The oil behemoth is on course to mark 60th year of its excellence
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Prime Minister Narendra Modi's government has set a target of electric vehicles making up 30 percent of new sales of cars and two-wheelers by 2030 from less than 1 per cent today
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In November, the Unites States granted a six-month waiver from sanctions to India and allowed New Delhi to continue to import a limited quantity of Iranian oil
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The EU wanted a so-called special purpose vehicle (SPV) to help preserve the economic benefits for Iran deriving from the curbs Tehran placed on its nuclear programme under a 2015 deal with world powers
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India is the world's third-largest oil consumer and buys about 80 per cent of its supplies from abroad. Prime Minister Narendra Modi has set a target to cut India's dependence on foreign oil to 67 per cent by 2022
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The government in August had asked India's biggest state-owned oil company to list its subsidiary as part of a drive to sell state-assets to raise funds
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In October, the Finance ministry had cut its production tax on the two fuels by 1.50 rupees a litre and had asked state-owned fuel retailers to reduce their marketing margins by 1 rupee a litre to insulate consumers from a surge in global oil prices at the time
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Iran's participation has been questioned after India cut back its Iranian crude oil imports following U.S. sanctions
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