Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan on Wednesday said India will chart its own course of the energy transition in a responsible manner. Speaking at KPMG India’s annual energy conclave ENRich 2019, the Union minister said Global energy system is transforming at an unprecedented pace and India, in the midst of a major transformative shift in its energy sector, is finding ways to achieve the twin objectives of more energy and less carbon through a healthy mix of all commercially-viable energy sources. The Union minister said the centrality of energy growth in a sustainable manner is the top priority of the ruling NDA-II government at the Centre. There is unprecedented advancement, on both the demand and supply sides of the equation, as the world and India seek out more benign methods to advance global growth and welfare he added.
Speaking about Prime Minister Narendra Modi’s vision of a $5 Trillion Indian economy, Pradhan said the government is emphasizing on both ease of doing business and ease of living. India’s economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms, he said. Highlighting the reform measures taken by the Centre, Pradahan said Prime Minister Modi has undertaken several structural reforms in the last 5 years to create a business-friendly environment. The minister said these reforms include insolvency and bankruptcy code, tax reforms and intellectual property reforms while the hydrocarbon sector has also been overhauled through series of business-friendly policy measures.
The oil minister also talked about the sustainable growth achieved under the Modi government. He said the centrality of energy growth in a sustainable manner is the top priority of the government. There is unprecedented advancement, on both the demand and supply sides of the equation, as the world and India seek out more benign methods to advance global growth and welfare, he added.
Pradhan said the trajectory to end energy poverty in India, as compared to the rest of the world, would be based on special national circumstances. This is more so when the average Indian lives only on a third of the per capita consumption of energy that the United Nations believes is necessary for human well-being.
Talking about India’s growing energy needs, he said India has a huge appetite for energy and will be a driver of global energy demand in the coming decades.
Reiterating his commitment towards building a gas-based economy, the Union Minister further said the Centre is making all efforts to move towards a gas-based economy and an estimated investment of 60 billion dollars is lined up in developing gas infrastructure, which includes pipelines, city gas distribution and LNG terminals. He 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.