"Energy security is important and this will definitely boost the sector," commented Anil Agarwal, Chairman of Vedanta Group, on the recent decision by the Indian government to increase the prices of natural gas.

He said that the move gave "a different perspective" on the energy sector. He predicts that this price hike will encourage more investments in the country.

When asked about Cairn India's current output and goals, he mentioned that the company is producing an estimate of 190,000 barrels and the target is around 250,000.

The raising of natural gas prices was initiated by the Cabinet Committee of Economic Affairs las June 27. The approval affected all prices including domestic gas.

The current price of natural gases sits at an average of US$4.2 per million, while the proposed price is almost double at US$8.4 per million.

Minister of Oil M Veerappa Moil said that the decision is beneficial to the economy, talking about the revenue of new firms that are being made public.

"As a minister I cannot preside over a sick ministry. I would like to take it forward so that the country secures independence in energy sector. We need to attain it and it is possible to do that," the minister summed.