Prime Minister Manmohan Singh [Images] on Monday said the oil import bill will put an unbearable burden on the Indian economy and nuclear energy will play an important role in addressing the country's energy needs.

"Currently, the total domestic production of oil by Indian companies is less than one-third of the consumption. As we know, oil and gas reserves in India are quite limited," Dr Singh said after laying the foundation stone of ONGC's [Get Quote] new building in Delhi.

The oil import bill, he said, "will put an unbearable burden on our economy."

"These facts compel us to think of a new strategy to deal with the rising energy demand," the PM said adding, that nuclear and solar sources can play an important role in addressing energy security needs.

"Our govt is committed to the development of nuclear energy," he said.