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Gadkari blames higher crude oil imports for Indian economic crisis

05 Oct 2018 Evaluate

Blaming higher crude oil imports, Union minister Nitin Gadkari has said that India is facing lot of economic crisis and there is need to reduce overall imports and increase exports. He noted that the country is world’s third largest crude oil importer and mounting international oil prices are inflating domestic transport fuel costs in a strong demand environment. He also called for finding out fuel import substitutes products and added that India has great potential for the use of ethanol, methanol, CNG and electric transportation system as solutions.

The minister has stated that India is presently ahead in innovation, entrepreneurship, technology, research and development. He pointed out that there is a huge potential in Indian petrochemical sector, but it needs import substitutes, pollution-free, cost-effective and indigenous ways to go ahead. While blaming OPEC countries for the current increase in oil prices, he said one day they will find there is no market for crude oil.

Gadkari further said that the government had taken a decision to increase production of ethanol, which is important for the country. He said that 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. Noting that the country has the technology to produce ethanol from agri waste, he asked the Indian chemical industry to check whether agriculture materials or waste can be used to make chemicals as well.

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