India will chart its own course on energy transition, says Dharmendra Pradhan at ENRich 2019

Union Minister of Petroleum and Natural Gas and Steel, Dharmendra Pradhan while participating in the ENRich 2019, KPMG India’s Annual Energy Conclave, said, “Global energy system is transforming at an unprecedented pace. 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,” Dharmendra Pradhan said.

Modi’s vision of a $5 Trillion Indian economy

Speaking about PM Narendra Modi’s vision of a $5 Trillion Indian economy, Minister Pradhan said, “We lay emphasis on both ease of doing business as well as on 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.”

“The centrality of energy growth in a sustainable manner is a high priority of our 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 added.

Several structural reforms done under Modi's leadership

Speaking about reform measures, he said, “Our Government under the leadership of PM Modi 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. “

Talking about sustainable growth, he said, “The centrality of energy growth in a sustainable manner is a high priority of our 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, he said, “India has a huge appetite for energy, and will be a driver of global energy demand in coming decades.”

Building gas-based economy

Reiterating his commitment towards building a gas based economy, Minister Pradhan further added , “We are 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.”

He 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.