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

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

#PSU
#FDI

Other News

Report of India’s G20 Task Force on Digital Public Infrastructure released

The final ‘Report of India’s G20 Task Force on Digital Public Infrastructure’ by ‘India’s G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development’ was released in New Delhi on Monday. The Task Force was led by the

How the Great War of Mahabharata was actually a world war

Mahabharata: A World War By Gaurang Damani Sanganak Prakashan, 317 pages, Rs 300 Gaurang Damani, a Mumbai-based el

Budget expectations, from job creation to tax reforms…

With the return of the NDA to power in the recently concluded Lok Sabha elections, all eyes are now on finance minister Nirmala Sitharaman’s full budget for the FY 2024-25. The interim budget presented in February was a typical vote-on-accounts, allowing the outgoing government to manage expenses in

How to transform rural landscapes, design 5G intelligent villages

Futuristic technologies such as 5G are already here. While urban users are reaping their benefits, these technologies also have a potential to transform rural areas. How to unleash that potential is the question. That was the focus of a workshop – “Transforming Rural Landscape:

PM Modi visits Rosatom Pavilion at VDNKh in Moscow

Prime minister Narendra Modi, accompanied by president Vladimir Putin, visited the All Russian Exhibition Centre, VDNKh, in Moscow Tuesday. The two leaders toured the Rosatom Pavilion at VDNKh. The Rosatom pavilion, inaugurated in November 2023, is one of the largest exhibitions on the histo

Let us pledge to do what we can for environment: President

President Droupadi Murmu on Monday morning spent some time at the sea beach of the holy city of Puri, a day after participating in the annual Rath Yatra. Later she penned her thoughts about the experience of being in close commune with nature. In a message posted on X, she said: