International Energy Forum 2018: Narendra Modi pitches for providing affordable energy to poor

By: |
Published: April 11, 2018 12:05:20 PM

Pitching for responsible pricing of oil and gas, Prime Minister Narendra Modi on Wednesday said India needs energy which is which is accessible and affordable to the poor.

Narendra Modi, Amit Shah, BJP, Budget Session, Parliament Budget Session 2018, Narendra Modi fast, Bharatiya janata party, budget session washout, Karnataka, Karnataka election, Karnataka hubli, ParliamentChina, India and South Korea are co-hosting the  International Energy Forum (IEF) in Delhi till April 12. (Reuters)

Pitching for responsible pricing of oil and gas, Prime Minister Narendra Modi on Wednesday said India needs energy which is which is accessible and affordable to the poor. Narendra Modi on said country’s refineries are on track to meet the ambitious target to produce clean and affordable fuel by April 2020, Narendra Modi said today at 16th International Energy Forum in New Delhi.  “India’s energy consumption will grow 4.5 percent every year for the next 25 years,” he said. The efforts at artificially distorting oil prices were self-destructing and affected developing countries like India, he said in presence of oil cartel OPEC kingpin Saudi Arabian Oil Minister, Khalid A. Al-Falih. “It is in the interest of oil producers that consuming markets grow,” he also added.

Stressing on the fact that the consumption of energy has shifted to non-OECD countries, Modi said that India will be a key driver of energy demand in the next 2-5 years. “Our government believes in an integrated and market linked approach for energy planning,” said PM. The government interference has reduced under renewable model of oil and gas production, he further said. He added that India will soon come out with vehicle scrappage policy.

Meanwhile, in a major shift in the international oil and gas scenario, three consumer nations naley China, India and South Korea are co-hosting the  International Energy Forum (IEF) in Delhi till April 12. The event was inaugurated by Prime Minister Narendra Modi earlier.

It is being expected that the consumer nations may raise issues with respect to ‘Asia premium’ and crude prices in front of the 92 participating countries, which include all the producer nations as well.

Do you know What is Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey, State Finance Commission? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.