Pradhan seeks global investment, promises stable policy regime

Oil Minister Dharmendra Pradhan on Sunday invited global energy majors to invest in the world's fastest growing energy consumer, promising stable policy and regulatory regime. Speaking at CERAWEEK conference's opening dinner here, he said as the government looks at New India of 2022, "I invite the global and Indian industry leaders to discuss solutions to enhance all 4 pillars of India’s energy vision -- energy access, efficiency, sustainability and energy security".

India is the 6th largest economy in the world and the 3rd largest energy consumer after the US and China. "India will be the key driver of global energy demand in the coming decades. In India, we are now prepared to accept every challenge," he said. With a vibrant democracy, stable polity, reform focused approach and strong institutional framework, "I invite the global industry to become partners in our progress and tap huge investment opportunities available in the energy sector of India," the minister said, adding the government has taken several measures to overhaul the hydrocarbon policy to ensure investor friendly environment.

Pradhan said global oil and gas majors like Saudi Aramco, ADNOC, BP, Shell, Total, Roseneft and ExxonMobil are making their significant presence in India.