Govt provided marketing freedom to incentivise Oil & Gas production in Budget 2016

By | February 29, 2016
(Last Updated On: February 29, 2016)

Government will provide calibrated marketing freedom to incentivise Oil & Gas production

Comprehensive plan to augment investment in Nuclear Power generation

Presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Oil & Gas discovery and exploration of Gas in difficult areas will be incentivized by giving them calibrated marketing freedom. This is a major reform measure. As part of our drive towards self-sufficiency, the Government is considering to incentivize gas production from deep-water, ultra deep-water and high pressure-high temperature areas, which are presently not exploited on account of higher cost and higher risks. In the power sector, the Government is drawing-up a comprehensive plan, spanning next 15 to 20 years, to augment the investment in nuclear power generation. Budgetary allocation up to Rs. 3000 crore per annum, together with public sector investments, will be leveraged to facilitate the required investment for this purpose.

Shri Jaitley said that government will permit mobilization of additional finances to the extent of Rs 31,300 crore by NHAI, PFC, REC, IREDA, NABARD and Inland Water Authority through raising of Bonds during 2016-17. In the other segments of the infrastructure sector, the Government has achieved the highest coal production growth in over two decades, highest ever capacity addition in generation, highest ever increases in transmission lines and in distribution of LED bulbs.

Source Ministry of Finance 29-February, 2016
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