Petroleum Minister Dharmendra Pradhan on Wednesday said India is moving towards emerging as one of the strongest economies of the world. <br/><br/>He was speaking at the launch of National Data Repository and Open Acreage Licensing Programme in New Delhi on Wednesday evening. National Data Repository is an integrated centralised data repository of the entire exploration and production data of India's 3.14 million square kilometre sedimentary basins.<br/><br/>Open Acreage Licensing will allow investors looking for exploring hydrocarbons to select blocks after studying the data available through NDR without waiting for a formal bid round from the government. <br/><br/>Mr Pradhan said NDR will provide a rapid jump start to exploration and production activities in India. The Minister stressed on the need for new technologies in Petroleum sector saying cost of production should be reduced. Mr Pradhan called for improving efficiency of Oil and Natural Gas industry. He said technological reforms are critical for petroleum and natural gas sector.