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The Indian government is giving less money than planned to help state-owned fuel companies go green. They initially promised ₹30,000 cr, but now it's only ₹15,000 cr. This money was meant for Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to support their plans to use cleaner energy.
This change happened because, in a meeting on November 30, 2023, the government decided to give only half of the promised money. They didn't explain why, but some say it's because these companies are making more profit this year, which helps cover the losses from the previous year.
The government has a total budget of ₹35,000 cr for things like making energy cleaner and more secure. Out of this, ₹30,000 cr was supposed to help these oil companies, and the rest was for buying crude oil to store in Mangalore and Visakhapatnam for emergencies. However, they decided to delay buying crude oil due to changes in the oil market.
The government is now asking for approval from a group called the Cabinet Committee on Economic Affairs to make these changes. Indian Oil Corporation and Bharat Petroleum had plans to raise money through something called "rights issues," but now it seems the government might only give them half of what they initially agreed to.
Hindustan Petroleum, on the other hand, won't get money directly from the government because the government sold most of its ownership in the company to ONGC in 2018. ONGC will likely get the money and then give it to Hindustan Petroleum.
These changes in plans may be because the government wants to spend money carefully and not have too much debt compared to what they earn. This is happening because the government is not making as much money as it expected, especially from selling parts of government-owned companies.
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