During the interaction, Prime Minister highlighted that energy is at the center of human development, which is why conversations around the energy sector are important. He said that at the core of the government’s policy is providing equitable access of clean, affordable and sustainable energy to all Indians, for which the country has adopted an integrated approach.

He underlined that with the government taking a series of policy steps to make India an attractive investment destination, there are tremendous opportunities in the energy sector in India. India now allows 100% FDI in exploration and production projects, and has permitted 49% FDI in public sector refining under the automatic route. These reforms are translating into increased FDI flow in the sector, he said. He added that the country is taking steps to move towards a gas-based economy and said that a gas pipeline network is being developed to achieve ‘One Nation One Gas Grid’. He also talked about efforts towards expanding city gas distribution networks to assist supply of cleaner cooking and transportation fuels. He further highlighted that India is also aiming to become a hub for chemicals and petro-chemicals manufacturing and exporting.

Prime Minister noted that human needs and aspirations cannot be in conflict with the natural surroundings. He said that India believes in both human empowerment and care for the environment. He added that the country is working towards reduction of import dependence of fuel through increased use of ethanol, second generation ethanol, compressed biogas and biodiesel. He said that based on the philosophy of sustainable development, India has made efforts to nurture new institutions like the International Solar Alliance, adding that our goal is ‘One World, One Sun, One Grid’. Highlighting the importance of India’s ‘Neighbourhood First’ policy, Prime Minister said that India is strengthening energy engagement with its neighboring countries Nepal, Bangladesh, Sri Lanka, Bhutan and Myanmar. He concluded saying that India’s rapidly growing energy sector presents tremendous opportunities to investors. He invited the global industry to become partners in India’s progress and shared prosperity by enhancing India’s production of all forms of energy.

The event witnessed participation of around 40 CEOs from the oil and gas sector, with around 28 leaders presenting their views to the Prime Minister. Key stakeholders such as Dr Sultan Ahmed Al Jaber, CEO, Abu Dhabi National Oil Company & Minister of Industry and Advanced Technology, UAE ; Mr. Saad Sherida al-Kaabi, Deputy Chairman, President & CEO and Qatar Minister of state for Energy Affairs; Mr. Mohammad Sanusi Barkindo, OPEC Secretary General; Dr Faith Birol IEA Executive Director; Yury Sentyurin, GECF; and Dr Daniel Yergin, Vice Chairman IHS Markit, UK, shared their inputs on the sector. CEOs of major oil and gas companies, including Roseneft, BP, Total, Lyondell Basell, Tellurian, Shulumberger, Baker Hughes, JERA, Emerson and X-Coal, participated in the meeting

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He was participating at the inaugural session of the Hundred Years of ASSOCHAM in New Delhi today.
Addressing a gathering of leaders from the Corporate World, Diplomats and others, the Prime Minister said that the idea of making India a 5 Trillion Dollar worth economy is not a sudden one.

He said that in the past five years the country had made itself so strong that it not only could set for itself such a target but also make efforts in that direction.

“Five years before, the economy was heading for disaster. Our Government not only stopped this but also brought in a discipline in the economy”

“We brought in fundamental changes in India’s Economy so that it can run with set rules in a disciplined manner. We have met with the decades old demands of the Industrial Sector and we have built a strong foundation for a 5 Trillion Dollar Economy”

He said, “We are building the Indian Economy on two strong pillars of formalisation and modernisation. We are trying to bring in more and more sectors into the horizon of formal economy. Along with this we are linking our economy with latest technology so that we can speed up the process of modernisation”

“Now instead of several weeks it merely takes a few hours to register a new company. Automation is helping quick Trading across borders. Better linking of Infrastructure is reducing the turn-around time at Ports and Airports. And these are all examples of a modern economy. “

“Today we have a Government that listens to the Industry, understands its needs and which is sensitive to its suggestions.

Prime Minister said that the country could make a significant jump in the rankings of Ease of Doing Business due to a sustained effort.

“Ease of Doing Business may sound just like four words, but in order to improve its rankings there is a lot of effort that goes into it including changing the policies and rules at the ground level”

Prime Minister also emphasised the efforts being made towards a faceless Tax Administration in the country in order to reduce the human interface between the tax payer and the authorities.

“In order to bring about transparency, efficiency and accountability in the Tax System, we are moving towards a faceless Tax Administration”, he said.

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