Energy security essential for India’s double digit growth: Pranab Mukherjee
November 3rd, 2010 - 10:01 pm ICT by ANI
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)
- Energy sector needs structural reforms: Mukherjee - Nov 03, 2010
- GDP growth rate satisfactory: Pranab - Dec 25, 2010
- India to step up oil, gas imports from Africa - Dec 09, 2011
- India, Angola to speed up petroleum sector cooperation - Oct 31, 2010
- India, Russia to increase hydrocarbon cooperation - Dec 21, 2010
- Murli Deora to lead high-level delegation to Vietnam - Jul 20, 2010
- India seeks higher crude oil supplies from Angola - Oct 31, 2010
- Deora meets Mukherjee on oil price hike, no decision taken - Jan 14, 2010
- No fuel price hike till committee submits report: Deora - Feb 01, 2010
- Oil marketing firms losing Rs.518 crore per day - May 01, 2012
- No impact of political controversies on investment: Mukherjee - Jul 26, 2011
- Naphtha cracker project at Indian Oil's Panipat complex dedicated to nation - Feb 15, 2011
- India keen to invest more in Sudan's oil sector - Oct 30, 2010
- Reform-focussed Nigeria seeks Indian capital in energy, banking (Roundup) - Mar 16, 2011
- Iran proposes investment protection treaty with India - Jul 08, 2010
Tags: deora, double digit growth, economic slowdown, energy leaders, energy sector, energy security, exchange earner, gas resources, marketing companies, multilateral agreements, murali, natural gas sector, oil producers, petroleum products, pranab mukherjee, stake holders, surplus capacity, sustainable growth, union finance minister, union minister