PIB News Update: Minister of Petroleum and Natural Gas and Steel, Shri Dharmendra Pradhan today participated in the USISPF- 3rd Annual Leadership Summit on the theme of “Navigating New Challenges.”
Minister Pradhan talked about the unprecedented impact of the Covid-19 pandemic on the global economy and the consequent energy demand contraction. He added that with the gradual pick up of economic activity in India, energy consumption is anticipated to reach pre-Covid levels soon.
Speaking about Aatmanirbhar Bharat campaign, Shri Pradhan said the campaign launched under the leadership of Prime Minister Modi calls for a self-reliant India, seeking to convert Covid-19 challenges into an opportunity, to merge domestic production and consumption with global supply chains, and aims to transform India into a global manufacturing hub of the 21st century.
The Minister underlined the importance of energy infrastructure as a key to transformation in India and invited US industry leaders to take advantage of the opportunities being created in Indian energy sector.
Shri Pradhan talked about the growing bilateral hydrocarbon trade between India and the US, which touched above US$ 9 billion during FY 2019-20 and is expected to increase further as companies are looking to source more crude oil and LNG from the US at competitive rates.
The Minister talked about the importance of gas sector in the Strategic Energy Partnership as India is working to transform itself into a gas based economy by increasing the share of gas from 6% to 15% in the energy mix by 2030, with an estimated investment of $60 billion lined up in the sector, developing a “One Nation, One Gas Grid.”He also expressed happiness at global oil & gas majors like BP, Shell, Total, Exxon Mobil expanding their footprints in India and invited the US companies to take advantage of reforms in the exploration and production sector and participate in the next oil and gas block bidding rounds.
Minister Pradhan also added that India and the US have been working in close collaboration, including in stabilizing global energy markets and it is reassuring that despite the Covid-19 induced challenges, the industry leaders are quite optimistic about reinvigorating the energy linkages between the two countries.
Dr. Mukesh Aghi, CEO, USISPF said that the USISPF will facilitate greater collaborations between the US and Indian companies for the success of Aatmanirbhar Bharat.