To boost the production of natural gas and crude oil, and to refine, transport and distribute the fuel to Indian households, the country needs heavy investments.
The country's per capita energy consumption is one-fourth of the world.
The global oil industry is pinning their hopes on China and India, as demand elsewhere remains weak while production stays high, keeping prices low.
The country is also planning to finalise a new policy that will encourage producers to increase oil and gas output from the existing fields.
The spending plan compares with the USD 300 billion Saudi Aramco’s Chief Executive Officer Amin Nasser announced at the World Petroleum Congress in Istanbul earlier this week.