New Delhi (Sputnik): India has invited Russian industry to take advantage of the growing demand for blue fuel or gas based sources of energy in India.
Welcoming the delegates of the International Business Congress (IBC) to the body's 21st annual meeting in New Delhi, CEO of India's apex policy making think tank NITI Aayog (National Institution for Transforming India), Amitabh Kant said that the Indian Prime Minister's emphasis on shifting households from firewood to gas fuel for cooking is just one of the many examples of India's prioritizing of blue fuel for future and foreign enterprises and must utilize this opportunity.
India's Minister for Commerce and Industry Suresh Prabhu agreed with the argument.
"Indo-Russian relation is a time-tested one and Russia has stood by India in difficult times. Gas and energy is one area of collaboration which we are looking forward to," Indian Commerce Minister Suresh Prabhu said while addressing the elite group of the corporate audience members from 28 different countries.
"With the existing environmental challenges, there is no doubt that an increase in the share of the 'blue fuel' in India's energy mix could be crucial. We see great potential for natural gas in India with a wide variety of applications that could open new avenues for collaboration between Gazprom and Indian companies," said Alexey Miller.
READ MORE: Russia’s Gazprom to Launch Delivery of Contracted LNG to India from April 2018
The International Business Congress (IBC) is an international non-governmental and non-profit organization. The IBC consists of 123 members, including Gazprom. Alexey Miller was re-elected as the IBC President and Klaus Schaefer, CEO of Uniper, was re-elected as the IBC Vice President.
More than 100 global corporations, with a combined market capitalization of USD 8.9 trillion and annual revenue of USD 2.3 trillion, are participating in the IBC's twenty-first annual general meeting, the first ever in New Delhi.