New Delhi, Nov 6: Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan on Wednesday said global energy system is transforming at an unprecedented pace.
Participating in the ENRich 2019 - KPMG India’s Annual Energy Conclave here, the Petroleum Minister said India, too, is in the midst of a major transformative shift in its energy sector.
'In India we are finding ways to achieve the twin objectives of more energy and less carbon through a healthy mix of all commercially-viable energy sources. India will chart its own course of energy transition in a responsible manner,' the Minister said.
Speaking at the event about sustainable growth, Mr Pradhan pointed out that the centrality of energy growth in a sustainable manner is a high 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 further 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, the Petroleum Minister said India has a huge appetite for energy, and will be a driver of global energy demand in coming decades.
Speaking about Prime Minister 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 country’s economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms.
Talking about reform measures, the Minister said, Government has undertaken several structural reforms in the last 5 years to create business-friendly environment. These reforms include insolvency and bankruptcy code, tax reforms and intellectual property reforms. Hydrocarbon sector has also been overhauled through series of business-friendly policy measures.
Reiterating his Government’s commitment towards building a gas based economy, the Minister 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.
Mr Pradhan also talked about 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, Mr Pradhan released the thought leadership paper. (UNI)