×

UPSC Courses

DNA banner

DAILY NEWS ANALYSIS

  • 17 June, 2020

  • 4 Min Read

Indian Gas Exchange

Indian Gas Exchange

Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)

Shri Dharmendra Pradhan launches Indian Gas Exchange, the first nationwide online delivery-based gas trading platform

Minister of Petroleum and Natural Gas & Steel launched the Indian Gas Exchange (IGX), the first nationwide online delivery-based gas trading platform, in an e-ceremony. IGX will be a delivery-based trading platform for the delivery of natural Gas.

Imp Points

  • Incorporated as a wholly owned subsidiary of the IEX - India’s energy market platform, IGX will enable market participants to trade in standardised gas contracts.
  • The platform is fully automated with a web-based interface to provide a seamless trading experience to the customers.
  • The launch of the new electronic trading platform for natural gas has opened a new chapter in the energy history of India and helped the nation move towards free market pricing of natural gas.
  • As there will be a market-driven pricing mechanism, India Gas Exchange (IGX) will play a bigger role in realizing a free market for gas, he added.
  • Through IGX, India's vision of mega investments on Liquefied Natural Gas (LNG) terminals, gas pipelines, CGD infrastructure and permission for a market-driven price mechanism will be materialized.
  • Referring to the various initiatives taken to make India a gas-based economy, the Minister said that the Indian gas market has multiple price bands for assets including pre-NELP, NELP, High Temperature and High pressure (HTHP) and Deepwater and Ultra Deep Water blocks.
  • The country has long-term gas contracts with many countries like Qatar, Australia, Russia and the US, and has made investments abroad in strategic assets in Mozambique, Russia and other countries.
  • He also mentioned various ongoing projects to strengthen the gas infrastructure in the country like Urja Ganga (refer www.aspireias.com, Eastern India grid, Indradhanush project in the North-east, Dhamra-Dahej pipeline, coal gasification and CBM policy.

He said that country will have more than 30,000km of pipeline in the next few years. According to the minister, the new electronic trading platform for natural gas is the biggest indicator of the centre's progressive policy as it completes the entire energy value chain from gas production from multiple sources and imports of LNG from different parts of the globe to having a transparent price mechanism. Talking about the Prime Minister’s vision to provide energy justice to the people of India, he said that they must have universal access to a clean, affordable, sustainable and equitable supply of energy.

Source: PIB


Pradhan Mantri Suryodaya Yojana

Recently, Prime Minister announced Pradhan Mantri Suryodaya Yojana under which 1 crore households will get rooftop solar power systems. India’s Status of Current Solar Capacity India currently stands at 4th place globally in solar power capacity. As per Ministry of New an

Foreign Contribution Regulation Act (FCRA)- NGO 

The Foreign Contribution Regulation Act, 2010 (FCRA) registration of two prominent non-governmental organisations (NGOs) — Centre for Policy Research (CPR) and World Vision India (WVI) have been cancelled this month. What is FCRA? Key provisions of FCRA, 2010 Key aspects Description

Voice clone-AI

Voice clone fraud has been on the rise in India. AI voice cloning – It is the process of creating a synthetic replica of a person’s voice through machine learning and speech synthesis technology.It is called as voice deepfakesor audio deepfakes. Objective – To achieve a high level of na

Science communication- how to promote

Steps taken by India to promote Science Communication Publications and Information Directorate (PID) - An organisation under Council of Science and Industrial Research (CSIR) established in 1951 for publishing and disseminating scientific information in India. National science magazines- The PI

Universal Basic Income (UBI)- Analysis

Universal Basic Income (UBI) can strengthen welfare architecture and unlock the nation’s latent demographic potential. UBI - It is an income support mechanism typically intended to reach all or a very large portion of the population regardless of their earnings or employment status. Objective- To provide enough to co

Toppers

Search By Date

Newsletter Subscription
SMS Alerts

Important Links

UPSC GS Mains Crash Course - RAW Prelims Answer Key 2024