Newdelhi:2/8/19:Minister of Petroleum and Natural Gas & Steel Shri 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.
Shri Dharmendra 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 economicdevelopment.India will become 3 trilliondollar 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 thehigh 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.
Appreciating the oil and gas companies for investing in developing renewable energy projects for self-consumption and for supplying to the grid, Shri Pradhan said that. Oil Marketing Companies are providing soft loans and subsidies to petrol pump dealers to install solar rooftops. He said “This is the right time to think of sale options like blending electricity generated from gas power plants with renewable energy. This will further aid the process of emission reduction.”
Shri Pradhan said the Government is committed towards clean energy, which extends beyond justelectricity. The Pradhan Mantri Ujjwala Yojana has transformed the lives of millions of poor households by ensuring access to clean cooking fuel. “More than 75 million LPG connections have been provided under the Ujjwala Yojana so far, which has resulted in enhancing the LPG penetration in India to around 95% as against 56% in May 2014. The Pradhan Mantri Ujjwala Yojana has saved millions of women and children from the health hazards of smoky kitchens”, he said.
The Minister said that many of our refineries are today close to large urban clusters, and as part of their focus as good corporate citizens, all have shifted to cleaner natural gas for their energy needs. In addition, the government has already implemented fuel efficiency norms for commercial heavy vehicles. “To tackle pollution issues, we are looking at gas-based transportation solutions. We are switching to BS-VI fuels from 1st April 2020. The National Capital Territory of Delhi has already switched to BS-VI fuels in April last year. We are promoting the use of CNG, bio-CNG and LNG in transportationsector. We are setting up bio-refineries and targeting newer sources of ethanol. The ethanol-blended program will enable OMCs to sell 10% blended petrol.”, Shri Pradhan said.
.The Minister said “we are mindful of the difficulties being faced by investors in some instances where State Government is trying to renegotiate some of the executed contracts. Our Government has requested State Governments to reconsider their decision, as this will jeopardize future investment in not only the concerned state but also the country as a whole.”