On Tuesday, when note to deregulate prices of petroleum products was circulated for the cabinet’s consideration, PM anmohan Singh also constituted a Group of Ministers (GoM) for getting fuel from abroad to meet the country’s energy requirement.
India has to import huge amount of petrol, diesel and coal to meet its domestic demand. As per the Planning Commission’s estimate, India’s energy demand will rise by eight to ten per cent if it has to witness economic growth of nine per cent.
The GoM, to be led by Finance Minister Pranab Mukerjee, will also look at policy interventions required to augument availability of energy through international cooperation.
According to government officials, issues involving Indo-Iran gas line and obtaining fuel from middle-east would also be discussed by the GoM.
“India is looking at several options including oil exploration abroad to meet its domestic demand. The GoM would provide final touches to many such proposals,” an official said.
It will also ensure enhanced coordination between ministries such petroleum, power and new and renewable energy for better utilisation of resources.