Business Daily from THE HINDU group of publications
Tuesday, Jan 06, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jan 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Industry Associations Government - Policy CII wants overhaul of strategy on energy security India’s proximity and historical linkages with some of the world’s most hydrocarbon-rich regions places it in a unique position and it should forge stronger ties with African and Central Asian countries and consolidate traditional relationships with West Asia, says CII. Our Bureau New Delhi, Jan. 5 The Confederation of Indian Industry (CII) wants the country’s diplomatic policy tuned to its energy aspirations. “India has to maintain a diplomatic balance on various conflict issues in a manner that its energy interests are not jeopardised. In today’s globalised world, a shift from an inward looking energy policy to a package of effective domestic and overseas energy strategies is crucial for ensuring India’s energy security,” says CII in a release. Energy strategyA successful implementation of international energy strategies, whether in acquiring upstream assets, pursuing trans-national pipeline projects or expanding bilateral supply contracts, would require close co-operation with not only energy-rich countries but also with energy importing economies. “India’s ascent on the international energy scene would require reshaping of the global energy space. In the short term, there could be additional pressure on the global supply sources. But, in the medium and long term, India can contribute significantly to the global energy security, while adopting strategies for its own energy security,” says Mr V. Raghuraman, Principal Advisor and Head (Energy, Environment and Natural Resources), CII. India’s proximity and historical linkages with some of the world’s most hydrocarbon-rich regions places it in a unique position. CII suggests the forging of stronger ties with African and Central Asian countries and consolidating traditional relationships with West Asia. India can make significant contributions in areas such as the security of sea lanes and pipelines, collaborative R&D on future energy technologies, co-ordination in energy imports and co-operation in acquisition of overseas energy assets, says CII. Welcoming the recent ratification by the Government of the Integrated Energy Policy, CII’s Director General, Mr Chandrajit Banerjee, says this is probably the best time in recent years to build up strategic reserves, augment commercial inventories, sign-up long-term supply contracts and acquire overseas hydrocarbon assets before speculation drives up prices again. The recent decision of setting up the Group of Ministers under the chairmanship of the External Affairs Minister, involving all central Energy Ministers, the Deputy Chairman of the Planning Commission and the Finance Minister, would ensure that the country’s energy diplomacy and foreign policy were aligned. More Stories on : Industry Associations | Policy | Power
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