In layman’s terms, Government of India is storing oil for hard times when the rates shoot up exorbitantly due to world crisis or supply disruptions.
It was first approved by NDA 1 under ji govt to build strategic reserves, STALLED by Congress for 10 years with no work done. NDA2 under Modi has started where Vajpayeeji left. Govt. is spending to the tune of 8 billion dollars in building India’s maiden strategic reserves.
The problem started when the UPA government, which assumed office soon after, decided to review the strategic storage plan and precious time was wasted in further studies by the Planning Commission. To cut a long story short, a decade after the project was initiated, not one of the three planned storages has been completed till now. Costs have, meanwhile, escalated and the opportunity to secure the country’s energy supplies has been squandered.
Another factor is the huge increase in the labor,transportation and other costs between the years.
So comparison between both of them is nothing but a foolishness.