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It is welcome that the Centre plans to revamp(सुधार) and unbundle the market for natural gas so as to boost(बढ़ावा देना)investments and shore up competition in pricing and supply going forward. Reports say that the government is to split(विभाजित/खंडित) state-owned gas major Gail into separate units for marketing and pipeline operations by next March. It would make perfect sense to have the independent entities(संस्थाओं/वास्तविकता) up and running even earlier.Gail is, of course, India’s biggest gas marketer and also owns much of the gas pipeline network, and we do need separate entities to avoid conflicts(संघर्ष) of interest, as the gas market here is poised for explosive growth. And Gail already maintains separate accounts for its pipeline and marketing businesses.
Natural gas is by far the cleanest and most efficient(कुशल/कार्यक्षम) fossil(प्राचीन/खनिज पदार्थ) fuel, but it accounts for a lowly 6% in our commercial energy mix, and the target is to increase the usage figure to 15% by 2030. The way forward is to step up investment in gas pipelines and attendant infrastructure for pumping and storage, for which the investment requirement is put at $20 billion. There’s the requirement to invest in more liquefied natural gas terminals as well. Besides, we need multiple gas marketers to competitively(प्रतिस्पर्धात्मक/प्रतियोगितापूर्वक) seek custom and match demand with supply. Hence(इसलिए/हट!) the urgent need to split Gail into separate entities for marketing and supply. In tandem, we need gas trading hubs for better price discovery in the domestic market and also have futures and options in gas. We need to shelve the administered(शासित/दिया गया) gas pricing regime that is linked to the going rates in distant mature (परिपक्व/तैयार होना) markets that do not reflect scarcity value here at home, and opt for truer market-determined prices instead, so as to boost supply. Further, we need sound regulatory oversight of the gas market for investor comfort.
Important Vocabulary
1.Revamp(सुधार)
Synonyms: clean, overhaul, refurbish, rehabilitate, remake
Antonyms: break, damage, destroy, hurt, ruin
2.Split(विभाजित/खंडित)
Synonyms: breach,chasm, crack, division, fissure
Antonyms: agreement, closing, closure, connection, juncture
3.Fossil(प्राचीन/खनिज पदार्थ)
Synonyms: relic, skeleton, specimen, trace, deposit
4.Administered(शासित/दिया गया)
Synonyms:administrate, carry out, conduct, direct, execute
Antonyms: leave, neglect, obey, follow, deny
5.Efficient(कुशल/कार्यक्षम)
Synonyms: able, active, adequate, capable, competent
Antonyms:delicate, fragile, idle, impotent, inactive
