Suppose you stake your life’s savings on a house. Would you, say, reduce your working hours and slash your income? That’s exactly what the Indian government appears to be doing when it comes to securing the country’s energy future.
On one hand, in a laudable initiative, Prime Minister Narendra Modi’s government encouraged investments of over Rs 2 trillion in natural gas infrastructure, and offered more than Rs 30,000 crore in subsidies under the PM Ujwala Yojana (PMUY) to expand access to cleaner burning fuels, CNG (compressed natural gas) and LPG (liquefied petroleum gas), to industries and households.
On the other, New Delhi has advocated policies that have stifled the development of domestic oil and gas, prompting foreign explorers to shun Indian acreage and resulting in lower domestic oil and gas production.
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