In an interaction with oil and gas CEOs and experts from across the world, Prime Minister Narendra Modi has admitted that the status of the country’s energy sector was extremely uneven and also stressed that there is need for further energy reforms in many areas in the sector. Modi welcomed the suggestion made for a comprehensive energy policy and also welcomed all possibilities for innovation and research in the oil and gas sector.
The Prime Minister indicated that there is need to develop energy infrastructure and access to energy in eastern India. He also flagged the potential of bio-mass energy and also invited participation and joint ventures in coal gasification. As India moves towards a cleaner and more fuel-efficient economy, he also wants its benefits to expand horizontally to all sections of the society, and in particular to the poorest.
During the meeting, issues such as the need for a unified energy policy, contract frameworks and arrangements, requirement of seismic data sets, encouragement for biofuels, improving gas supply, setting up of a gas hub, and regulatory issues came up for discussion. Various participants appreciated the progress and reforms made in India in the last three years. They have also appreciated the pace and drive with which the prime minister has brought about reform in the energy sector. Besides, some participants strongly recommended the inclusion of gas and electricity under the ambit of the Goods and Services Tax (GST) to make these competitive.