New Delhi: Petroleum Minister Dharmendra Pradhan on Monday during the India Energy Forum claimed that India is expected to get $58 billion investment in the exploration and production sector by 2023.
Pradhan also informed that an estimated investment of $60 billion is underway for augmenting gas infrastructure. Pradhan appealed Finance Minister Nirmala Sithraman to consider including petroleum products under GST regime.
I believe, no single form of energy can meet the growing energy demand in India given our imperative that aims to ensure energy justice for all.
— Dharmendra Pradhan (@dpradhanbjp) October 14, 2019
Pradhan expressed hope that natural gas and aviation turbine fuel will be brought under the Goods and Services Tax regime initially. Pradhan said that the Government is pushing to achieve 10% blending percentage of ethanol in petrol by 2022, which in turn will boost farm economy.
Speaking on the occasion, Finance Minister Nirmala Sitharaman has assured investors that India will honour contractual commitments under various energy agreements. Sitharaman said, tax incidence has been lowered and investors should not have any concern as atmosphere to invest will be friendly.
The Finance Minister said the government will do everything it takes to meet renewable targets as the energy sector is on the top of its priority list.