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
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.
Prime minister Narendra Modi celebrated three-year of his government on May 26 by inaugurating Dhola-Sadiya bridge over the Brahmaputra river in Assam’s Tinsukia district. It is the longest bridge in India, which runs 9.15 km from end to end and connects Assam with Arunachal Pradesh.
IndianOil posted a net profit of Rs 19,106 crore for 2016-17 fiscal as compared to a profit of Rs 11,242 crore in the last fiscal. The income from operations for the financial year 2016-17 was Rs 4,45,373 crore as compared to Rs 4,06,828 crore in the previous fiscal. IndianOil`s income from
Hindustan Aeronautics Limited (HAL) carried out first flight of light utility helicopter (LUH)-PT-2 on May 22 at its Bengaluru-based facility. The flight duration was about 22 minutes and pilots reported nil snag, HAL said. “These maiden flights of indig
Narendra Modi is like Greek mythology’s King Midas: whatever he touches turns into gold. Most people in this country are left dazzled by his ability to make dramatic announcements with a statuesque flourish. The past three years of the Modi government have left the
Bharat Heavy Electricals Limited (BHEL) has added another feather to its cap by successfully commissioning another 270 MW thermal unit at RattanIndia Nasik Power Limited’s 5x270 MW thermal power project at Sinnar (Nasik) in Maharashtra. This is the fourth unit to be c
Chaudhary Birender Singh, minister for steel, said that the Indian steel industry is at the cusp of a significant milestone by becoming the second largest stainless steel producer in the world, leaving behind Japan. He said that the steel sector is only an example of all-round development in India. The c