NEW DELHI: Prime Minister Narendra Modi on Monday said that India’s energy future is bright and secure and energy security is one of the prime focus of the government.
Speaking virtually at the India Energy Forum, the Prime Minister laid down India’s energy map comprising seven key drivers. He said: “Like the seven horses driving the Sun god’s chariot, India’s energy map will also have seven key drivers.”
The key drivers for change as listed by PM Modi are as follows:
* Accelerating efforts to move towards a gas-based economy;
* Cleaner use of fossil fuels like petroleum and coal;
* Greater reliance on domestic source to drive bio-fuels;
* Achieving the renewable targets of 450 GW by 2030;
* Increasing contribution of electricity to decarbonise mobility;
* Moving into emerging fuels including hydrogen;
* Digital innovation across all energy systems
PM Modi said the coronavirus pandemic had resulted in global energy demand falling by one-third, investment decisions being impacted and predictions of a contraction in demand over the next few years.
However, he believed that India will drive the global energy demand. “We are driving strategic comprehensive energy engagements with key global energy players.”
While the focus is to make India a gas-based economy, the nation would also be raising oil refining capacity from 250 million tonnes per annum currently to 450 million tonnes by 2025 to keep self-reliance in sync with demand, he added.
“Our energy sector will be growth-centric, investor-friendly and environment conscious,” he noted.
Stating that India saw transformational reforms in the energy sector in the last five years, the Prime Minister highlighted changes in oil and gas exploration and production regime as well as gas marketing.
“India’s reform journey has been on the high speed in the last five years,” he emphasised.
(With agency inputs)