Modi government expects cargo traffic at its ports to jump by two-thirds by 2021 as India ramps up exports of goods including cars and other machinery.
While India is catching China in motorbike sales, it lags far behind in cars, which use more petrol per journey.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
India has already pipped Japan as the world's third-largest oil consumer.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
Iran has complained of irregular shipments
Tehran plans to lift exports by 500,000 barrels per day
The decision ahead of Japanese Prime Minister Shinzo Abe's visit beginning on Friday gives Tokyo an early lead over China.
The government wants to introduce a nationwide goods and services tax to revive its stalled reform programme.
The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi's plan to recycle tonnes of idle gold and cut economy-hurting imports.
India's fuel demand in September rose at the fastest pace in more than a decade.
The fields have reserves of about 89 million tonnes
Modi's reform agenda suffered a major setback earlier this month when lawmakers in the Rajya Sabha refused to support the the Goods and Service Tax bill.
IOC, the key importer of petrol, has sought almost 700,000 tonnes for March-September delivery.
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
The rupee fell 1.87 percent against the dollar this week, its biggest fall since late April.
This is another blow to Modi's ambitious economic reform agenda that has been stalled by a logjam in parliament
Finance Minister Arun Jaitley sought parliament's approval on Friday to increase the spending budget for this fiscal year by $4 billion, with almost half to be used to inject extra capital into state banks struggling with bad loans.
The government freed diesel pricing last October, providing a level playing field to private companies like Reliance and Essar Oil.
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