Speaking at the 'Urja Sangam' conference in March 2015, the Prime Minister had said that India needs to bring down its oil import dependence from 77 percent in 2013-14 to 67 percent by 2022 when India will celebrate its 75th year of independence.
The country's oil consumption grew from 184.7 million tonnes in 2015-16 to 194.6 million tonnes in the following year and 206.2 million tonnes in the year thereafter. In 2018-19, demand grew by 2.6 percent to 211.6 million tonnes.
According to PPAC, India spent $111.9 billion on oil imports in 2018-19, up from $87.8 billion in the previous fiscal year. The import bill was $64 billion in 2015-16.
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