New Delhi, Feb 1 (UNI) India's import dependence on crude oil and natural gas has been a source of big concern to our government, said Union Minister for Finance, Corporate Affairs, Railways and Coal Piyush Goyal here on Friday.

"While we have taken a large number of measures to moderate the increasing demand through usage of bio fuel and alternate technologies, urgent action is needed to increase hydrocarbon production to reduce imports,” said Mr Goyal while presenting the interim budget.

He also said that the Government will implement recommendations of the Inter-Ministerial Committee that made several recommendations regarding Exploration in Petroleum and Gas sector. The Committee’s recommendations include transforming the system of bidding for exploration and changing from revenue sharing to exploration programme for Category-II and III basins.

UNI DJK SNU 1636