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Govt working to double oil refining capacity in five years, says PM Modi

BusinessToday.In     November 21, 2020

Prime Minister Narendra Modi on Saturday said that the government was working to double the oil refining capacity in the next five years.  He also said that for the next ten years, crores will be invested in the oil and gas sector.Addressing the eighth convocation ceremony of Pandit Deendayal Petroleum University (PDPU) through video conference, PM Modi said the country has set a target of reducing carbon footprints by 30-35 per cent, and efforts are being made to increase the share of natural gas in the country's energy needs by four times in this decade.

"Efforts are on to increase the use of natural gas capacity four times during this decade, and work is also on to nearly double the oil refining capacity in the next five years," he said.

"In the oil and gas sector alone, crores of rupees are going to be invested during this decade, so you (students) have a lot of opportunities in this field," he added.

Modi also said that work was constantly going on to strengthen the start-ups in the energy sector, and a special fund has been allocated for the purpose.

"If you have any idea, product, or concept that you want to incubate, then this fund will be a good opportunity for you, and a gift from the government," Modi told PDPU students.

He said India was going through an important phase of change. He urged the students to take responsibility to shape the current and future of the country.

PM Modi also spoke about the ongoing pandemic while keeping optimism high. He said, "Major changes are taking place around the world and there are several opportunities available for the growth of entrepreneurship and employment. It is not an easy thing to graduate at a time when the world is facing such a big crisis. But your abilities are much bigger than these challenges".

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