PETROTECH-2016 Concludes

Clarity on economic reforms roadmap has led to India being called bright spot in global economy, says Shri Arun Jaitley

India’s time has come ; make best use of international and domestic environment in hydrocarbon sector, says Shri Dharmendra Pradhan

Union Finance and Corporate Affairs minister Sh Arun Jaitley today said that clarity on economic reform roadmap has led to India being called bright spot in global economy. Speaking at the valedictory function of Petrotech-2016 in New Delhi today, he said that in the long term, Indian economy is headed for a very major change- culture of decision making has changed. On the issue of demonetisation, he said it was a harder option which would leave footprints behind as far as the future is concerned. The minister said that the Prime Minister had an option of doing what many others have done. There was an easier option but he chose the harder one. He said that Indian economy is going to be cleaner and more efficient in the future. He said that economic changes don’t happen overnight, but the road map and agenda for them can always be laid. As for Goods and Service Tax (GST), he said that most issues have been sorted out. He added that only one major issue is pending and it is expected to be resolved in near future. The Finance Minister expressed the hope that issue of cross-empowerment will be resolved and GST will be implemented from April 1.

Shri Jaitley said the oil and gas sector is the area of importance in the Indian economy. He said that when the best minds, domestic and international, are available at Petrotech, it’s an opportunity for us to discuss issues pertaining to India at length. He concluded that domestic and International investors who have participated in the Petrotech should go back with two clear messages. Firstly, that the Indian economy in the long term is headed for a very major change. Secondly, the culture of taking decisions has changed, policy makers have the capacity to take hard decisions in the long term interest for the country.

Speaking on the occasion, the Minister of State(I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan said that there was overwhelming response to Petrotech-2016, reflecting the interest of stakeholders in the country in the wake of policy initiatives and reforms undertaken. He said that there was exchange of knowledge during the conference and it enabled richness of perspective. He said that Prime Minister, Shri Narendra Modi, has given a clear roadmap on future of energy sector which rests on 4 pillars viz., Energy Access, Energy Efficiency, Energy Sustainability and Energy Security. He said that India’s time has come and it has to make best use of international and domestic environment in the hydrocarbon sector. The Minister said that stability in the sector can be brought about through international collaboration and dialogue and by introduction of better technology.

While mentioning successful meetings with his counterparts from 17 countries, Shri Pradhan extended an invite to all the participating delegates at the Petrotech-2016 for investing in different verticals of the Indian Hydrocarbon sector. Further, the Minister mentioned about the successful participation of students from various prestigious institutions across the country in YUVA URJA, where brainstorming sessions were conducted for them on cutting edge R&D taking place in the Hydrocarbon sector.

Shri Pradhan also mentioned about the signing of MoUs with the private sector companies in the areas of Bio-fuels, 2nd Generation (2G) Ethanol and various Energy sector start-ups. Finally, Shri Pradhan also mentioned about the success of Petrotech-2016 exhibition that has showcased innovations and R&D initiatives from over 700 exhibitors.