New Delhi: Prime Minister Narendra Modi interacted with the CEOs of major oil and gas companies at the annual event organized by NITI Aayog and Ministry of Petroleum and Natural Gas. During this time the Prime Minister said that energy is at the center of human development, so it is important to talk about the energy sector.
He said that providing equal access to clean, cheap and sustainable energy to all Indians is at the core of government policy. For this, the country has adopted an integrated approach.
He stressed that the government is taking several policy steps to attract investment in India. Modi said that there are tremendous opportunities for investment in the energy sector in India. 100 percent FDI-FDI is now allowed in exploration and production projects in India, and 49 percent FDI for automatic route refining in the public sector.
He said that these reforms are helping to increase foreign direct investment in the energy sector. He said that the country is moving towards a gas-based economy. The Prime Minister said that a network of gas pipelines is being developed across the country to achieve the goal of 'One Nation - One Gas Grid'.
He also talked about efforts to expand the gas distribution network of cities to help supply clean fuel for cooking and transportation. He highlighted that India is moving towards achieving the goal of becoming a hub of chemicals and petrochemical manufacturing and export.
The Prime Minister said that human needs and aspirations should not conflict with the natural environment. He said that India believes equally in both human empowerment and environmental care. He said that the country is working towards reducing dependence on fuel imports through the use of ethanol, second generation ethanol, compressed organic gas and organic diesel.
The Prime Minister said that on the basis of the philosophy of sustainable development, India has made efforts to nurture new institutions like the International Solar Alliance. He said that 'one world, one sun, one grid' is our goal. Highlighting the importance of India's 'Neighbor First' policy, the Prime Minister said that India is strengthening energy engagement with its neighboring countries Nepal, Bangladesh, Sri Lanka, Bhutan and Myanmar.
He said that India's fast growing energy sector presents tremendous opportunities for investors to invest in this sector. He invited global industries to become partners in India's progress and share prosperity by increasing the production of all forms of energy in India.
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