NEW DELHI: Prime Minister Narendra Modi on Monday he said that India energy future it’s bright and safe, and energy security is one of the government’s top goals.
Speaking virtually at the India Energy Forum, the Prime Minister established India’s energy map comprising seven key factors. He said: “Like the seven horses that drive the chariot of the Sun god, the energy map of India will also have seven key drivers.”
The key drivers for change listed by PM Modi are as follows:
* Accelerate efforts to move towards a gas-based economy;
* Cleaner use of fossil fuels like oil and coal;
* Greater dependence on domestic sources to boost biofuels;
* Achieve the renewable targets of 450 GW by 2030;
* Increasing contribution of electricity to decarbonize mobility;
* Move to emerging fuels, including hydrogen;
* Digital innovation in all energy systems
Prime Minister Modi said the coronavirus pandemic had caused global energy demand falling by a third, investment decisions are affected and predictions of a contraction in demand in the coming years.
However, he believed that India will boost global energy demand. “We are promoting strategic and comprehensive commitments on energy with the main global energy players.”
While the focus is to make India a gas-based economy, the nation would also increase oil refining capacity from 250 million tons per year currently to 450 million tons by 2025 to keep self-sufficiency in sync with demand. added.
“Our energy sector it will be focused on growth, friendly to investors and conscious of the environment, “he said.
Stating that India has seen transformative reforms in the energy sector in the past five years, the Prime Minister highlighted changes in the oil and gas exploration and production regime, as well as in gas trading.
“India’s reform process has been going very fast in the last five years,” he emphasized.
(With contributions from the agency)
On Video: Government’s Primary Energy Security Focus – PM Modi at India Energy Forum
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