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Honourable Prime Minister of Bhutan, Honourable Prime Minister of Macedonia, Secretary of State John Kerry, UN Secretary General Ban Ki Moon, World Bank President Jim Yong Kim,

Honourable Ministers and dignitaries from Australia, Canada, Denmark, Fiji, Iran, Israel, Japan, Mauritius, the Netherlands, Poland, Romania, Russia, Singapore, UAE and United Kingdom 

Excellencies, Ladies & Gentlemen!

On behalf of the people of India and on my personal behalf, I welcome you all to this Summit.  In January, 2013,  while concluding the sixth Summit, I had extended an invitation for today’s event.  Your response has been outstanding. I am glad to be here to welcome you. On this occasion, I express my gratitude to the old partners of this event - both countries and organisations. These include Japan and Canada. Without their support, this event could not have come this far.

I also welcome warmly and thank new partners like USA, UK, Netherlands, Australia, Singapore and South Africa for joining this event.

I particularly thank the Secretary General of the United Nations and the President of the World Bank  for their presence. It shows their commitment towards progress and prosperity in emerging economies.

Your partnership has enhanced  the enterprising spirit of 60 million Gujaratis  It has boosted the morale of 1.2 billion Indians. This event is perhaps the biggest gathering on earth where, a budding entrepreneur has the opportunity to see  the President of the World Bank. And where a young farmer, dreaming to set up a food processing unit,  can listen to the views of the UN Secretary General  on issues like food security.  That is why,  during one of the previous events,  I had called it ‘Davos in Action’. 

Friends! India has always believed that the whole world is one family  (Vasudhaiva Kutumbakam).  Few have seen this in practice  I am informed that more than hundred countries  are participating in this event.

We are here as a family  not only in terms of space,  but also because we recognise that:  

  • Someone’s dream is dependent on someone’s direction;
  • Someone’s success is related to someone’s support;
  • Someone’s curiosity is linked to someone’s care;

This is what a family does. The ultimate objective is welfare of all  Loka Samastah Sukhinau Bhavantu. 

I am sure all of us,  from the Secretary General of UN  to the President of the World Bank, from leaders of the strongest economies  to delegations of small countries,  from CEOs of Fortune 500 companies  to start-up entrepreneurs,  all want the planet earth to become a better place to live.

Thus,  our meeting here is not just -

  • A meeting of hands  but also of hearts;
  • It is not only a meeting of ideas,  but also of aspirations

 As a host to this family gathering, As a curator of thousands of dreams floating here,

I welcome you all once again  

I hope your stay here is comfortable. I trust you will enjoy our hospitality. This is the time of Kite Festival in Gujarat. This festival  gives us the message of high spirits.  Do participate in it.

Friends! After becoming Prime Minister, I have travelled  to the remotest parts of India  and also to various parts of the world.  I have been to the UN, BRICS, ASEAN, East Asian Summit, G-20 and SAARC summits. Some common worries have been expressed everywhere. The biggest concern is about the global economy. We all have to find ways  for its stability and recovery. We also have to work  for sustainable and inclusive growth.

We,  in India,  believe that problems present us  with opportunities to become stronger,  disciplined and innovative.

My Government is trying to generate confidence.  We have prepared a team  to secure a robust future.  We believe that  changes start with a change in mindset.

Friends! It is a matter of great pride that today,  there is tremendous interest in India. Countries are coming forward to work with us. This has,  of course,  generated expectations from us.

India’s present  as well as its rich past  is being recognised I thank the UN Secretary General  for giving a formal international stature to Yoga. A record number of 177 countries supported the Indian proposal. Yoga is both a science  and an art  for improving human life. In today’s world,  it teaches us to remain stable  even in adverse situations.

Friends,  the 2009 edition of this event  created vibrancy when the state of the global economy was depressing. The summits of 2011 and 2013  succeeded in strengthening investor confidence.

It is only because of persistence with positivity  that this event of Gujarat Government  has become an event for the entire country.  This platform has been enlarged  so that other states too  can take advantage.  Today,  many other states have adopted this approach  The Government of India is committed to support  such initiatives by any state government.

Friends!  We will have to change the way we have been approaching problems.  Recession is often seen  just in the context of business and Industry.

Have we ever thought of recession as being the result of low per capita income in countries  where a majority of the global population lives?

Have we ever thought of its solution  in terms of enhancing  the common man’s employability, income and purchasing power?  This is the biggest task at hand in India.  Mahatma Gandhi rightly talked about the last man.  And Gandhiji’s message  can show us the way  It is therefore appropriate that this summit is taking place  in Mahatma Mandir.

To me,  the best outcome of this event  should be inclusiveness and involvement of communities  needing care and development.

Thus, this event stands for-

  • Inclusiveness of small with big;
  • Inclusiveness of poor with rich;
  • Inclusiveness of gut feelings with mature thoughts

I assure this global platform  that India wants to work with the global leadership. Be they issues of poverty or ecology. We want to contribute to welfare of the global community. We are aware that  with one sixth of the world’s population,  our activities will have a global impact.  We are ready to learn  and make this impact positive.

However,  India has to be seen from a different angle  It is not just a country of today. It is also an old civilisation. It is not just a country of a few cities. It is a country of thousands of towns and several hundred thousand villages. It is a country of diverse communities  Therefore,  India has its own solutions  for many pressing problems.

  • Our philosophy is a philosophy of conservation;
  • Our culture teaches us nurturing of nature;
  • Our way of life is that of harnessing

Such thoughts and practices  have existed in India for centuries.  Thus,  whatever we will do,  it will be aligned with our culture,  ethos  and beliefs.  Because, we know,  this is what will work in India.

Friends!  Our last national elections  marked a turning point in Indian democracy. They indicated the high aspirations of our people. This was amply reflected in the record voter participation and a clear verdict in favour of one political party  after a gap of 30 years.

My government is committed to changing and improving the economic and social condition of India  including the quality of life.

In a short span of seven months,  we have been able to change  the atmosphere of despair and uncertainty. Since the first day, my government is actively working to revive the economy. My government is committed  to create a policy environment  that is predictable, transparent and fair.

Friends!  We are on the path of transformation. To start this process,  we are making efforts  to change the work culture. We have to strengthen our institutions  and systems of delivery. To drive this change forcefully, we have recently re-constituted our Planning Commission  Now, it is known as NITI Ayog.

We want to promote  co-operative federalism in the country  At the same time, we want a competitive element among the states  to create and attract whatever is needed there.  I call this new form of federalism  Co-operative and Competitive Federalism.

You may be aware that  our economic growth had slowed down  during the last few years  Now,  my Government is putting all efforts  to ensure faster and yet inclusive growth. The initial results are encouraging.

On the economic front,  during the first two quarters,  we registered a growth rate  which was one percent higher than the previous year.  The IMF has observed that  India will be the 2nd fastest growing economy in the coming years.

According to the latest forecast of the OECD,  India would be the only country among world's top economies  which would increase its pace of growth this year  HSBC's latest report has identified India  as the world's largest growing exporter,  which is set to move  from being the fourteenth  to the fifth largest exporter in the world  by 2030.

On the political front also,  people of various states have supported us  in the recent Assembly elections.

This gives us the confidence that  we are moving in right direction.  Let me tell you a little about  what we are doing  and where we want to reach.

Friends! We are not merely making commitments and announcements.  We are also backing them up  with concrete action  at the level of policy and practice. For example,  I announced a Financial Inclusion programme. In four months,  we have opened  more than 100 million bank accounts.

We are planning to build smart cities  equipped with world-class amenities. For this purpose, we have further liberalized the FDI policy in construction sector.

I announced that a modern rail system including high speed rails  will be set up  Immediately, we opened up railways for 100% FDI. I announced that defence production in the country would be encouraged. The next step was to open the defence sector  for FDI up to 49%.  We have taken similar steps in many other areas. These include bringing 49% FDI in insurance.  It also includes  liberalization of FDI norms for manufacturing of medical devices.

Simultaneously, on the administrative front, we are actively working to provide policy driven governance. We have taken far reaching decisions  to ensure supply of key natural resources. This includes coal, iron ore and other minerals. We have also amended legal provisions  to facilitate availability of land. This has been done  to enable development in remote areas  while ensuring better returns to the farming community.

We are trying to complete  the circle of economic reforms speedily.  We are also keen to see that  our policies are predictable. We are clear that our tax regime should be stable. In the last few months,  we have taken several decisions in this direction.

We have put focus  on building Infrastructure through public and private Investments. This will include  national roads,  national grids of gas, electricity and water. It also includes rural infrastructure,  24x7 electric supply,  farm irrigation  and cleaning of rivers.

In order to execute the infrastructure plan,  a fast track PPP mechanism is being put in place.

We are undertaking  the Sagarmala project  to ensure port led development.  Existing ports are being modernized.   New world class ports will be developed  along India's coast.  Ports will be better connected to the hinterland  through road and rail  Inland and coastal waterways  will be developed  as major transport routes.  Low cost airports are being planned  to improve regional connectivity,  especially to tier-two towns  and places of economic and tourist importance.

We are also keen  to move towards the next generation infrastructure   Just as we need highways, we need I-ways too  Under the Digital India Initiative, IT will be used to drive Government processes  to improve service delivery and program implementation, and also to provide broadband connectivity to villages.

To upgrade manufacturing Infrastructure,  we are setting up world-class investment and industrial regions  along the dedicated freight corridors and industrial corridors Government of India is working towards single window clearance  at the Federal and State levels.

Four months back, we launched Make In India initiative  to encourage the growth of manufacturing in the country. We are working hard  to make India a global manufacturing hub. We are promoting,  in particular,  labour intensive manufacturing.

I have launched these initiatives  in a campaign mode  so that they force us in the Government to make faster corrections. They challenge us to do away with the red tape  and become pro-active  With this purpose, our applications and processes are being aggressively put online.

Ease of doing business in India  is a prime concern for you and us.  I assure you that  we are working very seriously on these issues  We want to make them:

  • Not only easier than earlier;
  • Not only easier than the rest;
  • But, we want to make them the easiest

Friends!  Many of you might be interested to know -  Why India?  India has three things to its credit -  Democracy,  Demography  and Demand.  This is what you are looking for.

And I am sure,  you will not find all of them together  at any other destination  India offers you the potential of low cost manufacturing.  India has low cost and high quality manpower 65% of our population  is below 35 years of age. We are trying to further harness these strengths  through better management and good governance.

In the recently launched Mars Orbiter Mission, everything was made indigenously  In fact,  most mission components were made  in very small factories.

Friends!  We have large number of hands to work. And, we have even larger number of dreams  to be realised. Therefore,  employment opportunities are being enhanced  by promoting manufacturing,  agro-based industries,  tourism as well as services  We have undertaken labour reforms  to encourage enterprise  and to create a bigger job market  for our youth.

I have always said that  development process should benefit  the common man  as well as the business sector.

Therefore,  my Government has established  a new Ministry for skill development  to enhance our human resource potential. For this,  we are placing equal emphasis on knowledge, technology,  innovation  and research and development.  This includes the use of ICT  for improving governance and resource management. I understand this because. I use modern tools of communication myself.

Friends!  Today,  India is a land of opportunities. We have to build  fast track roads and railways. We have to energise homes and factories  on a continuous basis. We have to build infrastructure for cities  where almost half of our population lives. We have to take the taste of modern amenities to every village. We have to propel our growth  through value addition in our natural resources  and agri-produce. We have to provide services to our people  which are of global standards.  At the same time,  the whole world is looking for certain services. If our human resource can be equipped with skills and technology, we may serve the world in many areas.

Thus,  there are immense possibilities  for global investors in India  The process of development we are taking up  is not incremental  We are planning to take a quantum leap. It is not limited to one sector  or region, it is truly unlimited. And we want to do things  in a cleaner and greener way. We are open to ideas, investments  and innovations.

Friends!

  • We have made commitments to our people
  • We have made commitments to ourselves
  • We have made commitments for India’s great future
  • We have to write our new destiny
  • And we have to write it in a very short time

We know that to do this,  we need an enabling policy framework  We are working constantly to improve it further. However,  I can say with confidence  that even today,  the strength of Indian democracy  and independence of our judicial system provide a level playing field  for long lasting business.

 I would conclude  by saying that-

  • We are dreaming big;
  • And our dreams are numerous;
  • Our dreams can become  the seeds of your growth;
  • Our aspirations can propel your ambitions

Friends!  on behalf of the Government,  let me give an assurance  We assure you that  we will be available to hold your hands  whenever you need us. You will find us standing with you in your journey  If you walk one step; we will walk two steps for you.

At the end,  I urge you to see  and realise  for yourself that -

  • India is changing fast;
  • India is growing fast ;
  • India is moving faster than expected;
  • India is learning even faster;
  • India is ready than ever before

Let us join hands! Let us work together  for progress,  prosperity and peace

Thank you

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India is today the world’s fastest growing large economy: PM Modi
Our policies are focussed on improving India’s long term economic and social prospects, rather than on short term headlines: PM
While the global economy is going through a period of uncertainty, India has shown tremendous resilience: PM
Foreign Direct Investment in India was at the highest level in 2015-16, at a time when global FDI has fallen: PM Modi
Hydrocarbons will continue to play an important part in India’s growth: PM Narendra Modi
As a responsible global citizen, India is committed to combating climate change, curbing emissions & ensuring a sustainable future: PM
Energy sustainability, for me, is a sacred duty. It is something India does out of commitment, not out of compulsion: PM Modi
To make India a true investor friendly destination, we have come up with a new Hydrocarbon Exploration and Production Policy, says PM
My message to global hydrocarbon companies is: We invite you to come and Make in India, says PM Modi
Our commitment is strong and our motto is to replace Red Tape with Red Carpet: PM Narendra Modi

My colleague Shri Dharmendra Pradhan ji,
Oil and Gas Ministers from overseas,
CEOs and experts from the hydrocarbon sector,
Distinguished guests, ladies and gentlemen.

Energy is a key driver of economic growth. Sustainable, stable and reasonably priced energy is essential for the fruits of economic development to reach the bottom of the pyramid. Hydrocarbons will remain the most important source of energy for many years to come. Therefore, the theme of the Conference “Hydrocarbons to Fuel the Future, Choices and Challenges” is both apt and timely.

India is today the world’s fastest growing large economy. This growth has been supported by a series of policy measures. Our policies are focussed on improving India’s long term economic and social prospects, rather than on short term headlines. Our efforts are showing results in terms of economic growth and development.

Apart from fast growth, our economy has also been more stable than most others. While the global economy is going through a period of uncertainty, India has shown tremendous resilience. Our Current Account Deficit has improved steadily and reached the decade low in the June quarter. Foreign Direct Investment in India was at the highest level in 2015-16, at a time when global FDI has fallen. According to the Bank of International Settlements, India is less vulnerable to banking distress among the major economies.

India’s economy is expected to grow five fold by 2040. As per estimates, India is poised to account for one fourth of the incremental global energy demand between 2013 and 2040. India is expected to consume more oil in 2040 than the whole of Europe. We expect manufacturing to account for twenty five per cent of GDP by 2022 against sixteen per cent now.

Transport infrastructure is also expected to increase manifold. The commercial vehicle population of thirteen million is projected to reach fifty six million by 2040. In civil aviation, India is currently the eighth largest market in the world and set to become the world’s third largest by 2034. Growth in the aviation sector is expected to raise demand for aviation fuel four times by 2040. All this will affect energy demand.

Friends.

Hydrocarbons will continue to play an important part in India's growth. The prospect of rapid growth places a large responsibility on India’s energy sector. I am glad that so many participants from India and abroad have taken the time to come here. I am sure all of us will benefit from the experience and expertise of each other. I take this opportunity to share with you some of my thoughts on the expectations from the hydrocarbon sector and our endeavour to achieve energy security.

Energy in general and hydrocarbons in particular are an important part of my vision for India’s future. India needs energy which is accessible to the poor. It needs efficiency in energy use. As a responsible global citizen, India is committed to combating climate change, curbing emissions and ensuring a sustainable future. Given global uncertainties, India also needs energy security. Therefore, my vision for India’s energy future has four pillars:

--Energy access
--Energy efficiency
--Energy sustainability
--Energy security

Let me start with energy access. While some of India’s rich are buying hybrid cars, many of India’s poor are still buying firewood for cooking. Use of firewood and other biomass for cooking is a health hazard for rural women. It also reduces their productivity. We have launched the Ujjwala programme to provide fifty million families with access to cooking gas. In one stroke, this programme improves health, increases productivity and reduces harmful emissions. The government bears the one time cost of the connection but the consumer pays the full price for the gas. This programme has already provided nearly ten million new connections in just seven months.



The Government also aims to extend Piped Natural Gas to ten million houses over the next five years. We are committed to expanding the National gas grid network from its current length of fifteen thousand kilometres pipeline to thirty thousand kilometres. We are building a new gas pipeline to the least developed eastern region which will become the catalyst for millions of new jobs. We are working to ensure that every village in India has access to electricity by March 2018.

Let me now turn to energy efficiency. India’s commercial transport sector has become skewed. An increasing proportion of goods is transported by road. To increase energy efficiency, my government has given the highest ever priority to the railways. We have stepped up public capital investment in railways by more than one hundred per cent between 2014-15 and 2016-17. We are completing dedicated freight corridors. We are constructing a high speed rail corridor between Mumbai and Ahmedabad which will be more energy efficient than air travel. We have given a big thrust to waterways, both inland and coastal. Our Sagarmala project will connect the whole of India’s long coastline. We have also opened up new inland shipping routes on large rivers. These steps will improve energy efficiency. The long awaited legislation on a national Goods and Services Tax has been passed. By removing physical barriers at state boundaries, GST will accelerate long haul transport and further increase efficiency.

Oil ministers from developing countries know the sensitivity of energy pricing. Despite this, we have de-controlled petrol and diesel prices. Cooking gas price is also determined by the market. To protect the vulnerable and the middle class, a subsidy is paid directly to one hundred and sixty nine million bank accounts. This has eliminated leakages and misuse of cooking gas subsidies, resulting in large fiscal saving. These measures too have increased the efficiency of energy use.



Energy sustainability, for me, is a sacred duty. It is something India does out of commitment, not out of compulsion. India has taken the lead in committing itself to a reduction of thirty three per cent in the carbon intensity of its GDP from its 2005 level over the next fifteen years. We have done this despite our low starting point in per capita energy consumption. We have also committed to produce forty per cent of our power from non fossil fuel by 2030. I have set a massive target of 175 gigawatt of renewable energy by 2022. Thanks to our efforts, capacities have increased and prices of renewable energy have crashed. We have also given a big thrust to LED lighting.

CNG, LPG, and Biofuels are cleaner fuels for the transportation sector. We need to explore options to produce biodiesel on barren lands, which will further provide financial assistance to farmers. R&D on second and third generation biofuels and fuel cells are required to meet the country's energy challenges.

Let me now turn to energy security. We need to increase our domestic oil and gas production and reduce import dependence. I have set a target to reduce import dependence by ten per cent by 2022. This will have to be achieved during a period of increasing oil consumption.

We have a strong, investment friendly policy framework in place to boost domestic hydrocarbon production. Almost two decades ago, India had introduced the New Exploration Licensing Regime. This allowed one hundred per cent FDI and provided an opportunity to private players to come, invest and operate in the Indian upstream sector. However, several factors adversely affected India’s domestic oil and gas output.

To make India a true investor friendly destination, we have come up with a new Hydrocarbon Exploration and Production Policy. This provides for

Uniform license for exploration and production for all forms of hydrocarbons, including shale oil and gas and coal bed methane

• Open acreage policy allowing bidders to choose the acreage they wish to explore

• Revenue sharing model instead of profit sharing to reduce the scope for disputes

• Marketing and pricing freedom for the crude oil and natural gas produced

Last year, we announced the new Marginal Fields Policy. Under this policy, sixty seven fields were offered for bidding. Together, these sixty seven fields are estimated to hold in-place Oil plus Oil equivalent Gas reserves of eighty nine Million Metric Tonnes. The estimated recoverable reserves are of the order of thirty Million Metric Tonnes. I understand that an encouraging response has been received to the bidding process with several global companies participating.

The downstream sector is now more open, creating a level playing field for all market players. The resulting competition will increase the efficiency and effectiveness of our marketing companies.

Our proactive foreign policy and energy diplomacy is helping us to strengthen our ties with our neighbouring countries. I hope that our oil and gas sector companies will take the opportunity to tie up with their foreign counterparts to explore for more equity oil. Recent acquisitions of hydrocarbon assets in Russia by investing 5.6 billion dollars for fifteen million tonnes of equity oil equivalent, are one such instance. Indian energy companies must become multinational; and work towards India-Middle East, India-Central Asia, and India-South Asia energy corridors.

Natural Gas is the next generation fossil fuel - cheaper, and less polluting. We have given priority to move towards a gas based economy. Efforts must be made to increase natural gas production while also creating import infrastructure to meet the growing domestic demand. Natural gas will also have an important balancing role to play as India’s renewable energy production rises. To provide balance and peaking power, gas-based power will be critical.

Friends. To achieve this vision, we need to be very efficient in terms of project and resource management. This is an area that India needs to improve upon to remain competitive. This will not only improve our refining and processing efficiencies but also ensure timely and efficent project completion.

India has always been an inspiration for others in terms of intellectual capability and enterprise. I am confident that with initiatives like "Make in India", “Startup India”, and "Standup India", there will be opportunities for youth to venture into Indian Oil and Gas sector and to bring innovative ideas. Technology development in refining, nanotechnology, catalyst development, biofuel and alternate energy are areas we need to focus upon. The successful development of IndMax technology by IndianOil is an example of innovative thinking which is now on the commercial application stage.

My message to global hydrocarbon companies is: We invite you to come and Make in India. Our constant efforts have improved India’s ranking in Ease of Doing Business. Let me assure you that our commitment is strong and our motto is to replace Red Tape with Red Carpet.

Friends.

On one hand, to meet the increaasing demand, we need affordable, and reliable, sources of energy. Hydrocarbons will be an essential part of this mix. On the other hand we must be sensitive towards the environment. I am sure, this august gathering will come up with innovative ideas, in which hydrocarbons will continue to fuel the future in a more efficient and sustainable way.

I assure you of all possible support from the Government. I thank you for being here and becoming a part of the transformation of the energy sector in India.