Want to replace red tape with red carpet in India: Modi at Petrotech-2016

The 12th International Oil and Gas Conference, PETROTECH-2016 was inaugurated by Prime Minister Narendra Modi in the national capital on Monday.

The theme of the Conference is Hydrocarbons to fuel the future — Choices and Challenges.

The Petroleum and Natural Gas Ministry has said the conference aims to explore areas of growth in petroleum technology, exploration, drilling, production and processing, refining and other related issues.

While speaking at the event, PM Modi said, "while global economy goes through uncertainty, India has shown tremendous resilience. Foreign Direct Investment in the country is at the highest level."

Inviting hydrocarbon companies to invest in India, Prime Minister Narendra Modi said India's motto is to 'replace red tape with red carpet'. 

"We expect growth in manufacturing, transport, civil aviation among other sectors which will help India's economy is expected to grow five-fold by 2040," he added.

With India becoming the world's third largest oil consumer, the annual Petrotech international conference will play a key role in preparing a roadmap to meet the country's future energy needs.

Talking about energy, he said, "energy in general and hydrocarbons in particular are an important part of my vision for India’s future. We need energy which is accessible to the poor. We need efficiency in energy use."

The three-day mega event will see participation of six thousand delegates from 68 countries, including technologists, scientists, planners and policy-makers, management experts and service-providers.

PM Modi added, "Energy sustainability, for me, is a sacred duty. It is something India does out of commitment, not out of compulsion. We need to increase our domestic oil and gas production and reduce import dependence. My message to global hydrocarbon companies is, we invite you to come and Make in India." 

He said, "our commitment is strong and our motto is to replace Red Tape with Red Carpet."

Talking about demand and supply, he said, to meet the increasing demand, India needs affordable and reliable sources of energy. And while doing that, we need to be sensitive towards the environment.

The Conference will provide a platform for national and international experts from oil and gas industry to exchange views and share knowledge, expertise and experience.

Besides PETROTECH, International Energy Forum and International Gas Union Ministerial Conference are also being organised simultaneously, showcasing India's priority to move towards a gas based economy.