Modi Invites US Firms To Invest In Indian Energy Sector Amid Switch To Gas-Based Economy

NEW DELHI (UrduPoint News / Sputnik - 22nd July, 2020) Indian Prime Minister Narendra Modi on Wednesday invited US firms to invest heavily in the Indian energy sector amid the country's transition to a gas-based economy.

During an address delivered at the India Ideas summit, organized by the US-India business Council, Modi said that there would be plenty of opportunities for US companies in India.

"India invites you to invest in energy. As India evolves into a gas-based economy, there will be big investment opportunities for US companies. There are also big opportunities in the clean energy sector. To generate more power for your investment, this is the best time to enter the Indian power sector!" Modi said.

Alongside the energy sector, the Indian prime minister also called on US companies to invest in a range of spheres, including infrastructure, defense, space, and health care.

"The options to invest in India are extensive," Modi stated.

The Indian prime minister has set the target of increasing domestic gas consumption to 15 percent of the country's energy mix by 2030, up from roughly six percent at present.

The government has made multiple investments in gas infrastructure located both domestically and abroad, including a $121 million investment in the Shwe gas field off Myanmar's coast in June.�