A High-Level Committee (HCL) of companies formed by the Centre submitted its recommendations to Ministry of Petroleum and Natural Gas on bringing down India’s dependence on crude oil imports.
The High-Level Committee consists of Dr Anil Kakodkar, an eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues.
The committee was formed to discuss research-related synergies and tax issues for state-run oil companies – Research and Development (R&D) Centres of Oil and Gas Public Sector Undertakings (PSUs, like ONGC, IOC etc.), tax issues and ways by which the Oil and Gas PSUs can benifit from GST.
It looked into acquisition, merger and consolidation of Oil and Gas PSUs and Joint Ventures (JVs) and also explored the need and the possibility of formation of a new entity that will not only deal with oil services but also deal with the supply of qualified manpower to Oil and Gas sector around the world.
The report submitted by the Committee to Ministry of Perolium and Natural Gas recommends short term,medium term and long term strategies to reduce import dependency of the nation.
The Ministry of Perolium and Natural Gas has considered to look into the recommendations submitted by the Committee while formulating policies.