Latest news with #PetroleumandNaturalGas
Hans India
4 days ago
- Business
- Hans India
India now has 1.76 lakh registered startups, 118 unicorns: FM Sitharaman
New Delhi: The number of registered startups has reached 1.76 lakh in the last 11 years, with 118 unicorns (startups with $1 billion valuation and above), thus fueling youth entrepreneurship, Finance Minister Nirmala Sitharaman said on Friday. In a post on social media platform X, the Finance Minister said that "youth in India are building startups and creating jobs". This is "a glimpse of the work done for the youth in the last 11 years under the guidance of Prime Minister Narendra Modi", she posted. Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said in a separate X post that in the last 11 years, seven new IITs have been opened, along with eight new IIMs and 16 new AIIMS. "1.6 crore+ youth trained under PMKVY (Pradhan Mantri Kaushal Vikas Yojana) and 17.6 lakh+ direct jobs created from 1.6 lakh startups. Nearly 30,000 vocational education schools established, with more than 30 lakh students enrolled," the minister said. In the last 11 years, "52.5+ crore collateral free Mudra loans disbursed to small businesses and up to Rs 33 crore loans worth Rs 1 lakh+ crore given. Under the PM Internship Scheme, internship opportunities were provided to 1 crore youth in the top 500 companies. About 490 new universities were established to spread higher education in every corner of the country", Puri mentioned. Last month, the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry, notified the expansion of the Credit Guarantee Scheme for Startups (CGSS), which increases the ceiling on guarantee cover per borrower from Rs 10 crore to Rs 20 crore. According to the government, the extent of guarantee cover provided has also been increased to 85 per cent of the amount in default for loan amounts up to Rs 10 crore and 75 per cent of the amount in default for loan amounts exceeding Rs 10 crore. In line with PM Modi's vision for transforming India into an innovation-driven self-reliant economy, the notified expansions aim to address the financing needs of innovation-driven startups. The expanded scheme will further reduce the perceived risks associated with lending to startups in established financial institutions, enabling greater financial flow and runway for startups to undertake research and development experimentation, and create cutting-edge innovation and technologies.
Time of India
6 days ago
- Business
- Time of India
PM Modi highlights 11 years of transformative reforms in energy sector
New Delhi: Prime Minister Narendra Modi on Wednesday highlighted the transformative reforms in the renewable energy sector and the strong push for clean and affordable energy in the hydrocarbon sector in India over the last 11 years. The reforms have been elaborated in two separate articles written by Minister for New & Renewable Energy Pralhad Joshi and Minister of Petroleum and Natural Gas Hardeep Singh Puri, respectively. Responding to the article written by Pralhad Joshi, the Prime Minister's Office posted on X: "Union Minister Pralhad Joshi highlights 11 transformative reforms in the renewable energy sector over the last 11 years - Have a read!" Joshi has stated that India stands as one of the world's foremost clean energy leaders, ranked third in solar energy, fourth in wind power, and fourth in total renewable energy capacity. With over 232 GW of renewable capacity installed and another 176 GW under construction, we are not just meeting our energy needs but actively shaping the global discourse on energy transition. This progress is the outcome of bold reforms, timely decisions, and a clear long-term vision pursued consistently under the leadership of Prime Minister Narendra Modi over the past 11 years. He had a clear vision to build a robust renewable energy ecosystem, and even as the Gujarat chief minister, he had pioneered large-scale solar projects long before clean energy became a global priority, Joshi explained. But to appreciate the scale of this transformation, we must remember where we began. In 2014, India's power sector was in deep crisis. Electricity shortages were chronic. The double grid failure in 2012, first impacting the Northern Region with 36,000 MW of load loss and subsequently causing the collapse of the Northern, Eastern, and North-Eastern grids affecting 48,000 MW, is still fresh in our memory, Joshi added. PM Modi also shared an article written by Union Minister Hardeep Singh Puri on India's energy sector. Responding to the article, the Prime Minister's Office posted on X: "In the last 11 years, India's energy sector has undergone a structural transformation with a strong push for affordable and clean energy through reforms, green initiatives, and focus on self-reliance. Do read this insightful article by Union Minister Hardeep Singh Puri." "India has shrugged off the lethargy and paralysis of the 'lost decade' and has scripted an unprecedented growth story under the visionary leadership of Prime Minister Narendra Modi which not just saw the India Growth Story resonate across the world but also saw us overtaking Japan to become the world's fourth largest economy," Puri stated in his article. India has not only become the world's fastest-growing major economy but is also a strategic force. The energy sector, integral to this rise, has undergone a structural transformation during the first year of Modi 3.0, building on 10 years of foundational change, the minister further stated. India is now the third-largest energy and oil consumer with more than six crore consumers visiting filling stations, the fourth-largest refiner, and the fourth-largest LNG importer globally. With energy demand expected to grow two and a half times by 2047 and 25 per cent of incremental global demand set to come from India, the road map is clear, he added. Our quest for energy security is being aided by a focus on E&P through the new law and our journey towards green energy transition. Our energy strategy revolves around successfully navigating the trilemma of energy availability, affordability and sustainability, which we have been successfully achieving even as the world deals with one geopolitical crisis after another. Eleven remarkable years into PM's transformative reforms, India's energy sector is no longer defined by anxiety. It is now marked by confidence, Aatmanirbharta and strategic foresight under his visionary, firm and decisive leadership, Puri added. --IANS sps/dpb
Time of India
31-05-2025
- Business
- Time of India
Foreign oil partners to get first right of refusal in Indian exploration projects: Puri
New Delhi: Foreign oil and gas companies entering technical partnerships with Indian firms will be granted the right of first refusal (ROFR) in the event of hydrocarbon discoveries, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. The minister cited state-run ONGC's recent collaboration with BP for the Mumbai High offshore field and Oil India Ltd's agreement with Brazil's Petrobras in the Andaman Sea basin as examples where such provisions are in place. However, no clarification was provided on the exact contractual terms offered to BP and Petrobras. The ROFR mechanism gives the foreign partner the option to match any offer received by the Indian asset owner from a third party before sale or transfer. Addressing the CII Annual Business Summit 2025, Puri said foreign firms may prefer this model over competitive bidding as it reduces financial exposure. 'It's better that they come in as technical partners, for which they will be paid, and when you strike energy, they'll have the right of first refusal,' he said. On global crude prices, Puri said they are likely to stay close to USD 65 per barrel due to sufficient supply in the market. 'There are enough supplies in the market. I see global prices, and here I am, very careful, to be in the range of USD 65 per barrel. My sense is that prices will hold,' he said. Asked about possible fuel price cuts, the minister said, 'If prices remain like this, then going forward, these are things which you can legitimately expect.' Puri informed that over 1 million square kilometres of sedimentary basins that were previously marked as 'no-go' zones have been opened for exploration. This has led to 37 per cent of the bids under the Open Acreage Licensing Policy (OALP) coming from these newly available areas. Speaking on domestic oil production and refining, he said India's refining capacity, which currently stands at 260 million tonnes per annum (MMTPA), is projected to rise to 309.5 MMTPA by 2028. He said India is shifting from teapot refineries to larger refining hubs. On India's clean energy transition , the minister highlighted rapid progress in ethanol blending. He said the country had already achieved 20 per cent ethanol blending in petrol by 2025, up from 1.4 per cent in 2014, ahead of its 2026 target. Puri reiterated the government's target of bringing green hydrogen production costs down to USD 1 per kg within a decade. He also underlined the potential of large-scale Sustainable Aviation Fuel (SAF) production in countries including India, Brazil, the United States, and Canada. The minister said India imported 5.6 million barrels of crude oil per day in 2024, spending USD 139 billion. To reduce dependence, the country is exploring domestic resources and diversifying import sources from 27 to 40 countries, including Brazil, Guyana, Suriname, Canada and Argentina. India's oil marketing companies reported profits of ₹1.29 lakh crore in the last financial year, and the figure could match previous highs if ₹40,000 crore in pending dues are recovered, Puri said. The minister said that 22,000 km of gas pipeline has been laid as of 2024, with a target of expanding to 33,000 km by 2030. He said domestic gas availability has improved and global prices have stabilised, which will help in boosting industrial and residential consumption. On Compressed Biogas (CBG), Puri said the government has set a target of setting up 5,000 plants. He added that the production of Fermented Organic Manure (FOM) as a by-product remains a key revenue stream for producers. He said land availability and pricing mechanisms will be key to the pace of implementation. Regarding the Ujjwala Yojana, launched in 2016, the minister said there are around 10.3 crore beneficiaries, and the country has over 33 crore LPG connections. Rajiv Memani, President Designate of CII, said, 'Today, India imports over 85 per cent of its crude oil and a significant share of natural gas. Some projections suggest it may reach 90 per cent by 2030. India also imports 50–55 per cent of natural gas. This reliance underscores the urgency to diversify our energy mix, enhance domestic production, and accelerate the adoption of alternative fuels.' Puri also pointed to the growth of energy startups, breakthrough discoveries, and ongoing innovation as indicators of progress. He emphasised the need for collaboration between auto manufacturers and industry leaders to drive clean energy initiatives.
India Gazette
30-05-2025
- Business
- India Gazette
Govt has taken measures to keep oil prices in control for consumers: Hardeep Puri
New Delhi [India], May 30 (ANI): Union Minister for Petroleum and Natural Gas, Hardeep Puri on Friday highlighted how is India able to keep prices for oil in control through calibrated policy measures, including excise duty cuts and collaboration with state governments on VAT reductions. Puri mentioned that the government had reduced the cess on petrol and diesel in November 2021 and May 2022, leading to price reductions of Rs 13 and Rs 16 per liter, respectively. He attributed this to the combined efforts of the central and state governments in reducing taxes.'The excise duty shares are imposed by we reduced the Cess in November 2021 and May 2022, state govt also reduced their VAT, and that's why we were able to reduce the price of petrol and diesel, respectively, by Rs 13 and Rs 16 a liter,' the minister said after the CII Annual Business Summit 2025. The minister outlined the factors that influence fuel prices, including global prices, insurance costs, and refining margins. He suggested that if global prices remain stable, further price reductions could be further added, 'If prices are determined by global prices, to that you add cost of prices remain like this, going forward, these are the things that you can legitimately expect.'While speaking at the CII summit, the minister emphasized on the availability of crude from the western Hemisphere countries such as such as Brazil, Guyana, Suriname, and Canada. He noted that despite OPEC+ production cuts, global supply is rebounding with incremental output from the he also commented about the India's strategic tie up. He said, 'what we've done is we've diversified from 27 countries from which we imported to about 40 now. We bought consignments from Argentina also.' He also believes that, during tough times India has been able to navigate reasonable well and he further mentions that, 'and I have total confidence in going forward with more energy being available, we will be able to navigate it further also.'Referring to discounted Russian oil imports, Puri said that, Prime Minister's primary responsibility is to ensure affordable energy for Indian consumers. If oil is available at a lower cost, we will buy it, regardless of origin. (ANI)
Time of India
24-05-2025
- Business
- Time of India
Oil PSUs absorb ₹40,000 cr loss in FY25 to keep LPG affordable; 96,000 retail outlets operational: Govt
New Delhi: India continues to offer one of the lowest domestic LPG prices globally, with Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries paying ₹553 per 14.2 kg cylinder despite a 58% increase in international prices, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said. Chairing the Consultative Committee meeting of the Ministry of Petroleum and Natural Gas in Manesar, Haryana, Puri informed that state-run oil marketing companies (OMCs) incurred a combined loss of ₹40,000 crore last year to keep LPG prices affordable. Regular consume₹currently pay ₹853 per cylinder, while PMUY consumers pay ₹553. The per-day cooking cost is approximately ₹6.8 for Ujjwala households and ₹14.7 for non-PMUY consumers. The minister stated that India's LPG coverage rose from 55% in 2014 to nearly 100% today. He said, 'The Government reduced excise duties twice—on November 4, 2021, and May 22, 2022—cutting petrol prices by ₹13/litre and diesel by ₹16/litre. A recent price hike in April 2025 was absorbed by oil companies, shielding consumers from additional burden.' The session, attended by 27 Members of Parliament and Minister of State for Petroleum and Natural Gas Suresh Gopi, reviewed key developments in fuel affordability, LPG distribution, regional infrastructure, and energy resilience. According to the ministry, India now operates over 96,000 fuel retail outlets, 314 oil terminals and depots, and a 24,000 km product pipeline network. These have supported the consistent availability of fuel, including strategic reserves and LPG caverns for emergency requirements. On LPG consumption and distribution, the ministry reported daily deliveries of more than 56 lakh cylinders. Over 25,000 LPG distributors now operate nationwide, 86% of them in rural areas. These efforts have enabled deeper last-mile access and expanded usage. Highlighting the PMUY's impact, the ministry noted that the government subsidizes the ₹1,058 market cost of each LPG cylinder by ₹505 for Ujjwala beneficiaries. The subsidy results in a retail price of ₹553 per cylinder. For regular consumers, the effective cost is ₹853. MPs present in the meeting acknowledged the ministry's focus on balancing consumer interest and market volatility. They also raised issues related to regional disparities in infrastructure, price sensitivity, and energy resilience. The government assured them that their inputs would inform future policy development. The ministry reiterated its commitment to providing affordable, accessible, and resilient energy solutions while protecting consumer interests through fiscal and policy measures.
