Economic crisis due to crude oil imports, says Gadkari

Source: The Hitavada      Date: 05 Oct 2018 08:29:34


 

MUMBAI,

UNION Minister Nitin Gadkari on Thursday said that the country is facing lot of ‘economic crisis’ due to crude oil imports and need to reduce imports and increase exports.
India is the 3rd largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs. Brent, the benchmark for more than half the world’s oil, is trading at a 4-year high of over USD 84 per barrel.


“It is time for the country to find out import substitute products and we have great potential for the use of ethanol, methanol, CNG and electric transportation system as solutions,” Gadkari said after inaugurating ‘IndiaChem - 2018’ conference.


“India is presently ahead in innovation, entrepreneurship, technology, research and development. There is a huge potential in Indian petrochemical sector, but we need import substitutes, pollution-free, cost-effective and indigenous ways to go ahead,” he added.


While blaming OPEC (Organisation of the Petroleum Exporting Countries) for the current increase in oil prices, he said, “One day they will find there is no market for crude oil.” He added that the Government had taken a decision to increase production of ethanol.


“As this is the time for India to find solutions for import substitutes, the chemical industry must work towards finding the solutions to curb imports of crude oil at rising prices,” he said.