EMERGING ISSUES IN INDIAN ECONOMY — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsEMERGING ISSUES IN INDIAN ECONOMY3 Marks
Question
Write short note: Petroleum.
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Answer
In the current time maximum petroleum is used in the present technology of production in the world.
Petroleum is an important source of energy.
It is a driving force for movement of all vehicles.
In India, the supply of petroleum is much less than demands so we have to import it and depend on its import.
The demand of petroleum is constantly increasing due to speedy development of industrialization and increase in number of private vehicles.
Specially after new economic policy in $1991$ the demand of petroleum products has increased remarkably.
Against that the production has remained almost stand still.
Therefore dependency on import has increased.
The reserves of oil were found for the first time in Assam.
In Gujarat also at Kadi, Kalol, Ankleshwar and in the sea of Mumbai the attempts are made to find oil.
Considering the importance of petroleum products for economic development in $1959$ government setup Oil & Natural Gas Commission and then converted it into corporation.
In spite of many efforts of $ONGC$ in petroleum and natural gas sector, it is clearly found that the gap between its demand and supply cannot be bridged.
Looking to its demand and production it appears that within certain years its quantum will exhaust.
Therefore the countries of the world are seriously thinking of alternative energy sources.
In this direction research programmes are being undertaken in India.
Natural Gas is considered another source of petroleum.
It is used in thermal power unit, cooking gas, driving vehicle etc.
It is a driving force. India's share in total quantum of world’s natural gas is $0.5\%.$
Government encourages the use of natural gas.
Due to the use of natural gas environmental pollution decreases remarkably.
Policy should be formed to make maximum use of natural gas in thermal power and transportation.
The use of gas is known as "Environment Friendly".
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