Saudi Arabia to invest $300 billion in next 4-5 years: NITI Aayog CEO Amitabh Kant

By: |
New Delhi | Updated: October 9, 2017 8:19:42 PM

NITI Aayog CEO Amitabh Kant on Monday said Saudi Arabia will invest $300 billion in India in the next 4-5 years.

saudi arabia, saudi arabia india, saudi arabia investment in india, india saudi arabia, india energy forum, CERAWeeK , narendra modiSaudi King Salman (R) walks with India’s Prime Minister Narendra Modi during an official welcoming ceremony in Riyadh, Saudi Arabia April 3, 2016. (File photo; REUTERS/Saudi Press Agency/Handout via Reuters)

NITI Aayog CEO Amitabh Kant on Monday said Saudi Arabia will invest $300 billion in India in the next 4-5 years. “Saudi Arabia wants to invest in energy security and supply and become India’s investment partner. It will invest $300 billion in next 4-5 yrs,” Kant was quoted as saying by ANI.

The NITI Aayog CEO also said that Prime Minister Narendra Modi-led Union government would bring a ‘New Energy Policy’ for the country within 30-45 day. Modi’s focus is also on making a national grid for gas, added.

Earlier in the day, Modi interacted with top oil and gas CEOs and experts from across the world in a meeting Delhi. The top CEOs and officials were from from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, World Bank, and International Energy Agency.

NITI Aayog coordinated the meeting. A number of participants at the meeting strongly recommended the inclusion of gas and electricity in the GST framework.

According to a PIB release, Modi said the scope for reform in many areas still exists. Modi also thanked the President of Russia, Vladimir Putin, and Rosneft, for their commitments and support to the energy sector in India.

The PM also appreciated the 2030 vision document of the Kingdom of Saudi Arabia.

Top CEOs and officials from the energy sector are participating in the INDIA ENERGY FORUM – CERAWeeK in New Delhi. At the event, Union petrol minister Dharmendra Pradhan said, “India will remain one of the fastest growing energy markets in the world in the coming two decades. Both on account of increasing access and better life styles, there will be growth in per capita energy consumption. We will be an influential buyer in the global energy market.”

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? 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.

Next Stories
1China’s services sector growth at 21-month low, blurs picture of resilient economy
2Urjit Patel: GDP may exceed 7 pct; important to have growth but not with inflation
3Slowdown in India: Here is what PM Modi needs to do to deliver sustained high growth of over 8 percent