India’s growing energy sector attractive for foreign investors : Pradhan

Speed Post News Network

New Delhi : Petroleum and Natural Gas & Steel Minister Dharmendra Pradhan on August 2, 2019, said that India’s growing energy sector is attractive for foreign investors. Speaking at Bloomberg New Energy Finance (NEF) New Delhi Summit, he said that it has repeatedly received funding from Sovereign Wealth Funds, Pension Funds, long-term strategic investors from Western countries, Asian Countries, and the Middle East. “The economy, projected to grow at more than 7%, will attract more funding. Many companies have successfully raised funding through overseas bond market and this funding route is likely to grow manifold going forward,” he added.

The Minister said that India’s upstream sector is an important focus area of the government.  Several transformative policy reforms have been undertaken to revitalise the E&P eco-system and establish a conducive business environment, which would facilitate more investment and boost domestic oil and gas production. “The key policy reforms undertaken to augment the domestic oil and gas production include the policy of uniform licensing, marketing and pricing freedom to the operators, availability of comprehensive data to the investors to take informed decisions, and fiscal incentives with the thrust on production enhancement,” Pradhan said.

Pradhan said India remains a bright spot in the global economy. With strong domestic economy and supportive policy environment, the Government is committed to achieving holistic, inclusive, and sustainable economic development. India will become 3 trillion dollar economy this year and aims to achieve a 5 trillion dollar target in the near future, he added. To achieve this target, India needs secure, affordable and sustainable energy to sustain the high growth and provide energy access to 1.3 billion people. “We have taken several measures to overhaul the hydrocarbon sector to ensure energy security for the country while pursuing a green path to progress,”he said.

On the issue of energy landscape, the Minister said that it is passing through a big change – making way for clean energy technologies. “In a drive to provide energy access to all in a sustainable manner, our Government has taken a big responsibility by making global commitment to reduce emissions intensity of its GDP by 33 – 35% from 2005 levels. One of the main strategies India is planning to adopt towards achieving this goal is by having 40% electricity generation capacity from non-fossil fuel-based energy resources by 2030,” Pradhan said, according to a PIB release.

Pradhan said that Oil Marketing Companies are providing soft loans and subsidies to petrol pump dealers to install solar rooftops. He said, “This is the right time to think of sale options like blending electricity generated from gas power plants with renewable energy. This will further aid the process of emission reduction.”