In line with the Hon’ble Prime Minister’s vision of economic transformation and self-reliance in the manufacturing sector, Make in India week is being hosted in Mumbai, the country’s commercial capital, between February 13 and 18, 2016. The event is organized by Confederation of Indian Industry in partnership with Department of Industrial Policy and Promotion and Ministry of Petroleum and Natural Gas.
Speaking on the occasion, the Hon’ble Minister of State for Petroleum and Natural Gas, Shri Dharmendra Pradhan stressed the need to enhance domestic production of oil and gas through process and technical improvements besides enhancing exploratory coverage. The government is committed towards creating a conducive business environment through better policies and investment opportunities.
The Secretary, Mr Kapil Dev Tripathy pointed out that India’s oil and gas import bill was at USD 100 billion in 2014-15. This not only has adverse implications for energy security of the nation but has also put pressure on the current account and fiscal deficits. Therefore private sector investment in this segment is critical as it will supplement efforts by National Oil companies and give a fillip to the upstream activity in the country. This will also meet the PM’s vision of reducing import dependence by 10% by 2022.
Mr U P Singh, Additional Secretary, Ministry of Petroleum and Natural Gas, said that the Government plans to create Petroleum Economic Zones and build on the Purchase Preference Policy. He stressed the need for harnessing human capital, strengthening institutions and academia, requirement for investments in Research and Development and learning from the Global markets.
All the Oil manufacturing companies showcased the investments being planned for enhancement of manufacturing activity in the country. Several innovative business proposals, investment opportunities, expansion plans of Indian Refiners and success stories on investment were discussed.
The Seminar addressed by the Senior Industry Leaders and Senior Government Officials witnessed the presence of Industry Captains, Senior Representatives from all business verticals, senior representatives from foreign organizations, and Investors (National and International) among others.
Mumbai
15th February 2016