Billionaire Mukesh Ambani’s Reliance Industries has told a government-appointed panel reviewing gas pricing that any ‘retrograde’ move to artificially cap rates will add to fiscal policy instability, delays investment and dent India’s attempt to become Atmanirbhar in fuel production.
In a submission to the committee headed by Kirit Parikh, which has been asked by the Oil Ministry to look at setting a ‘fair price to consumers’, the firm detailed how the economics of its about-to-start field in the KG-D6 block, where billions of dollars have been spent to recover reserves lying several kilometres below the seabed, will be impacted under different prices.
