"The provision of safety nets is not only a political commitment but a humanitarian consideration to make open markets work," he said. These safety nets come in the shape of affordable housing, quality education, 100 days of guaranteed work and now the provision of subsidised nutritious food to 67% of the population, he declared.
Salman Khurshid said that industry had a role in directly sensitising and educating the judiciary, which at the present moment is guided by legal thinking. Law without economic analysis is meaningless. In the modern world where diplomacy equals economy, the benefit of economic analysis must be available to the Supreme Court just as it happens in the US.
He urged the public and private sector energy leaders to move forward with a spirit of adventure and not get bogged down by the fear of making mistakes. Mistakes that are made bona fide and through honest work should not be punished, he declared.
The Government, he said, was laying emphasis on using domestic resources fully to moderate the impact of the vagaries of the international market. The Cabinet Committee on Investment (CCI) has cleared 31 of the 40 NELP blocks in a single month up to April 2013.
These clearances would not only put to use an investment of US$ 13.42 billion (Rs. 73179.26 crore) already made but will also bring in additional investment of about US$ 2.5 billion (Rs. 13632 crore) in the 3-5 years in exploration activities. On the discovery of hydrocarbons, huge investment is expected in developing these blocks.
Out of 3,32,960 sq km area covered by these 40 blocks 2,66,463 sq km in 31 blocks would now be available for exploration and production activities. This was also an important signal to foreign players to make investment in Indian oil and gas blocks, he said.