Speed Post News Network
New Delhi : Prime Minister Narendra Modi on October 26, 2020, interacted with CEOs of leading oil & gas companies at an annual event organized by NITI Aayog and Ministry of Petroleum and Natural Gas.
During the interaction, the Prime Minister highlighted that energy is at the centre of human development, which is why conversations around the energy sector are important. He said that at the core of the government’s policy is providing equitable access of clean, affordable and sustainable energy to all Indians, for which the country has adopted an integrated approach.
The PM underlined that with the government taking a series of policy steps to make India an attractive investment destination, there are tremendous opportunities in the energy sector in India. India now allows 100% FDI in exploration and production projects, and has permitted 49% FDI in public sector refining under the automatic route. These reforms are translating into increased FDI flow in the sector, he said.
He added that the country is taking steps to move towards a gas-based economy and said that a gas pipeline network is being developed to achieve ‘One Nation One Gas Grid’. He also talked about efforts towards expanding city gas distribution networks to assist supply of cleaner cooking and transportation fuels. He further highlighted that India is also aiming to become a hub for chemicals and petro-chemicals manufacturing and exporting, according to a PIB release.
PM Modi noted that human needs and aspirations cannot be in conflict with the natural surroundings. He said that India believes in both human empowerment and care for the environment. He added that the country is working towards reduction of import dependence of fuel through increased use of ethanol, second generation ethanol, compressed biogas, and biodiesel.
He said that based on the philosophy of sustainable development, India has made efforts to nurture new institutions like the International Solar Alliance, adding that our goal is ‘One World, One Sun, One Grid’. Highlighting the importance of India’s ‘Neighbourhood First’ policy, the Prime Minister said that India is strengthening energy engagement with its neighboring countries Nepal, Bangladesh, Sri Lanka, Bhutan, and Myanmar. He concluded saying that India’s rapidly growing energy sector presents tremendous opportunities to investors. He invited the global industry to become partners in India’s progress and shared prosperity by enhancing India’s production of all forms of energy.
The event witnessed participation of around 40 CEOs from the oil and gas sector, with around 28 leaders presenting their views before the Prime Minister.