Oil And Gas Sector To Fuel Indian Post-COVID-19 Growth
Sumaira FH Published August 25, 2020 | 09:45 PM
(UrduPoint / Pakistan Point News / WAM - 25th Aug, 2020) From Krishnan Nayar NEW DELHI, 25th August, 2020 (WAM) – The oil and gas industry where India has extensive collaboration with Gulf and other Arab petroleum exporting countries, has become an engine of economic revival, as India begins to manage and recover from the COVID-19 pandemic.
India’s Ministry of Petroleum and Natural Gas announced today that 8,363 projects in the oil and gas sector have resumed activity since April 20 under COVID-19 mandated, standard operating procedures. These projects are worth rupees 5.88 trillion. ($ 1 = rupees 74) The announcement came after the Minister of Petroleum and Natural Gas, Dharmendra Pradhan, held his latest review in a series of all on-going projects yesterday.
"India’s "petroleum Industry has turned crisis into opportunity and is striving to work on mission mode to generate employment and revive growth," the Ministry said in a statement today.
"Oil and gas entities in their role as key actors are working on a war-footing and contributing to the green shoots of economic revival, already visible through the backward and forward linkages of this industry."
It said the oil and gas sector is a key driver of economic growth and, therefore, these projects which have been kick-started since April provide a boost to the national economy and will trigger job creation.
"A total of around 338 million man-days of employment is expected to be generated towards the completion of these 8,363 projects. In the current financial year, as on 15th August, employment of more than 22 million man-days has been generated through capital expenditure in the execution of oil and gas projects," the statement said.
The projects include several joint ventures with foreign entities in refining, drilling and petrochemicals.
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