Bengaluru: PM Narendra Modi on Wednesday laid foundation stone of key projects of oil and gas sector in Tamil Nadu through a video conference from Delhi.

The PM said that India is committed to bring natural gas into Goods and Services Tax (GST) regime to make prices cheaper and uniform across the country.

"We are committed to bringing natural gas under GST regime; I want to tell the world come invest in India's energy sector," the Prime Minister added.

In his address, he stressed on the importance of oil and gas projects which are not just beneficial for Tamil Nadu but for the entire country. Tracing the report of import and export of India in 2019-20, he said, "India imported over 85% of oil and 53% of gas to meet its domestic demands. Can a diverse and talented nation like ours be so energy-dependent?"

"Indian Oil's 143-km-long natural gas pipeline from Ramnathpuram to Thoothukudi that is being launched today will monetize the gas from ONGC's gas fields. This is part of a larger natural gas pipeline project being developed at a cost of Rs 4,500 crore. It will benefit several areas in South India," he added.

At present, Indian oil and gas companies are present in 27 countries with investment worth about Rs 2.70 lakh crore and about 65.2 million tonnes of petroleum products have been exported. The number is expected to rise even further. The companies have ventured overseas in acquisition of quality oil and gas assets.

PM Modi said that in the past six years, oil and gas projects worth over Rs 50,000 crore have been approved for implementation in Tamil Nadu.

Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas, and Edappadi K Palaniswami, Chief Minister of Tamil Nadu, joined the event through video conferencing.