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India to invest $100 billion in energy by 2024, says Petroleum Minister Dharmendra Pradhan

India Blooms 2019-11-06 22:51:21

New Delhi/IBNS: India will be investing $100 billion by 2024 in refining, pipelines and gas terminals to meet rising demand, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Wednesday.

Addressing delegates and captains from the energy industry at ENRich 2019, the 10th edition of KPMG India's flagship Energy and Natural Resources Conclave, he said several structural reforms in the last 5 years had been taken to create business-friendly environment, including insolvency and bankruptcy code, tax reforms and intellectual property reforms.

And with political stability, predictable policies and a diverse market, there is no better place to invest other than India, especially for global investors in the energy domain.

"We have made policy reforms to make it conducive for foreign players to invest in this development,” he said.

Pradhan also reiterated the country's plan to transit to a gas-based economy and that $60 billion of investment has been line up to develop gas infrastructure.

“We are making all efforts to move towards a gas-based economy. An estimated investment of 60 billion dollars is lined up in developing gas infrastructure, which includes pipelines, city gas distribution and LNG terminals.”

He also talked about National Biofuel policy which focusses on waste-to-wealth creation and targets to generate various types of bio-fuels from agriculture residue and municipal waste.