Energy security essential for India’s double digit growth: Pranab Mukherjee

November 3rd, 2010 - 10:01 pm ICT by ANI  

Pranab Mukherjee New Delhi, Nov.3 (ANI): Union Finance Minister Pranab Mukherjee on Wednesday gave a call to make structural reforms in the energy sector to attract investments, adding for this purpose the government has taken a series of initiatives to move towards an energy rich world.

He said energy security is essential for India’s double digit growth and it should be the focus of discussions of energy leaders in all multilateral and bilateral foray.

Mukherjee said energy security is essential for India’s double-digit growth and called for making an all out effort to ensure sustainable growth and development.

Addressing the concluding session of the three-day conference of oil producers, marketing companies and other stake holders in New Delhi Wednesday evening, the Finance Minister asserted that India has come out of economic slowdown faster than previously predicted.

Stating that maintaining a balance between demand and supply is a great challenge, Pranab asked the oil companies to make appropriate strategies to deal with them.

Also present on this occasion was Union Minister for Petroleum and Natural Gas Murali Deora, who said that exploratory successes in Indian basins in recent times has given the government confidence that huge number of oil and gas resources are yet to be discovered.

The Minister expressed hope that the companies will be participating in the ninth round of any national exploration licensing policy bid and pledged full support of the government in achieving energy security for the nation.

Mr. Deora said, in refinery sector the surplus capacity has contributed to 51 million tonnes of refinery petroleum products in the last year, making them the largest foreign exchange earner.

Several bilateral and multilateral agreements were finalised and some of them signed in Oil and Natural Gas sector during the three-day event.

About 4,000 delegates from India and abroad including several ministers and representatives from oil-rich companies participated in the deliberations to prepare a blue-print for low carbon economies. (ANI)

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