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India's Growth Story Attracting Foreign Investors: Pradhan

India’s growing energy sector has repeatedly received foreign funding from Sovereign Wealth Funds, Pension Funds, long-term strategic investors from Western countries, Asian Countries and the Middle East, claimed Petroleum minister Dharmendra Pradhan
New Delhi: Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has claimed that India’s growing energy sector is so attractive for foreign investors, that it has repeatedly been receiving funding from Sovereign Wealth Funds, Pension Funds, long-term strategic investors from Western countries, Asian Countries and the Middle East. The minister was speaking at Bloomberg NEF New Delhi Summit on Friday. “The economy projected to grow at more than 7%, will attract more funding. Many companies have successfully raised funding through the overseas bond market and this funding route is likely to grow manifold going forward.”, he further added.

On Upstream sector

Pradhan said that India’s upstream sector is an important focus area of the government.  Several transformative policy reforms have been undertaken to revitalize the E&P eco-system and establish a conducive business environment, which would facilitate more investment and boost domestic oil & gas production. “The key policy reforms were undertaken to augment the domestic oil and gas production include the policy of uniform licensing, marketing and pricing freedom to the operators, availability of comprehensive data to the investors to take informed decisions and fiscal incentives with the thrust on production enhancement.”, he said.

On Bio-diesel programme

On the bio-diesel programme, Pradhan said, “I am confident that we will soon be rolling out initiatives to enable achievement of 5% biodiesel blended diesel across country.” He said “we will promote EVs, but it will be holistic and integrated planning, where I have mentioned in my recent statements that all forms of transportation, which are clean and affordable, will be considered in our Energy Policy.”

On City gas network

On the issue of city gas network, the minister said that only 20% of the population was covered under it in 2014 but with the success of the 10th CGD Bid Round, CGD network will expand to nearly 70% of our population. CGD would be available in 228 geographical areas comprising 402 districts spread over 27 states and Union Territories covering 53% of the country. The recently-concluded 9th and 10th CGD rounds will require an investment of one lakh twenty thousand crore rupees.

On the ease of doing business

The Minister said this too that “we are mindful of the difficulties being faced by investors in some instances where State Government is trying to renegotiate some of the executed contracts. Our Government has requested State Governments to reconsider their decision, as this will jeopardize future investment in not only the concerned state but also the country as a whole.”