A Steering Committee has been constituted by the Ministry of Petroleum and Natural Gas. The members of this Steering Committee have been brought together from the Ministry of Petroleum and Natural Gas, Ministry of Commerce, Department of Industrial Policy and Promotion, various public sector undertakings involved in the oil and gas sector and also representatives from industry organizations like FICCI, CII and AOGO.
The Steering Committee so constituted has already identified certain actionable areas in the short term (one year) and in medium term (three years). These actionable areas include:
(i) Making suitable amendments to the public procurement norms to mandate aggregation of requirement and local content as procurement criteria as a short term initiative.
(ii) A target of indigenization of 50% in the upstream sector in the medium term.
(iii) Setting up of dedicated manufacturing zones/ clusters in the medium term.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
