India's rapidly 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.

Prime Minister Narendra Modi in a tweet has said, "Earlier this evening, had extensive interaction with CEOs and experts associated with the energy sector. We discussed the wide range of opportunities India offers in the sector as well as India's reform measures that will boost growth."

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 to 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 petrochemicals 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.

Highlighting the importance of India's 'Neighbourhood First' policy, Prime Minister said that India is strengthening energy engagement with its neighbouring countries Nepal, Bangladesh, Sri Lanka, Bhutan and Myanmar. He concluded saying that India's rapidly growing energy sector presents tremendous opportunities to investors. He invited the global industry to become partners in India's progress and shared prosperity by enhancing India's production of all forms of energy.

The event witnessed participation of around 40 CEOs from the oil and gas sector, with around 28 leaders presenting their views to the Prime Minister. Key stakeholders such as Dr Sultan Ahmed Al Jaber, CEO, Abu Dhabi National Oil Company & Minister of Industry and Advanced Technology, UAE; Mr. Saad Sherida al-Kaabi, Deputy Chairman, President & CEO and Qatar Minister of State for Energy Affairs; Mr. Mohammad Sanusi Barkindo, OPEC Secretary General; Dr Faith Birol IEA Executive Director; Yury Sentyurin, GECF; and Dr Daniel Yergin, Vice Chairman IHS Markit, UK, shared their inputs on the sector. CEOs of major oil and gas companies, including Roseneft, BP, Total, Lyondell Basell, Tellurian, Shulumberger, Baker Hughes, JERA, Emerson and X-Coal, participated in the meeting.