India’s growing energy sector presents tremendous opportunities to investors: PM Modi
Prime Minister Narendra Modi has invited the global industry to become partners in India’s progress and shared prosperity by enhancing India’s production of all forms of energy.
Interacting with CEOs of leading oil and gas companies in the annual event organized by NITI Aayog and Ministry of Petroleum and Natural Gas on Monday, Mr Modi said, India’s rapidly growing energy sector presents tremendous opportunities to investors.
During the interaction, 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.
Mr Modi 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.
He said, India now allows 100 per cent FDI in exploration and production projects, and has permitted 49 per cent FDI in public sector refining under the automatic route.
He said, these reforms are translating into increased FDI flow in the sector.
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 further highlighted that India is also aiming to become a hub for chemicals and petro-chemicals manufacturing and exporting.
Prime Minister 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.