Status of energy sector in India highly uneven: PM

Prime Minister Narendra Modi said on Monday that the status of the energy sector in India was highly uneven and the scope for reform in many areas still exists.

At an interaction here with oil and gas CEOS and experts from across the world, he welcomed the suggestion made for a comprehensive energy policy, according to a PMO press release.

Modi also welcomed all possibilities for innovation and research in the oil and gas sector, the release said, adding that he flagged the potential of biomass energy and invited participation and joint ventures in the coal gasification.

Top CEOS and officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood Mackenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, Indianoil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, the World Bank, and International Energy Agency, were present at the meeting.

Subjects such as the need for a unified energy policy, contract frameworks and arrangements, requirement of seismic data sets, encouragement for biofuels, improving gas supply, setting up of a gas hub, and regulatory issues came up for discussion, the statement said.

Various participants appreciated the progress and reforms made in India in the last three years, it said.

Participants also appreciated the pace and drive with which the prime minister has brought about reform in the energy sector, it said.

Many participants strongly recommended the inclusion of gas and electricity in the GST framework, the release said.

At the meeting, which was coordinated by the NITI Aayog, Revenue Secretary Hasmukh Adhia highlighted the recent decisions of the GST Council regarding the oil and gas sector.

Thanking the participants for sharing their views, the prime minister said that many suggestions received in the last meeting in 2016 have helped in policymaking.