"Demand over the next 10 years will increase by over 40 percent, whereas the increase in supply from the domestic oilfields is expected to be around 12 percent," he said.
Manmohan Singh also stressed that, "India needs adequate supplies of energy at affordable prices to meet the demand of its rapidly growing economy."
"In 2009-10, India consumed over 138 million tonnes of fuel. In which India imported 159.2 million tonnes of crude oil from the other countries and even Indian domestic sources are insufficient to meet the demand for energy, " he added.
"The government is also encouraging domestic oil production companies in order to meet the increasing demand for energy. In the last financial year India's domestic oil production was about 34 million tonnes," he said.