PM Modi Interacts With CEOs Of Global Oil And Gas Firms, Calls For Investment In India's Rapidly Growing Energy Sector

Prime Minister Narendra Modi on Monday (26 October) interacted with CEOs of leading global oil and gas companies in the annual event organized by NITI Aayog and Ministry of Petroleum and Natural Gas.

During the interaction, PM Modi 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 Prime Minister's Office (PMO) said in a statement.

He 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 per cent FDI in exploration and production projects, and has permitted 49 per cent FDI in public sector refining under the automatic route. These reforms are translating into increased FDI flow in the sector, he said.

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.

Noting that human needs and aspirations cannot be in conflict with the natural surroundings, PM Modi 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.

PM Modi further said that India’s rapidly growing energy sector presents tremendous opportunities to investors and invited the global industry to become partners in India’s progress and shared prosperity by enhancing country’s production of all forms of energy.