through various policy initiatives and exploration activities.
- Diversifying Import Sources: Reducing dependence on specific oil-producing countries.
- Price Control Measures: Implementing measures to shield consumers from volatile international oil prices, such as fuel subsidies and price caps.
By taking these steps, India aims to enhance its energy security, reduce its trade deficit, and mitigate the impact of global oil price fluctuations.
