The ascendency of India as an economic world power

I have been continuously saying that India needs to secure long term of oil and gas supply if it wants to sustain long term economic growth. At the same time, I have also said on many occasions that Indian government is not serious enough in this regard. I am happy to note that Indian government has at last come up with a good initiative- holding an international oil conference.

Africast reported:

Energy ministers from ten oil producing countries will attend an international oil and gas conference to be held in New Delhi from January 15 to discuss global concerns related to the hydrocarbon sector.

 

The ministers are expected to resolve many international concerns related to the oil and gas industry by precipitating a collective approach toward the challenges, based on discussions among many of the OPEC oil ministers who would be attending the conference.

 

The conference will see oil ministers of Nigeria, Iran, Venezuela, Saudi Arabia, Qatar, Sudan, Romania, Myanmar, Sri Lanka and Yemen participating in the conference.

 

The 7th International Oil and Gas Conference and Exhibition "Petrotech-2007" is being hosted by the Petrotech Society and organised by Oil and Natural Gas Corp under the aegis of the Petroleum and Natural Gas Ministry.

It is surely a nice initiative and I wish that Indian government can make the best use of it. India has to secure long term of supply of oil and gas from different countries. Indian officials should not look for reasonable price but look for stable supply. It is time that India use its diplomacy to secure more oil for the economy.