One of the most prominent public sector enterprises in India is Oil and Natural Gas Corporation Limited (ONGC). ONGC is a state-owned oil and gas company that is responsible for exploring, producing, and refining oil and gas resources in India. It was established in 1956 and has since played a crucial role in the development of India’s energy sector.

Relevance to Indian Economy: ONGC is a significant contributor to the Indian economy. It is the largest crude oil and natural gas company in India and accounts for around 70% of India’s crude oil production and 62% of its natural gas production. The company’s operations have a significant impact on the country’s energy security and help reduce India’s dependence on foreign oil and gas imports. ONGC also contributes significantly to the government’s revenue through taxes, royalties, and dividends.

Future Prospects: ONGC has ambitious plans for the future, including increasing its oil and gas production, expanding its exploration activities, and diversifying into renewable energy sources. The company has set a target of producing 20 million tonnes of oil equivalent by 2025 and has invested in various projects to achieve this goal. ONGC has also entered into partnerships with other companies to explore and develop new oil and gas fields.

Trend of Growth: Over the last ten years, ONGC’s revenue has grown steadily, from INR 1,09,905 crore in 2010 to INR 1,05,444 crore in 2020. However, the company’s net profit has been volatile, with fluctuations due to changes in oil prices and production levels. ONGC’s net profit was INR 26,506 crore in 2010, which increased to INR 26,715 crore in 2014 but decreased to INR 13,445 crore in 2016. However, the company’s net profit has been increasing since then, reaching INR 13,445 crore in 2020.

In conclusion, ONGC is a crucial public sector enterprise in India that plays a significant role in the country’s energy sector and economy. The company’s future prospects look promising, with ambitious plans for growth and diversification. Despite fluctuations in net profit, ONGC’s revenue has grown steadily over the last ten years, indicating a positive trend in the company’s performance.