Clipped from: https://economictimes.indiatimes.com/industry/energy/oil-gas/india-committed-to-bring-natural-gas-under-gst-says-pm-modi/articleshow/81058049.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis
He said India was spending 7.5 trillion rupees ($103.05 billion) over 5 years to build its oil and gas infrastructure.
NEW DELHI: Asserting that the central government is committed to bringing natural gas under the Goods and Service Tax (GST) regime, Prime Minister Narendra Modi on Wednesday said that centre plans to spend Rs 7.5 lakh crore on creating oil and gas infrastructure over five years.
While dedicating and laying the foundation of key oil and gas projects in Tamil Nadu, Prime Minister in his address through video-conferencing said that Indian oil and gas companies are present in 27 countries with an investment worth about Rs 2.70 lakh crore.
“We have plans to spend Rs 7.5 lakh crore in creating oil and gas infrastructure over five years. A strong emphasis has been laid on the expansion of the city gas distribution network by covering 470 districts. About 65.2 million tonnes of petroleum products have been exported. This number is expected to rise even further. Our companies have ventured overseas in the acquisition of quality oil and gas assets,” PM Modi said.
“We are committed to bringing natural gas under the GST regime. I want to tell the world to come and invest in India’s energy sector,” he added.
Prime Minister said that India will generate 40 per cent of all its energy from renewable sources by 2030.
“India is increasing its share of energy from renewable sources today. By 2030, 40 per cent of all energy will be generated from green energy sources. We are eager to increase the share of gas in our energy basket from 6.3 per cent currently to 15 per cent,” he said
PM Modi said that India is looking to cut energy import dependence and diversify imports.
“India is now increasing focus on ethanol to help farmers and consumers. We plan to become the leader in the solar power sector and are encouraging public transport to make people’s lives productive and easy,” he said.
“Solar pumps are getting more popular and are helping farmers greatly. This would not be possible without the support of the people. India is working to meet its growing energy demand and is also reducing our energy import dependence,” he added.
PM Modi dedicated Ramanathapuram-Thoothukudi Natural Gas pipeline to the nation. He also dedicated Gasoline Desulphurisation Unit at Chennai Petroleum Corporation Limited, Manali. He laid the foundation stone of the Cauvery Basin Refinery at Nagapattinam.
Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas, and Edappadi K. Palaniswami, Chief Minister of Tamil Nadu, joined the event through video conferencing.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)