India is a net importer of oil, gas and other gaseous hydrocarbons. India's hydrocarbon import is expected to amount to $300-500 billion per year by 2030. To free itself from this energy dependence, India should say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay Invest in Fuel Exploration Technology: The fact that India has verified reserves of 206 billion barrels of fuel stands testimony to the fact that there is huge potential in fuel exploration and production. However, India produces only 67 billion barrels of fuel and less than 25% of India's sedimentary basins are explored. India should try to use latest technologies to improve in this regard. Superwave technology, an initiative of the Indian Institute of Science, is developing a way to use shock waves to create fractures in shale reservoirs located at depths of 1,000-1,500 meters. This is better than using the hydraulic fracturing process as it would reduce water contamination and also improve cost efficiency. Explore other alternatives: Under the 2015 Paris climate agreement, India promised to install 175 GW of renewable energy capacity by 2022. But, targets for solar, wind, hydroelectric and biopower generation are being constantly missed. India must focus on delivering on its promises in a bid to reduce import dependence. The government has also promised to have only electric vehicles on the roads by 2030. This would require significant investment to grow at such a rapid pace. The government is taking steps in the right direction by announcing its plans to provide up to Rs 1.05 billion in financing for the purchase of electric vehicles under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India program ( HUNGER). : The government plans to establish a “methanol economy fund” to promote methanol production. It could replace 10% of crude oil imports reducing fuel bills by around 30% as it costs only around Rs 19 per litre. By 2025, India could potentially produce 20 million tonnes of methanol per year. Blending methanol with diesel, LPG and petrol will result in an annual reduction in our fuel bill of Rs.26000 crore, Rs.6000 crore and Rs.5000 crore respectively. Widespread implementation would further reduce the import bill by thousands of crores of rupees in the future. Please note: this is just an example. Get a custom paper from our expert writers now. Get a custom essay Form a strategic partnership with China: This option was initially proposed in 2005 and may be revised. Oil consumption by China and India together accounts for 17% of global oil consumption. A bilateral agreement between the two nations would give them the bargaining power needed to negotiate better terms with OPEC (Organization of the Petroleum Exporting Countries) exporters)..