Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has said that India’s growing energy sector is attractive for foreign investors. Speaking at 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.
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.
On the issue of energy landscape, the Minister said that it is passing through a big change – making way for clean energy technologies. “In a drive to provide energy access to all in a sustainable manner, our Government has taken a big responsibility by making global commitment to reduce emissions intensity of its GDP by 33 – 35% from 2005 levels. One of the main strategies India is planning to adopt towards achieving this goal is by having 40% electricity generation capacity from non-fossil fuel-based energy resources by 2030.” Pradhan said.
Appreciating the oil and gas companies for investing in developing renewable energy projects for self-consumption and for supplying to the grid, 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.”
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