PM Modi hails record gas production as move towards 'Viksit Bharat' goal

New Delhi: Prime Minister Narendra Modi on Sunday hailed the country's self-reliance in the field of energy, as it achieved record gas production, as a step towards the goal of 'Viksit Bharat'. In a post on X, he congratulated the people of the country for this feat. "Our self reliance in the field of energy is very important in achieving the goal of ‘Viksit Bharat’. This record gas production is proof of our commitment in this direction," the Prime Minister posted.

In FY24. India achieved 36.43 billion cubic feet (BCM) gas production, from 28.7 BCM in FY21. The country is expected to reach 45.3 BCM gas production by FY26, according to Union Petroleum and Natural Gas Minister, Hardeep Singh Puri. "The figures are the proof. Under the guidance of PM Modi, India is moving ahead with new energy, new enthusiasm and new resolve," Minister Puri posted on X. The focus of the Oil Ministry under the new government is to boost oil and gas exploration, green hydrogen and increase gas consumption in the country.

Meanwhile, the consumption of natural gas in India went up 7.1 per cent in June to 5,594 million metric standard cubic metres (MMSCM), this year. The gas companies have been expanding their network to meet the rising demand for the green fuel. Consumption of petroleum products such as petrol, diesel and jet fuel went up by 2.6 per cent in June to 20 million metric tonnes (MMT).

India is the only country where petrol and diesel prices decreased between November 2021 and April 2024. According to Minister Puri, the government is facilitating discussions between the Oil Marketing Companies (OMCs) and the dealers to address margin issues, pointing out that petrol and diesel were deregulated during the UPA administration.

Puri pointed out late last month that while petrol prices in India have declined, they have risen in the neighbouring countries.