Energy is the key driver of the economic growth, says the Hon’ble Prime Minister of India, Shri Narendra Modi at PETROTECH-2016

Mr. Dharmendra Pradhan, Hon’ble Minister of State (I/c), Ministry of Petroleum & Natural Gas presenting a tablet with the downloaded app of PETROTECH-2016, to Mr. Narendra Modi, Hon’ble Prime Minister of India.

Inaugurating PETROTECH-2016, the 12th International Oil & Gas Conference & Exhibition under the aegis of the Ministry of Petroleum & Natural Gas, Government of India, the Prime Minister, Shri Narendra Modi,talked about sustainable, stable and reasonably priced energy as an essential commodity for economic development to reach the bottom of the pyramid. He said,“Hydrocarbons will remain the most important source of energy for many years to come. Therefore, the theme of the Conference “Hydrocarbons to Fuel the Future, Choices and Challenges” is both apt and timely.”

Hon’ble Prime Minister said that India’s economy is expected to grow fivefold by the year 2040. As per estimates, India is poised to account for one-fourth of the incremental global energy demand between 2013 and 2040. India is expected to consume more oil in 2040 than the whole of Europe. He added, “We expect manufacturing to account for 25 per cent of GDP by 2022 against 16 per cent now.”

Mr. Narendra Modi, Hon’ble Prime Minister of India lighting the ceremonial lamp in the presence of Mr. Dharmendra Pradhan Hon’ble Minister of State (I/c), Ministry of Petroleum & Natural Gas and Mr. B. Ashok, Chairman, IndianOil.

Continuing his fight against red tapism and his motto of Make in India, the Prime Minister remarked, “Our commitment is strong and our motto is to replace Red Tape with Red Carpet. My message to the global hydrocarbon companies is, ‘we invite you to come and Make in India’ as we are providing ease of business.”

With economies around the world going through turmoil, India has been getting Foreign Direct Investment and Shri Modi was quick to put that point across. “Our economy is more stable. While global economy goes through uncertainty, India has shown tremendous resilience. FDI in India was at the highest level in 2015-2016 at a time when global FDI has fallen. According to the International Bank of Settlement, India is less vulnerable to banking distress among the major economies.”

He further added, “Today,India is the world’s fastest growing large economy. This growth has been supported by a series of policy majors as our policies focus on improving India’s long-term socio economic prospects rather than making short-term headlines.”

Sounding optimistic about India’s economy, Shri Modi said, “Indian economy is expected to grow 5-fold by 2040 and we expect manufacturing to account for 25% of GDP by 2022 against the current 16%.” Speaking on his Government’s venture to provide piped natural gas and electricity in rural areas, Shri Modi said, “The Government has provided LPG connection to 10 million people in just seven months. We will look to double the pipelines network to 30,000 Km in the coming five years, includingin the least developed eastern parts of India.”

The visionary Prime Minister Modi wants every Indian to have access to electricity and energy. And in order to achieve his vision he has designed four pillars. “My vision for energy needs four pillars – Energy Access, Energy Efficiency, Energy Sustainability and Energy Security. And I want every Indian to have access to all the four pillars.”

Mr. Narendra Modi, Hon’ble Prime Minister of India along with Overseas Ministers and leaders from various countries at PETROTECH-2016.

Being a global citizen and paving the way for his government, he said, “As a responsible global citizen, India has committed to climate change, reducing emission and ensuring our sustainable future.” Shri Dharmendra Pradhan, Minister of State(Independent Charge)for Petroleum & Natural Gas said the Prime Minister has been a driving force behind the new revolutionary energy policies which promise reliable, accessible and affordable energy.

Talking about OPEC’s decision to cut the oil consumption, Shri Pradhan said, “OPEC decided to cut oil output to 1.2 million barrels per day for the first time in eight years. The OPEC countries and non-OPEC countries will be expected to reduce production by 600,000 barrels a day.”

Throwing light on the falling prices of oil in the international market, Pradhan confessed, “The low oil price for last two years have come as boost to the Indian economy.” The inauguration session of the 12th edition of PETROTECH came to an end with a vote of thanks by Mr B. Ashok, Chairman, Steering Committee, and Chairman, IndianOil. “Shri Modi’s presence in the hydrocarbon event has been very encouraging, inspiring and hence we will put our best foot forward to work towards the betterment of the nation.”

Upon inauguration, Shri Dharmendra Pradhan, MoS (I/c) for Petroleum & Natural Gas, presented a tablet with the downloaded app of PETROTECH-2016, a complete information repository ofPETROTECH-2016.

Delivering the welcome address, Hon’ble MoS(I/c) for P&NG highlighted the Hon’ble Prime Minister’s call for energy revolution in India and said, ‘The conference goes beyond oil & gas and covers the wide landscape of energy. We considered PETROTECH-2016 as a platform where policy-makers, experts, CEOs and academicians exchange views and expertise’. He said that consumption of petroleum products is price sensitive as there is a genuine issue of affordability for sizeable population of India and for other developing nations’. He exhorted the delegates to have a balance between production and consumption for sustainability of oil market. He concluded with underlining the initiatives and reforms by Govt. of India in upstream and downstream sector and the new investor-friendly Hydrocarbon Exploration Licensing Policy programme for tapping unconventional sources.