India needs secure, affordable and sustainable energy to sustain high growth and provide energy access to 1.3 billion people: Petroleum Minister

Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has said that India's growing energy sector is attractive for foreign investors. Speaking at Bloomberg NEF New Delhi Summit today, he said that it has repeatedly received funding from Sovereign Wealth Funds, Pension Funds, long-term strategic investors from Western countries, Asian Countries and the Middle East. The economy projected to grow at more than 7%, will attract more funding. Many companies have successfully raised funding through overseas bond market and this funding route is likely to grow manifold going forward., he added.

The Minister said that India's upstream sector is an important focus area of the government. Several transformative policy reforms have been undertaken to revitalize the E&P eco-system and establish a conducive business environment, which would facilitate more investment and boost domestic oil & gas production. The key policy reforms undertaken to augment the domestic oil and gas production include the policy of uniform licensing, marketing and pricing freedom to the operators, availability of comprehensive data to the investors to take informed decisions and fiscal incentives with the thrust on production enhancement., Pradhan said.

India remains a bright spot in the global economy. With strong domestic economy and supportive policy environment, the Government is committed towards achieving holistic, inclusive and sustainable economic development. India will become 3 trillion dollar economy this year and aims to achieve a 5 trillion dollar target in the near future. To achieve this target, India needs secure, affordable and sustainable energy to sustain the high growth and provide energy access to 1.3 billion people. Therefore, it is important for us to tap every source of energy. We have taken several measures to overhaul the hydrocarbon sector to ensure energy security for the country while pursuing a green path to progress., the Minister said.

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