Prime Minister Modi on Tuesday recently confirms that India will invest $100 billion in oil and gas infrastructure in order to meet the energy needs of an economy which has always been a target to nearly five years. He sought investment from oil kingpin Saudi Arabia and other nations to boost supplies.
He spoke on the annual investment forum in Saudi Arabia which is also known as the “Davos in the desert”. At the forum, Modi promises a stable, predictable and transparent policy regime to attract foreign investors and investments.
“India is investing heavily in oil and gas infrastructure,” he says adding as much as $100 billion will be spent by 2024.
India by-and-large is depended on imports to meet its oil needs and is the world’s third-largest energy consumer, it is highly depended on gas which is shipped from abroad. It is currently heavily dependent on the physical infrastructure as well as city distribution to boost availability in a growing economy.
Saudi Arabia is keen to expand this relationship of expanding this partnership beyond the buyer-seller relationship into a strategic one with cross investments and in order to attract investment Modi opens the fuel retailing sector for non-oil companies for the fastest-growing economy.