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"Energy policy must serve broader economic growth"

India Blooms News Service | | 16 Jun 2014, 11:00 pm
New Delhi, June 16 (IBNS): Union Minister of State of Petroleum and Natural Gas Dharmendra Pradhan at the opening plenary session of the 21st World Petroleum Congress at Moscow on Monday stressed the Indian world-view of energy.
New Delhi, June 16 (IBNS): Union Minister of State of Petroleum and Natural Gas Dharmendra Pradhan at the opening plenary session of the 21st World Petroleum Congress at Moscow on Monday stressed the Indian world-view of energy. 
 
He said that energy is one amongst five elements that are sacred to the Indian way of life and thus by definition needs to be sustainable and inclusive. 
 
The Minister invoked the philosophy of Vasudev Kutumbakam to exhort world leaders to ensure that no one is left behind in the journey of growth and progress.
 
He emphasised that the energy policy must serve broader economic growth and its benefits should not exclude the poor and the vulnerable. 
 
Pradhan outlined the importance of innovation, partnerships, simplification of the regulatory regimes, rule of law, promotion of renewable energy in achieving the goals of energy security in line with the priorities of the new government led by the Prime Minister Narendra Modi. 
 
Pradhan said that our efforts must focus on promoting fiscal and regulatory regimes that are stable and equitable to both investors and owners of natural resources. 
 
He called for enhancing technology collaboration across the value chain since we have to delve deeper and explore in more difficult areas for oil and gas, including shale gas and tight oil. 
 
The Minister said that his visit to Moscow has given him an opportunity to renew the deep and multifaceted ties between the two countries. He said that Russia has always been a longstanding, time-tested friend and a strategic partner and energy is an essential element of our relationship, and we look forward to working further in this sphere. 
 
The Minister later inaugurated the India Pavilion at the WPC Exhibition. 
 
The World Petroleum Council is an international organization founded in 1933, and it organizes World Petroleum Congress (WPC) every three years.
 
It is the largest event in the petroleum and gas industry. The councils currently has 65 member nations, accounting for 95 percent of the world’s consumption and production of oil and gas. 
 
The principal objective of the WPC is to promote management of world petroleum resources for the benefit of mankind. 21st WPC is being held at Moscow, Russia from 15-19 June, 2014. 
 
Theme of the Congress is “Responsibly Energizing a Growing World”. The multidisciplinary nature of the congress covers the entire hydrocarbon value chain in upstream, mid-stream and downstream sectors. India is a member of the WPC represented by the Indian National Committee in the council, headed by the Hon’ble Minister of Petroleum and Natural gas.