Finance Minister Nirmala Sitharaman on Monday said that the government is committed to provide energy security to India.
“….Here is the government which is committed for energy security for India. Energy security, which is not blindly using non-environment friendly sources,” Sitharaman said addressing India Energy Forum CERAWeek Summit here.
The third India Energy Forum by CERAWeek has been organised in association with the Ministry of Petroleum and Natural Gas from October 13 to 15.
The Summit, gives a platform to examine the fundamental challenges and opportunities to provide sustainable, secure and affordable energy choices to the people of India.
Stating that India’s energy sector and energy commitment pose a lot of challenges, the Finance Minister gave a reference of thermal units which are still dependent on coal and said that the concerned Ministry is “moving away from coal base to open renewable sources of energy”.
“We have a leadership politically committed to make sure that every Indian gets the basic energy requirements as shown by Prime Minister Narendra Modi,” she said.
The Union Minister asserted that the government has achieved the target of providing electricity connection to 12 crores families and Liquefied petroleum (LPG) gas cylinders to 8 crores households, which was just a dream for 70 years.
Highlighting the government’s efforts to facilitate a friendly environment to investors, she said: “The atmosphere to invest is going to be friendlier in terms of reducing the regulatory mechanisms and their calibrations.”
“The BJP government at the Centre announced ‘cooperative tax cut’ with an intention to make India an attractive destination, Sitharaman said adding that now investors can move towards a newer regime which better and attractive.
On September 20, the Finance Minister made a deep cut in corporate tax rates, from 30 per cent to 22 per cent. She further said that amendments are being made to Company Act so it does not look punitive and driving towards punishment but more towards compliance.