ES Ranganathan Unveils the Future of India’s Oil and Gas Sector Post-Budget 2024
The Union Budget 2024 has made specific allocations to public sector companies in the oil and gas sector, signaling a shift in government priorities. ES Ranganathan notes, "The increased funding for ONGC is a positive sign, showing the government's confidence in the company's ability to explore and produce energy."
For the fiscal year 2024-2025, the Ministry of Petroleum and Natural Gas has been allocated ₹1,19,402.52 crore. This large budget reflects the government's commitment to securing energy resources and promoting growth in the sector. ES Ranganathan adds, "This major financial investment in energy infrastructure is a strategic move to strengthen our nation's energy security and economic stability."
According to him, the budget, which includes both direct support and funds from other sources, aims to enhance India’s energy capabilities. The Oil and Natural Gas Corporation (ONGC) has been allocated ₹30,800 crore for 2024-2025, an increase from last year's budget. "The ongoing rise in ONGC’s budget shows its crucial role in advancing India’s energy sector," Ranganathan emphasizes.