The conclave is being held to mark the Golden Jubilee of country’s flagship overseas oil firm ONGC Videsh Ltd. The theme of the conclave is ‘Shaping India’s Energy Security’.
Motivating well-offs to give up subsidised LPG, Mr. Modi said over 2 lakh 80 thousand consumers gave up LPG subsidy, resulting in a saving of 100 crore rupees to the exchequer, which would be utilised for the poorest of the poor.
The Prime Minister said the country now imports 77 per cent in coal and petroleum sector to fulfill its energy requirements. He expressed his government’s resolve to reduce dependence on energy imports by 10 per cent by 2022, when the country celebrates 75 years of Independence.
The Prime Minister also said innovation, technology upgradation and skill development are essential to march ahead in the energy sector. “India needs to become self reliant in the energy sector to meet the international benchmarks of development”, he viewed.
Mr Modi lauded the Petroleum Ministry on successful implementation of transfer of subsidy in bank accounts of consumers. 12 crore LPG consumers got direct subsidy in their accounts.
He also complimented ONGC Videsh Limited, Engineers India Limited and Barauni Refinery for completing 50 years.