(Image source from: oilprice.com)

In a recent conference, the US Ambassador, Kenneth Juster clarified saying that they are willing to enter into a very comprehensive association with India in the energy sector. The US administration said that they will readily offer technical aid for the construction of the strategic oil reserve that the country has been planning to do.

The same was reported in Reuters, suggesting that Kenneth Juster confirmed the development associated. Juster further emphasised and explained saying that Washington is all set to provide with the much needed technical assistance to help India set up the plans they have had regarding the petroleum reserves.

Alongside, it is important to note that the oil imports from India have risen strategically by a lot since 2018.

This deal is believed to help benefit the Indian economy and prevent the upsurge in the prices of the fuel which has been very consistent because of some of the allied external factors involved in this.

Petroleum and Natural Gas Minister Dharmendra Pradhan suggested saying on October 14th, 2019, on Monday, that at least the aviation turbine fuel along with the natural gas is supposed to come under the precinct of GST.

Issuing a statement, Minister Pradhan stated saying, “We've appealed to Finance Minister that at least aviation turbine fuel & natural gas should come in the ambit of GST. I'm confident that at an appropriate time she will be able to convince GST Council to take this progressive decision.”

He further clarified stating that the country has already invested 60 billion USD in the construction of the gas based infrastructure in India itself. Another 58 billion USD is believed to be invested in the coming 2 years in the Exploration as well as the Production sector. According to the needs, he said that the new refineries, terminals, expansion of the market size as well as the bio fuel are some of the important priorities at the moment.

By Somapika Dutta