"The central and the state governments must work together to create awareness in the public on the need for curbing energy subsidies," he added.
The prime minister noted that to achieve the target of rapid growth, India needs adequate supplies of energy at affordable prices.
"Oil and gas will continue to meet a very large part of our energy requirements for many years to come. As you all know we remain dependent on imports for meeting a major portion of our crude oil requirements.
"It is for this reason that we will require large scale investments in the field of exploration for oil and gas within the country, acquisition of oil and gas producing assets overseas and strengthening of the marketing and distribution infrastructure in our country," he added.
The prime minister is here to inaugurate the 11th Pravasi Bharatiya Diwas on Tuesday.