Saudi Arabia to invest USD 300 bn in India in next 4-5 years

ANI | Updated: Oct 09, 2017 21:00 IST

New Delhi [India], Oct 9 (ANI): NITI Aayog CEO Amitabh Kant on Monday highlighted Saudi Arabia's plans to become India's investment partner in the energy sector as the country announced its plans to invest USD 300 billion in India in the next four to five years.

"Saudi Arabia wants to invest in energy, security and supply. It announced its plans to become India's investment partner with an investment worth USD 300 billion in the next 4-5 yrs," said Kant while briefing the media after the global business leaders meeting with Prime Minister Narendra Modi.

In his address, Kant also highlighted that India will get its new energy policy within 30-45 days as the Centre has its focus on making national grid for gas operational soon.

"The Centre's major emphasis is on eastern part of India. The Prime Minister highlighted that this part is full of natural resources and man power. The resources can be used and developed."

Earlier today, Prime Minister Modi interacted with the oil and gas CEOs and experts from across the world and thanked the participants for sharing their views.

He said that many suggestions received in the last meeting in 2016 have helped policy making. He also said that scope for reform in many areas still exists.

Union Ministers Dharmendra Pradhan, R.K. Singh and senior officials from NITI Aayog, Prime Minister Office, Petroleum Ministry and Finance Ministry were present at the meeting.

The Prime Minister thanked the President of Russia, Vladimir Putin, and Rosneft, for their commitments and support to the energy sector in India.

He appreciated the 2030 vision document of the Kingdom of Saudi Arabia. (ANI)