Need to cut oil imports, says Jaitley

Posted on 28th Mar 2015 10:16 am by mohit kumar

New Delhi, March 27 (IANS) Pointing out how decreasing oil prices helped control inflation, Finance Minister Arun Jaitley on Friday said the government required to pay attention to oil exploration to reduce the country's energy imports.

"Need to look at our oil exploration programme, acquisition of assets overseas to cut dependence on energy imports," Jaitley said at the "Urja Sangam - 2015", an international conference here on energy security.

Underlining the importance of coal for industry and power generation, he said the recent coal auctions were a "huge initiative" in this regard.

"Revenues from these auctions will all go to states with tribal areas, which they can spend on development. Minerals will now be available on a more transparent and rational basis," Jaitley said.

He also said that the government is taking steps for long-term financing in infrastructure projects.

"We've given budgetary support for long-term financing of infrastructure. An infrastructure fund has been created where government makes the initial contribution, and in which pension and other funds are going to join in," he said.

Other news

Cracks in 868 buildings so far in Joshimath: 243 families sent to a relief camp, relief amount of more than 5 crores given

So far 868 buildings have developed cracks due to land subsidence in Joshimath, Uttarakhand. Cham

Opposition to agricultural bills intensifies: New announcement of farmers - trains will stop all over the country; 30 thousand farmers from Punjab coming to Delhi

Today is the 16th day of the farmers' agitation against the new agricultural laws. Seeing that th

RG Kar case: Junior doctors continue indefinite hunger strike, demand justice for the victim and workplace safety

There is anger across the country even today over the horrific incident that happened with the fe

Corona Vaccination: More than 99 crore vaccine doses were given in the country, read how many vaccines were given in which month

Corona Vaccination: 100 crore doses of corona vaccine are going to be completed in India soon. Ac

Another action by Bangladesh after the arrest of the saint, the bank accounts of 16 ISKCON members frozen

According to Bangladesh media reports, on Friday (November 29), Bangladesh authorities ordered th

Terrorists may disturb Republic Day celebrations, high alert on Jammu-Pathankot highway in border areas

Pakistan is preparing to infiltrate terrorists along the International Border in Jammu and do nef

Russia threatens to close the gas pipeline, the oil may reach $ 300 per barrel

Western countries have imposed very strict sanctions after Russia attacked Ukraine. However, it d

By doing this you can increase the battery life of your smartphone, know expert tips

New Delhi: Often people complain that the smartphone battery runs out frequently and the phone ha

PM Modi said - 2022 election results have decided the results of 2024, it signals the end of family politics

Although the election of five states was already considered as the semi-final of the next general

IND vs BAN Pitch Reports: Will batsmen rule in New York or will bowlers make a splash, know what the pitch report says

Before the start of the T20 World Cup, the Indian team will play its only practice match on June