×

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, first nationwide online delivery-based gas trading platform

Minister of Petroleum and Natural Gas & Steel launched the Indian Gas Exchange (IGX), first nationwide online delivery-based gas trading platform, in an e-ceremony. IGX will be a delivery-based trading platform for 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 web-based interface to provide 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 help 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 towards realizing a free market for gas, he added.
  • Through IGX, India's vision on mega investments on Liquefied Natural Gas (LNG) terminals, gas pipelines, CGD infrastructure and permission for market driven price mechanism will be materialized.
  • Referring to the various initiatives taken to make India a gas-based economy, the Minister said that 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 Mozamibque, Russia and other countries.
  • He also mentioned about 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 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 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 clean, affordable, sustainable and equitable supply of energy.

Source: PIB


What is Mission Indradhanush ?

Mission Indradhanush was launched in 2014 under the Ministry of Health and Family Welfare.  1. Between 2009 - 2013, only 1% coverage per year has increased. We have to make it to 5%. 2. Objectives of Mission Indradhanush: We have the aim of full coverage by 2020. Cover all those children who are either unvaccinated or are part

Mediation Bill 2021 - Detailed Overview

A Bill that could alter the Mediation landscape The background behind Mediation Bill:         In General, Disputes Became part and parcel of  Day-to-Day Life. Someone or the Other belonging to family or else not a part of the family would be fighting for something. These Disputes may be for Smaller or B

Military exercises of India

List of all Military Exercises of India 2021 Military Exercises of India with Neighbours Sampriti: India & Bangladesh Mitra Shakti: India & Sri Lanka Surya Kiran: India & Nepal Hand in Hand Exercise: India & China Ekuverin: India & Maldives Military Exercises of India with Other countries Maitree Exer

Consumer Protection Rules, 2021

Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021 1) Pecuniary Jurisdiction The Consumer Protection Act, 2019 The Consumer Protection Act, 2019 promulgates a three-tier quasi-judicial mechanism for redressal of consumer disputes namely district commissions, state

Swachh Bharat Mission (Urban) 2.0

The Swachh Bharat Mission - Urban (SBM-U), launched on 2nd October 2014 aims at making urban India free from open defecation and achieving 100% scientific management of municipal solid waste in 4,041 statutory towns in the country. The objectives of the mission are mentioned below: Elimination of open defecation Eradication of Manual S

Students Achievement

Search By Date

Newsletter Subscription
SMS Alerts