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Union Budget 2016: Government to provide calibrated marketing freedom to incentivise Oil & Gas production

India Blooms News Service | | Feb 29, 2016, at 07:32 pm

New Delhi, Feb 29 (IBNS) Union Finance Minister Arun Jaitley on Monday presented the Union Budget 2016 and said that Oil & Gas discovery and exploration of Gas in difficult areas will be incentivised by giving them calibrated marketing freedom.

The minister said, "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.

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.

#Union Budget 2016 # Arun Jaitley # Budget speech # India economy

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