PM Narendra Modi on Wednesday inaugurated the 16th International Energy Forum, the largest gathering of ministers from energy consuming, producing and transit countries.
Noting that India will be a key driver of global energy demand in the next quarter century, the prime minister called for "responsible" pricing in the hydrocarbons market so as to balance the interests of oil and gas producers and consumers.
PM Modi said that a massive transformation has been underway in the energy market with consumption growth shifting from the developed world to the emerging and developing economies. "The world has seen prices on a roller coaster for much too long. We need responsible prices to balance the interests of both producer and consumer," Modi said.
The International Energy Forum is the largest gathering of energy ministers from across the globe, industry leaders and heads of key international organisations.
PM Modi at the 16th International Energy Forum Ministerial Meeting in Delhi: HIGHLIGHTS
10:41 am: Our government is boosting local manufacturing through Make in India in industries such as textile, petrochemical, engineering
10:40 am: We provide free LPG connections to the poor households, the aim is to help them lead a healthy and easy lifestyle.
10:38 am: Access to clean cooking fuel is very important to improve the standard of living.
10:37 am: Today India is the fastest growing economy in the world. India is also blessed with demographic dividend.
10:36 am: India is committed to combating climate change and to ensure a sustainable future, we are committed to fulfilling these needs
10:34 am: We need to build up a global consensus, which will help the consumers and the producers: PM Narendra Modi at the 16th International Energy Forum Ministerial Meeting
10:33 am: If the world has to grow as a whole, producers and consumers need to share a productive and a cooperative relationship.
10:32 am: Oil and gas are commodities of trade. Energy is essential for all sectors of the economy.
10:31 am: India will be the key driver of the global energy demand in the next 25 years, this is the fastest in the world economy.
10:30 am: The transport sector will see massive changes in the years to come, with the kind of advancements taking place in its area.
10:25 am: PM Modi speaks at the 16th International Energy Forum Ministerial Meeting in Delhi