The challenge before the Indian economy is to raise the share of manufacturing sector in GDP from 16 per cent to 22 per cent in order to attain and sustain an annual GDP growth of 9 per cent, Anand Sharma, Union Ministry for Commerce and Industry, said here in New Delhi.
Inaugurating the 6th Asia Gas Partnership Summit, organised by FICCI, promoted by GAIL and supported by the International Gas Union (IGU), Sharma said, “The manufacturing sector currently stagnating in terms of its contribution to GDP in percentage terms since the nineties and we need to growth the sector by 6 percentage points to push GDP growth to 9 per cent in order to fight poverty and bring about inclusive growth.” He said that in order to reduce the country’s dependence on fossil fuels and high level of crude oil imports, gas will have to be the major energy source. Energy security was an imperative, he said, urging the Ministry of Petroleum and Natural Gas to adopt a consortium approach in bidding for overseas oil and gas projects.
Murli Deora, Union Minister for Petroleum & Natural Gas, informed the delegates that LNG infrastructure in the country was being expanded. The capacity of Dahej terminal has been doubled last year. The work at Kochi LNG terminal is underway. Dabhol terminal would be commissioned soon. So the LNG regasification capacity in the country would reach a level of 20 mmtpa by the year 2011-12.
On the occasion, BC Tripathi, CMD, GAIL (India) Ltd, proposed that countries could work together to promote an Energy Price Index which could help reduce volatility in energy prices and setting up of an institutionalized partnership forum located in India or Qatar for regular dialogue on developments in the energy sector.
He said that there was a huge opportunity in the LNG sector with the requirement of about USD 50 billion worth of investments over the next five years. India was among the largest importers of LNG and the capacity of pipelines will be doubled soon. India’s strategic and locational advantages can help it build great synergies with other Asian and Middle East countries and this integration has immense potential.
RS Sharma, CMD, ONGC, said that LNG was a clean fuel and the gas business is bound to see an exponential growth. There is a tremendous scope for investments in the gas sector–both downstream and upstream in India as the sector is still coming up and it’s potential was not fully tapped in India. The anomaly of pricing, needed to be addressed on priority and policies and regulations need more clarity, he said.
Prosad Dasgupta, Managing Director, Petronet LNG Ltd, said that India has seen a ten-fold increase in its energy consumption over the last five decades and given the present rate of growth, the demand for energy would further increase.
Inaugurating the 6th Asia Gas Partnership Summit, organised by FICCI, promoted by GAIL and supported by the International Gas Union (IGU), Sharma said, “The manufacturing sector currently stagnating in terms of its contribution to GDP in percentage terms since the nineties and we need to growth the sector by 6 percentage points to push GDP growth to 9 per cent in order to fight poverty and bring about inclusive growth.” He said that in order to reduce the country’s dependence on fossil fuels and high level of crude oil imports, gas will have to be the major energy source. Energy security was an imperative, he said, urging the Ministry of Petroleum and Natural Gas to adopt a consortium approach in bidding for overseas oil and gas projects.
Murli Deora, Union Minister for Petroleum & Natural Gas, informed the delegates that LNG infrastructure in the country was being expanded. The capacity of Dahej terminal has been doubled last year. The work at Kochi LNG terminal is underway. Dabhol terminal would be commissioned soon. So the LNG regasification capacity in the country would reach a level of 20 mmtpa by the year 2011-12.
On the occasion, BC Tripathi, CMD, GAIL (India) Ltd, proposed that countries could work together to promote an Energy Price Index which could help reduce volatility in energy prices and setting up of an institutionalized partnership forum located in India or Qatar for regular dialogue on developments in the energy sector.
He said that there was a huge opportunity in the LNG sector with the requirement of about USD 50 billion worth of investments over the next five years. India was among the largest importers of LNG and the capacity of pipelines will be doubled soon. India’s strategic and locational advantages can help it build great synergies with other Asian and Middle East countries and this integration has immense potential.
RS Sharma, CMD, ONGC, said that LNG was a clean fuel and the gas business is bound to see an exponential growth. There is a tremendous scope for investments in the gas sector–both downstream and upstream in India as the sector is still coming up and it’s potential was not fully tapped in India. The anomaly of pricing, needed to be addressed on priority and policies and regulations need more clarity, he said.
Prosad Dasgupta, Managing Director, Petronet LNG Ltd, said that India has seen a ten-fold increase in its energy consumption over the last five decades and given the present rate of growth, the demand for energy would further increase.
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