India needs to increase its domestic oil and gas production and reduce import, says PM Modi

Inaugurating the 12th International Oil and Gas Conference, PETROTECH-2016, in New Delhi today, Prime Minister Narendra Modi said India needs to increase its domestic oil and gas production and reduce import.

He said energy is the key driver of the country's economic growth and the country needs affordable and reliable sources of energy to meet the increasing demand.

He further added that energy sustainability is a sacred duty which India does out of commitment and not out of compulsion.

The country needs energy which is accessible to the poor and efficient in its use, he said.

The Prime Minister said, hydrocarbons will continue to play an important role in India's growth.

He said energy in general and hydrocarbons in particular are an important part of his vision for India's future.

The Prime Minister said India's economy is expected to grow five-fold by 2040. He urged global hydrocarbon companies to come and Make in India.

He said, while global economy goes through uncertainty, India has shown tremendous resilience and Foreign Direct Investment (FDI) is at the highest level.

Earlier, Petroleum and Natural Gas Minister Dharmendra Pradhan said the PETROTECH Conference will provide a platform for national and international experts from oil and gas industry to exchange views and share knowledge, expertise and experience.