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Energy sector offers tremendous opportunities for investment

by BQ News Bureau
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Providing equitable access to clean, affordable and sustainable energy to all Indians is the core of India’s policy. The country is taking steps to move towards a gas-based economy, said Prime Minister Narendra Modi while interacting with CEOs of leading oil and gas companies.

He said the government had been taking a series of policy steps to make India an attractive investment destination. There were tremendous opportunities in the energy sector in India, which now allowed 100% FDI in exploration and production projects and permitted 49% FDI in public sector refining under the automatic route. These reforms were translating into increased FDI flow in the sector. The country was taking steps to move towards a gas-based economy. A gas pipeline network was being developed to achieve ‘One Nation One Gas Grid’. India was also aiming to become a hub for chemicals and petrochemical manufacturing and exports.

The country was working towards reduction of import dependence of fuel through increased use of ethanol, second-generation ethanol, compressed biogas and biodiesel, the Prime Minister said and invited the global industry to become partners in India’s progress and shared prosperity by enhancing the country’s production of all forms of energy.

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