<P> The process of economic liberalisation in India began in 1991 when India defaulted on her loans and asked for a $1.8 billion bailout from the IMF . This was a trickle - down effect of the culmination of the cold war era; marked by the 1991 collapse of the Soviet Union, India's main trading partner . The bailout was done on the condition that the government initiate further reforms, thus paving the way for India's emergence as a free market economy, which would open up its markets to western companies . </P> <P> For the ONGC this meant being reorganised into a public limited company (it is now called for Oil and Natural Gas Corporation) and around 2% of government held stocks were sold off . Despite this however the government still plays a pivotal role and ONGC is still responsible for 77% of oil and 81% of gas production while the Indian Oil Corporation (IOC) owns most of the refineries putting it within the top 20 oil companies in the world . The government also maintains subsidised prices . As a net importer of oil however India faces the problem of meeting the energy demands for its rapidly expanding population and economy and to this the ONGC has pursued drilling rights in Iran and Kazakhstan and has acquired shares in exploration ventures in Indonesia, Libya, Nigeria, and Sudan . </P> <P> India's choice of energy partners however, most notably Iran led to concerns radiating from the US . A key issue today is the proposed gas pipeline that will run from Turkmenistan to India through politically unstable Afghanistan and also through Pakistan . However, despite India's strong economic links with Iran, India voted with the US when Iran's nuclear program was discussed by the International Atomic Energy Agency although there are still very real differences between the two countries when it comes to dealing with Iran . </P>

Who is the freedom fighter is known as the father of the indian petroleum industry