New Delhi, May 12 -- Highlighting the need to remove long-standing inconsistencies across regimes and to ensure a stable framework for India's upstream sector, the government has rationalized royalty rates under the Oilfields (Regulation and Development) Act to drive growth in the upstream sector.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on X, credited Prime Minister Narendra Modi for his leadership in rationalizing the Act.

"In a big boost for the country's Upstream Sector, rationalization of royalty under the ORD Act marks a new era for our Oil & Gas regimes by eliminating inconsistencies and driving growth in the upstream sector under the leadership of PM Sh @narendramodi Ji. This landmark decision will be a ma...