Finance, Forex and Investments

What concrete steps should India take to become a less oil dependent economy?

India depends on imports for 75% of its oil needs. Analysts feel that the demand for oil will increase further in the future. With the help of facts and figures evaluate the extent of the problem and future threats that India could face due to excessive dependence on imports. What concrete steps should India take to become a less oil dependent economy

Public Comments

1. Whatever "concrete" step India takes dafinetly there will be "leakage" in it.
2. India should allow foriegn companies for DRILLING and OIL EXPLORATION here on profit sharing basis.Local companies must also be engaged in refining and production of OIL like RELIANCE,ESSAR,HPCL,BPCL,ONGC.
3. Simple. Avoid all petroleum products such as diesel, Petrol, Gas ( Cooking), fertilisers based on petro products etc. This will also help in in the reduction of pollution. Have more bullocks to do all mechanized works.
4. first, invest in alternative energy such as nuclear, solar, wind, hydroelectric, etc. that will take away a lot of the need to use fossil fuels for electricity generation. the second is to reduce or remove oil subsidies. by removing oil subsidies, it will raise the price of oil in the country, and will encourage businesses and consumers to adopt more efficient practices and technologies which should reduce oil consumption.
5. We can raise hardy wild castor that yields bio diesel in all waste lands and produce alternate fuel to narrow the requirement of fossil fuel.. As a friend here says, we have to find efficient ways of using the fuel.. and also reduce the subsidy on the polluting petrol and diesel.. so the use will be optimal (not wasteful) and efficient methods will be followed.. Cheaper ways of tapping solar energy (as solar panels are costly) should be found.. We can find umpteen ways to reduce the demand of imported stuff if we have the will..