India is expected to get a 58 billion dollar investments in the exploration and production sector by 2023. This was stated by Petroleum Minister Dharmendra Pradhan while addressing a gathering at India Energy Forum in New Delhi today.
The Minister also informed that an estimated investment of 60 billion dollars is underway for augmenting gas infrastructure. Mr. Pradhan appealed Finance Minister Nirmala Sithraman to consider including petroleum products under the GST regime.
Mr. Pradhan expressed hope that natural gas and aviation turbine fuel will be brought under the Goods and Services Tax regime initially. Mr. Pradhan said that the Government is pushing to achieve a 10 percent 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 honor contractual commitments under various energy agreements. Ms. Sitharaman said, tax incidence has been lowered and investors should not have any concern as the atmosphere to invest will be friendly.
The 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. (AIR NEWS)