Prime Minister Narendra Modi on Tuesday sought investment from oil kingpin Saudi Arabia and other nations to boost supplies. Speaking at Saudi Arabia's annual investment forum, also known as 'Davos in the desert', Prime Minister Modi promised stable, predictable and transparent policy regime to catalyse foreign investments. Here are the pointers from PM Narendra Modi's speech
- India will invest a massive USD 100 billion in oil and gas infrastructure to meet the energy needs of an economy that is being targeted to nearly double in five years. India is investing heavily in oil ad gas infrastructure, as much as USD 100 billion will be spent by 2024 in creating additional oil refining capacity, laying new pipelines and building gas import terminals
- India needs investments in the energy sector to meet the demand of a fast-expanding economy. And I request energy companies present here to take advantage of this opportunity
- Saudi national oil company Aramco has decided to invest in the 60 million tonnes a year West Coast refinery project in Maharashtra - which will be Asia's biggest refinery
- I want to ensure that India's rate of growth is going to rise further. We are taking steps for the growth of our economy. We are improving on our ease of doing business ranking. Due to political stability, predictable policy, and big diverse market, your investment in India will be most profitable
- The requirement of physical infrastructure is in developing countries. Asia requires USD 700 billion per year for infrastructure development. We have set an investment target of spending USD 1.5 trillion on infrastructure development in the next few years. This target includes oil and gas plus other infrastructure such as roads, airports, and ports
- India is targeting to nearly double the size of its economy to USD 5 trillion in the next five years
- Five big trends impacting global businesses are technology and innovation, infrastructure, human resources, compassion for the environment and business-friendly governance
- Indian start-ups are acing everything, from food delivery to transport, to hospitality, to medical treatment, to tourism
- India is integrating infrastructure through one nation one power grid, one nation one gas grid and one water grid, one nation one mobility card, one nation one optical fibre network
- Infrastructure growth in India will be in double-digit and there is no possibility of capacity saturation
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