Government's Strategic Allocation for Petroleum and Natural Gas in Budget 2024

Tuesday, 23 July 2024, 12:31

In Budget 2024, the Indian government has allocated ₹1.19 lakh crore to the petroleum and natural gas sector, highlighting a significant investment in this crucial area. The Oil and Natural Gas Corporation (ONGC) is set to receive ₹30,800 crore, reflecting a continuous increase from previous fiscal budgets. This allocation underscores the government’s commitment to enhancing strategic reserves and boosting domestic oil production. Overall, this budgetary decision aims to strengthen India's energy security and economic stability.
Indiatimes
Government's Strategic Allocation for Petroleum and Natural Gas in Budget 2024

Background of the Allocation

The Indian government has announced an allocation of ₹1.19 lakh crore for the petroleum and natural gas sector in the 2024 budget.

ONGC's Funding Increase

  • ₹30,800 crore allocated to ONGC for 2024-2025.
  • Increase from ₹30,500 crore in the revised budget for 2023-2024.
  • Initially set at ₹30,125 crore for 2023-2024.

Strategic Importance

This substantial funding highlights the government’s focus on enhancing energy security and promoting domestic oil production. By increasing its investment in strategic reserves, India aims to secure its energy future amid global fluctuations.

Conclusion

The budgetary allocation for the petroleum and natural gas sector indicates a progressive step towards fortifying India's energy landscape. With ONGC receiving increased funding, the focus on strategic reserves points to a sustainable approach in managing energy resources.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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