Emphasis will be on quick decisions, investments: Oil Minister Veerappa Moily

NEW DELHI: Stepping into a ministry that had in recent times become notoriously indecisive, the new Oil Minister M Veerappa Moily today promised quick decisions and creating an environment conducive for investment to flow in.

Moily, 72, who replaced S Jaipal Reddy, said his priority would be to intensify domestic oil and gas exploration to reduce import dependence that had played havoc with inflation.

"Emphasis will be on quick decision making and innovation. Decisions should not be delayed. Delaying decisions will cost the nation. We do not want any delay in decisions," he said after taking charge.

Lauding his predecessor, under whom the Ministry was accused of being indecisive and almost halting oil and gas exploration, Moily said Reddy had done "wonderful job, setting highest standard of probity in administration".

"Many a times it happens (that) you avoid taking decisions. That is not a solution. Avoiding or delaying decision is not a solution. And this is where we need to very seriously work on," said Moily, who was previously Minister for Power and Corporate Affairs.

Decisions, he said, would be taken keeping the national interest in mind and not to be "benefit one or two individuals or companies."

Laying out priorities, Moily said a conducive environment would be created for domestic and foreign companies to explore for oil and gas so as India's import dependence, which is at an alarming level of 80 per cent, is reduced.

Also, the vexed issue of losses state retailers suffer on selling fuel below cost will be addressed by bringing in efficiencies and not by cutting subsidies.

"Investment will have to be attracted through conducive policy environment... We need to create that kind of confidence with the investors that this is the country that (should be their) investment destination," Moily said.