First things first. Over all, this budget will be remembered for a long time for switching gears to put the Indian economy on a fast track of growth and development. While the expectations were high, the finance minister Arun Jaitley met it all by seeing the budget "as a statement of direction" and did it brilliantly from a higher platform with a larger vision.

There will be sectoral disappointments and it looks like oil and gas sector has been put on hold for attention on another day. There is nothing wrong about it. Perhaps, the recent serious documents leakage issue and consequent controversies involving oil and gas sector, made it politically untouchable for the time being. The sector has to live through these self created turbulent times and come out clean to prove its credentials. Therefore, I can only outline what should be done at the first available opportunity.

1.Energy in India is often associated with power first and coal next, with oil and gas struggling to find its little third place. This is because of limited appreciation of the transformational potential of this sector. Now that the pressing problems of power and coal sector are being addressed by announcing mega investments, by restarting stalled power projects, by improving fuel linkages, by evaluating pooled gas pricing and through transparent coal auction initiatives, the time is ripe to focus on oil and gas. One only hopes the sector does not have to wait for the next budget.

2. The power of gas to significantly save our cost of energy and enhance quality of environment was least understood and therefore left unleveraged. Except for Gujarat, the rest of the Indian states simply ignored it at best or even resisted it as in Tamil Nadu, where GAIL had to abandon its pipeline project and a private company, which had a licence to explore for coal bed methane (CBM) had to shut its shop fearing agitations. The Centre needs to outline a comprehensive plan for the development of national gas sector and must commit firm investments and execution plans. It will be good to replicate for gas sector, what has been done in the budget for the power sector with the announcement of five ultra mega power projects.

3. Even in the "Make in India" campaign and its enabling policy push, upstream oil and gas sector has not found its place of pride. A "Drill in India" sub campaign needs to be championed independently to flush out series of investor irritant issues. Clearly articulated policy accompanied by the time bound road map to attract risk investment in to 26 sedimentary basins spread across over 3 million plus square kilometres, which is grossly under explored, is the need of the hour. An excellent road map has already been laid by the Kelkar committee after comprehensive consultations with all the stake holders.

4. Health of a sector is determined largely by its largest player. ONGC continues to suffer from lopsided subsidy.

Elango is managing director, Hindustan Oil Exploration Company Ltd