In the rapidly changing global energy system, India will go with its way of energy transition keeping a balance between its environmental responsibility and energy use. On energy growth, India will adhere to sustainable growth.
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan stated this while addressing an annual energy conclave; ENRich-2019-KPMG in New Delhi on November 5.
He said, as it is all around the world, India is also going through a transformation in its energy sector. But, “it will chart its course of the energy transition.” India will do it responsibly following its twin objective of more energy and less carbon.
He iterated India’s commitment to the policy of sustainable energy growth while holding that India’s plan to end the energy-poverty would be based on special national circumstances. India’s per-capita energy consumption is one-third of what the United Nations recommends for human well-being.
Since the speedy growth of the economy has highly increased the demand for energy as well as the supply of energy has set India to become the global energy driver in a decade.
Speaking about Prime Minister Shri Narendra Modi’s vision of a $5 Trillion Indian economy, Mr. Pradhan emphasised on both ease of doing business as well as on ease of living. He said that the country’s economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms.
On reform measures, the Minister said, Government has undertaken several structural reforms in the last 5 years to create a business-friendly environment. These reforms include insolvency and bankruptcy code, tax reforms and intellectual property reforms.
The hydrocarbon sector has also been overhauled through a series of business-friendly policy measures. Reiterating his Government’s commitment towards building a gas-based economy; Minister Sri Dharmendra Pradhan further added that Government is making all efforts to move towards a gas-based economy. An estimated investment of 60 billion dollars is lined up in developing gas infrastructure, which includes pipelines, city gas distribution, and LNG terminals.
Shri Pradhan also talked about the National Biofuel policy which focusses on waste-to-wealth creation and targets to generate various types of bio-fuels from agriculture residue and municipal waste. During the event, Sh. Dharmendra Pradhan released the thought leadership paper.