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Pradhan invites foreign investment in Indian energy sectors
By TOG News Service
Oct 29, 2020

TOG NEWS SERVICE, NEW DELHI, OCT 29, 2020: THE Union Minister of Petroleum and Natural Gas & Steel Mr Dharmendra Pradhan has invited the global industry and experts to become partners in India's shared prosperity by enhancing India's production of all forms of energy. Speaking at the concluding Session of CERA Week India Energy Forum last evening he said that inauguration of India Energy Forum by the Prime Minister is reflective of the importance the Government of India attaches to improve the energy security, architecture and transform our energy landscape at a time when the Covid-19 pandemic is impacting adversely the global energy sector. 

Mr Pradhan said that we are deeply honoured that Hon'ble Prime Minister Mr Narendra Modi inaugurated the event for the first time in which he outlined his energy vision – A new energy map of India, with seven key drivers. The Minister underlined the key message of the Prime Minister about the rapid strides made by India in making universal electrification at village level, Clean Cooking Fuel reach far and wide in the country to each and every household, and nation-wide supply of LED bulbs, leading to massive energy efficiencies, thereby delivering on our promise of significantly reducing energy poverty in the country.

Mr Pradhan said that the Prime Minister on the first day of the event interacted with CEOs/Experts and Leaders of World's leading Oil and Gas companies and exchanged ideas on the energy sector in India.  He said that Prime Minister highlighted that at the core of the Government policy is providing equitable access of clean, affordable and sustainable energy to all Indians.   Mr Modi underlined that the Government is taking a series of policy reforms to make India an attractive destination.  The Prime Minister also mentioned that a self-reliant India would also be a force multiplier for the global economy.

Mr Pradhan said Indian oil and gas industry has made significant strides in recent years. It has risen to the occasion in a commendable manner during these challenging times by ensuring energy supplies, including making clean cooking fuel reach the remotest part of the country. "I am confident the leaders of Indian oil & gas industry not only contributed their experiences but also would take home fresh ideas from this Forum" he added.

The Minister said under the decisive and visionary leadership of Hon'ble Prime Minister, we are making concerted efforts and taking all necessary steps to make the energy sector fuel India's economic growth during and in the post-Covid period.   He said that the world is going through unprecedented health crisis and the Covid pandemic is obstructing the economic growth in the world.    "We are at such a point, when we have to assess the impact of Covid led disruptions to global energy sector supply chains and calibrate our approach towards strengthening of India's energy sector", Mr Pradhan added. 

Mr Pradhan thanked the participants of the event especially H.R.H. Prince Abdulaziz, Ministry of Energy of Saudi Arabia and H.E. Dan Brouillette, US Secretary of Energy for their special inaugural messages in the India Energy Forum.   The Minister also thanked Finance Minister Smt. Nirmala Sitaraman and Minister of Railways, Commerce and Industry Mr Piyush Goyal for joining the event.

Around 40 global CEOs of oil and gas companies, as well as Indian CEOs from public and private companies, participated in the event and presented their views, suggestions and investments in the country. Addressing the industry leaders, the Prime Minister had stated that with India's energy demand estimated to double in the next two decades, India has a unique role to play in rebuilding a more sustainable world.

The India Energy Forum by CERAWeek, which started in 2017, has become an annual event. The principle idea behind is bringing together the global energy leaders and experts to India to deliberate on the opportunities and challenges in India's energy sector.  The Minister commended Dr. Daniel Yergin, Vice Chairman IHS Markit and his team for their dedication in continuing uninterrupted with the fourth edition of the India Energy Forum on a virtual platform. 

During the 3-day event Mr Pradhan had launched the book "The New Map" by Dr. Yergin.