Hyderabad: The recent discovery of major natural gas reserves in Krishna-Godavari basin would help India become "self-sufficient" in gas sector and trigger an economic boom in coastal Andhra Pradesh, the Chief Minister N Chandrababu Naidu said on November 1.

Welcoming an announcement by Reliance Industries Limited (RIL) that it discovered 7 trillion cubic feet volume of natural gas in one of the KG basin wells, Naidu said it would have a "far-reaching" impact on the economic development of the country as gas availability to consumers would increase by 60 per cent in the wake of one of the largest finds of natural gas.

"We expect a boom in industrial development along our coastline where special economic zone and Pharma City are coming up," Naidu said in Hyderabad.

Following the significant discovery, the state government was hopeful of many more gas based power projects coming up in coastal area, he said adding that three gas based power plants were already located in the region.

PTI