News: India drafting integrated energy policy

(PTI 05/04/2006) Washington - India is in the process of drafting an integrated energy policy to provide a roadmap for meeting its growing energy needs in an environmentally sustainable manner.

Petroleum and Natural Gas Minister Murli Deora pointed out that the entire need of India in the realm of commercial energy has been met by fossil fuel.

He said the country has crafted a multi-pronged strategy to counter the challenge of fuelling economic growth and this strategy would include a conscious shift to promote larger public-private participation in oil and gas.

"Our policy has been carefully evolved to create a level-playing field for all the participants in the sector. With the recent passage of the Petroleum and Natural Gas Regulatory Board Bill in Parliament, agencies to regulate and monitor the midstream and downstream sectors of oil and gas are being put in place," he said in an address on the occasion of the Annual General Meeting of the US Energy Association here.

Deora said the energy security concerns of India to fuel the targetted economic growth also take into account preservation of the environment.

"India, cradling a sixth of world's population is also its sixth largest consumer. India is poised to achieve a sustained GDP growth rate of 8 per cent this year, and may be even higher in the future," he said.