Prime Minister Narendra Modi on Monday made a strong case for a partnership between the producers and consumers in the oil market, as it exists in other markets, adding that this will help stabilise the global economy which is on the path of recovery.
Modi drew attention of the experts on certain key policy issues relevant to India. With his meeting with CEOs and experts from the Oil and Gas sector, from both India and abroad, Modi highlighted that the consuming countries, due to rising crude oil prices, face many other economic challenges including serious resource crunch. ‹›The cooperation of the oil producing countries would be very critical to bridge this gap,›› he said and appealed to oil producing countries to channel their investible surplus to pursue commercial exploitation in oil sector in the developing countries.
Modi spoke of higher acreage under exploration and sought cooperation of the developed countries both in terms of technology and extension of coverage. Interacting with the global leaders of the energy sector, the Prime Minister highlighted the significant positioning of India in the oil and gas market. He sought the role of private participation in the distribution of gas sector.
Union Ministers Arun Jaitley and Dharmendra Pradhan; vice-chairman NITI Aayog Rajiv Kumar and senior officials from the Union Government and NITI Aayog were also present at the interaction. During the interaction, global CEOs and experts appreciated the steps taken by the Union Government over the last four years, for ease of doing business, and specifically in the energy sector in India.