Fuel prices’ decontrol must for rapid growth: Khurshid
4 Sep 2013 11:00 PM GMT
Minister for External Affairs Salman Khurshid said on Tuesday that the Government is committed to ensuring energy equity by striking the right balance between energy security and making available energy supplies to all at affordable prices.
Inaugurating the 3rd National Conference on Energy Security organised jointly here by the Ministry of External Affairs and Ficci, Khurshid said that decontrol of fuel prices and opening up of the markets was essential to achieve rapid growth. 'There is a price to be paid for freedom,' he said and added that India will not depart from providing safety nets for the vulnerable sections of the people.
'The provision of safety nets is not only a political commitment but a humanitarian consideration to make open markets work,' he said. These safety nets come in the shape of affordable housing, quality education, 100 days of guaranteed work and now the provision of subsidised nutritious food to 67 per cent of the population, he declared.
The minister said industry has a role in directly sensitising and educating the judiciary, which at the present moment is guided by legal thinking.
Law without economic analysis is meaningless. In the modern world where diplomacy equals economy, the benefit of economic analysis must be available to the Supreme Court just as it happens in the US.
Khurshid urged public and private sector energy leaders to move forward with a spirit of adventure and not get bogged down by the fear of making mistakes. Mistakes that are made bona fide and through honest work should not be punished, he declared.
The Government, he said, was laying emphasis on using domestic resources fully to moderate the impact of the vagaries of the international market. The Cabinet Committee on Investment (CCI) has cleared 31 of the 40 NELP blocks in a single month up to April 2013.
These clearances would not only put to use an investment of $13.42 billion (Rs 73179.26 crore) already made but will also bring in additional investment of about $ 2.5 billion (Rs. 13632 crore) exploration activities in three to five years.
On the discovery of hydrocarbons, huge investments are expected in developing these blocks. Out of 3,32,960 sq km area covered by these 40 blocks 2,66,463 sq km in 31 blocks would now be available for exploration and production activities, observed Khurshid. This is also an important signal to foreign players to make investment in Indian oil and gas blocks, he said.
Inaugurating the 3rd National Conference on Energy Security organised jointly here by the Ministry of External Affairs and Ficci, Khurshid said that decontrol of fuel prices and opening up of the markets was essential to achieve rapid growth. 'There is a price to be paid for freedom,' he said and added that India will not depart from providing safety nets for the vulnerable sections of the people.
'The provision of safety nets is not only a political commitment but a humanitarian consideration to make open markets work,' he said. These safety nets come in the shape of affordable housing, quality education, 100 days of guaranteed work and now the provision of subsidised nutritious food to 67 per cent of the population, he declared.
The minister said industry has a role in directly sensitising and educating the judiciary, which at the present moment is guided by legal thinking.
Law without economic analysis is meaningless. In the modern world where diplomacy equals economy, the benefit of economic analysis must be available to the Supreme Court just as it happens in the US.
Khurshid urged public and private sector energy leaders to move forward with a spirit of adventure and not get bogged down by the fear of making mistakes. Mistakes that are made bona fide and through honest work should not be punished, he declared.
The Government, he said, was laying emphasis on using domestic resources fully to moderate the impact of the vagaries of the international market. The Cabinet Committee on Investment (CCI) has cleared 31 of the 40 NELP blocks in a single month up to April 2013.
These clearances would not only put to use an investment of $13.42 billion (Rs 73179.26 crore) already made but will also bring in additional investment of about $ 2.5 billion (Rs. 13632 crore) exploration activities in three to five years.
On the discovery of hydrocarbons, huge investments are expected in developing these blocks. Out of 3,32,960 sq km area covered by these 40 blocks 2,66,463 sq km in 31 blocks would now be available for exploration and production activities, observed Khurshid. This is also an important signal to foreign players to make investment in Indian oil and gas blocks, he said.
Next Story
