Higher oil prices a risk to Indias growth trajectory: Pradhan

India has enormous opportunities in the hydrocarbon sector with the country's economy to grow by five times by 2040, said Prime Minister Narendra on Monday while inaugurating Petrotech 2016, the annual global conclave on hydrocarbons being held in New Delhi.

Petrotech 2016 is being attended by Indian ministers and delegates including chief executive officers, and oil sector policy makers and professionals from more than 15 countries including Cyprus, Afghanistan, Nigeria, Sri Lanka and Nepal. "On the other, we must be sensitive towards the environment", Modi said while addressing the Petrotech conference.

The Minister said that internationally, the hydrocarbon sector is witnessing unprecedented technological developments.

Modi said the economy was expected to grow five-fold by 2040.

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Speaking at the ministerial session on "hydrocarbons to fuel the future: choices and challenges" at the 12th Petrotech Goyal said that to flire up gas-based power plants in the country, there is a constant hunt for long-term commitments for fuel supply from different parts of the world.

During his address, the Minister noted that Government of India is preparing a holistic framework so as to cut our dependence on fossil fuel imports and to become self-reliant in the oil and natural gas sector. "This will have to be achieved during the period of increasing oil consumption". "But as the consumer base expands in line with measures being taken by the government, a gas-based market will develop", Pradhan said. Exclusive pavilions have also been set up to showcase initiatives like "Make in India" and Renewable Energy and several of the focus areas of Government policy.

"India's foreign direct investment (FDI) is at its highest", added Modi, referring to India crossing $300 billion FDI mark between April 2000 and September 2016.

The prime minister emphasised that hydrocarbons play an important part in India's economic growth however, there is a dire need to produce energy that is available at an affordable price for the poor.

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The Prime Minister said growth was expected in various sectors including manufacturing, transport and civil aviation.

The GST, he said, would also raise efficiency levels, as it provides for free movement of goods and services through the country, breaking down barriers and barricades while proposing taxes at a uniform rate through the nation, replacing the multiplicity of state levies.

The Minister of State (I/C) for Petroleum and Natural Gas, Dharmendra Pradhan, who had yesterday inaugurated the exhibition, said that it provides a convergence point to every element, dimension, product, technology to congregate at one point and there has been enthusiastic response from various stake holders.

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