The Finance Minister Pranab Mukjerjee today called for making structural reforms in the crucial energy sector so that they get the benefits of latest initiatives taken by the government in this vital sector. He said energy security is essential for India's double digit growth and called for making all out efforts to ensure sustainable growth and development.Addressing the concludiding session of the three day confrence of oil producers, marketing companies and other stake holders in New Delhi Wednesday evening, Mr. Mukherjee asserted that India has come out of economic slowdown faster than previously predicted. He said, maintaining a balance between demand and supply is a great challenge and asked the oil companies to make appropriate strategies to deal with them.Petroleum Minister Mr. Murali Deora, addressing the session said that exploratory successes in Indian basins in recent times has given the government confidence that huge number of oil and gas resources are yet to be discovered and expressed hope that the companies will be participating in the ninth round of any national exploration licensing policy bid and pledged full support of the government in achieving energy security for the nation. Mr. Deora said, in refinery sector the surplus capacity has contributed to fifty-one million tonnes of refinery petroleum products in the last year making them the largest foreign exchange earner.AIR correspondent Vijay Raina reports that several bilateral and multilateral agreements were finalised and some of them signed in Oil and Natural Gas sector during the three-day event. Four thousand delegates from India and abroad including several Mnisters and representatives from oil-rich companies participated in the deliberations to prepare a blue-print for low carbon economies.
News On AIR | November 3, 2010 6:42 PM
Energy security essential for India's double digit growth: Pranab