look news india
The government has stopped the plan to invest Rs 30,000 crore in public sector petroleum companies in the budget for the current financial year 2024-25.
This decision has been taken in view of the record profits made by petroleum companies in the financial year ending March 31.
On February 1 last year, when Sitharaman presented the budget for the financial year 2023-24 (April-23 to March-24), Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) received a hike of Rs 30,000 crore and announced an investment of Rs 100 crore to support the energy transformation plans of the three public sector companies.
Along with this, he proposed Rs 5,000 crore to buy crude oil to fill the strategic land-based storage at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh. India has built this storage barrier to prevent disruption.
Both schemes have been discontinued in the 2024-25 Budget. The budget documents show zero amount as capital support to the three petroleum companies in FY 2024-25.
A provision of Rs 30,000 crore was made for this in the financial year 2023-24. In the interim budget presented in February this year, Rs 15,000 crore was allocated in this regard.
The revised allocation in the budget presented today shows Rs 0.01 crore as expenditure for 2023-24 and zero in the budget provision for 2024-25.
