November 3, 2010 8:07 PM

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‘Energy security essential for India's double digit growth: Pranab

Finance Minister Pranab Mukjerjee today called for making structural reforms in the crucial energy sector to attract investments. He said for this purpose government has taken a series of initiatives to move towards an energy rich world. He said energy security is essential for India's double digit growth and it should be focus of discussions of energy leaders in all multilateral and bilateral foray.Addressing the concluding session of the three day conference of oil produces, marketing companies and other stake holders in New Delhi this 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, while addressing the delegates 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. AIR correspondent Vijay Raina reports that surplus capacity of refinery sector has contributed to fifty-one million tones of refinery petroleum products in the last year making them the largest foreign exchange earner.”Petrotech is a unique platform which provides all stakeholders in the hydrocarbon sector a platform to discuss the issues of common concern and an opportunity to have bilateral and multilateral tie ups. Taking a leap forward, this year several such pacts were finalised in the mega event which was first of its kind with the focus on sustainable development. The thrust of the conclave is always India centric as New Delhi is making all out efforts to ensure energy security for a double digit growth. At a time when India is the second fastest growing economy in the world, the energy security is of vital importance. And the step is towards achieving that objective. As the Prime Minister said it will take some more time to make use of nuclear and other green and clean sources of energy to meet the growing energy demand, it is important to have tie ups and cooperation with other oil producing countries to meet the demands of a growing economy.

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