India needs to increase investment in oil, gas fields abroad

Sanjay Sinha, Secretary (East) in MEA said India require uninterrupted energy supply at affordable prices and there was a need for developing renewable and unconventional sources of energy to increase energy efficiency.

He was speaking after releasing the book 'Energy Security and Economic Development in India: A Holistic Approach' authored by Bala Bhaskar, posted in the Indian Embassy in Washington.

"India requires uninterrupted energy supply at affordable prices and only energy security can ensure it. India's economic progress will be dependent on energy security," Sinha said.

He emphasised the need for reducing the widening demand-supply gap and batted for increased investments in oil and gas fields abroad by both the private and the public sector.

"We also need to develop renewable and unconventional sources of energy to increase energy efficiency. Safety of energy transport routes should also be ensured," he said.

Introducing his book, Bhaskar said, "The geo-political situation today makes it imperative that India ensure energy security keeping in mind the present and future challenges."

In his book, Bhaskar said that he has made an attempt to undertake a comprehensive study of India's energy reserves apart from focussing on the link between energy and economic growth.

Providing policy suggestions to improve energy efficiency and conservation, the book, Bhaskar said, also elucidates the geopolitical dynamics and underpins the role of energy diplomacy in achieving energy security.

V S Senthil, Principal Secretary in Kerala government, said, "If there is any country that is expected to maintain an average six per cent growth for the next 30 years, it is India.

"For increasing and sustaining this growth rate, we need to have competitive edge by securing our energy basket and welcoming private investment in the sector," he said.