Minister Hardeep Singh Puri Advocates for Petrol and Diesel Under GST at Pune Lecture
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, emphasized the need to bring petrol and diesel under the Goods and Services Tax (GST) during a lecture at the Pune International Centre’s 14th Foundation Day.
Key Points from the Lecture
Puri highlighted India’s growing energy needs and the importance of strategic petroleum reserves. He noted that with a population of 1.4 billion, India’s energy consumption is projected to be three times the global average, making it a key player in the global energy landscape.
He stressed the challenges in getting states to agree to bring fuel under GST, as petrol and diesel are significant revenue generators for them. Puri mentioned that the Kerala High Court had suggested discussing this issue in the GST Council, but the finance minister of Kerala did not agree.
India’s Energy Security
Puri identified three primary challenges to energy security: availability, affordability, and the transition to renewable energy sources. He also discussed the potential of green hydrogen as the fuel of the future, noting that its success depends on local demand and production.
Global Oil Markets
On global oil markets, Puri noted that there is no shortage of oil globally, but rising geopolitical tensions could lead to increased oil prices. He added that traditional oil cartels will have less influence as new energy sources emerge.
In his closing remarks, Dr. Raghunath Mashelkar, President of the Pune International Centre, reiterated the importance of reducing India’s fuel import bill and advancing renewable energy initiatives.
Doubts Revealed
Hardeep Singh Puri -: Hardeep Singh Puri is a Union Minister in India. He is responsible for the Petroleum and Natural Gas department, which deals with fuel like petrol and diesel.
GST -: GST stands for Goods and Services Tax. It is a tax system in India that combines many different taxes into one, making it simpler to pay taxes.
Pune International Centre -: Pune International Centre is a place in Pune, a city in India, where important people give talks and lectures on various topics.
strategic petroleum reserves -: Strategic petroleum reserves are large storage areas where a country keeps extra fuel. This is done to make sure there is enough fuel during emergencies.
green hydrogen -: Green hydrogen is a type of fuel made using renewable energy sources like wind or solar power. It is considered environmentally friendly.
geopolitical tensions -: Geopolitical tensions refer to conflicts or disagreements between countries. These can affect things like oil prices because countries may stop trading with each other.
