PSUs to invest Rs 3 lakh crore in hydrocarbon sector: Official

The sector attracted 40 percent more FDI in the past two and a half years than in the previous corresponding period

GN Bureau | December 7, 2016


#PSU   #FDI  

The government expects foreign direct investment in the hydrocarbon sector to pick up, said Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek who added that the key driver will continue to be the public sector companies, which will invest Rs 3 lakh crore over the next three years.

The sector attracted 40 percent more FDI in the past two and a half years than in the previous corresponding period, Economic Times quoted him as saying.

Abhishek said that in the past two and a half years our FDI policy has been hugely liberalised and the result has been positive.

“In last two and a half years we have attracted $129 billion of FDI, but there is a huge need for investment given that India is the third largest consumer of energy in the world," said Abhishek while addressing Petrotech 2016.

Prime minister Narendra Modi had said at the same event that India needs to scale up domestic oil and gas production to cut imports. He said that Indian energy companies need to evolve into multinational companies.

Comments

 

Other News

Caring for cancer patients: the expanded network of facilities

Health is a State subject, and the primary responsibility for providing healthcare services, including cancer care, rests with the respective state governments. However, the Department of Health and Family Welfare provides technical and financial support to States and Union Territories across the country

Capabilities, aspirations of India’s youth limitless: Modi

The capabilities and aspirations of India’s youth are limitless, prime minister Narendra Modi said in his remarks to the media at the start of monsoon session of the parliament on Monday.  "In the past month, the country has achieved many milestones, filling citiz

India gets the first hydrogen train

Prime minister Narendra Modi on Friday laid the foundation stone and dedicated to the nation various development projects worth around ₹14,700 crore in Jind, Haryana.   The PM positioned the city as a shining reflection of the good governance model. Emphasizing that the entire Haryana

Climate change is stealing sleep

Climate change has at least doubled the temperature-related sleep loss across 1,338 major cities worldwide over the past five decades, highlighting an emerging but often overlooked public health consequence of rising global temperatures. A new study by Climate Central estimates that between 2020 and

Cabinet approves Mobile Phone Manufacturing Scheme

The union cabinet chaired by PM Narendra Modi has approved the Mobile Phone Manufacturing Scheme (MPMS) with a budgetary outlay of Rs 62,500 crore. It aims to further scale up the production, deepen domestic value addition, strengthen supply chain resilience, enhance global competitiveness. It

Building infrastructure is only half the job

Recent stories of stolen railway wires, disappearing communication towers and missing public infrastructure are often treated as bizarre law-and-order failures of India. Yet they raise a more fundamental question. Why does the State often discover the disappearance of a public asset only after it has alrea

Upcoming Conferences





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter