New Delhi (NVI): India will drive the global energy demand, Prime Minister Narendra Modi today said as he showcased government’s recent reforms in the sector to global investors.
Speaking at the India Energy Forum by CERAWeek, PM Modi said that 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.
“But India is likely to see energy consumption double over the long term,” he said.
PM further added that India was on track to meet its COP21 commitment of raising electricity generation from renewable energy sources.
Notably, the theme of this year’s forum is “India’s Energy Future in a world of Change”.
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.
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, the Prime Minister added.
“We are moving forward with the vision of ‘Aatmanirbhar Bharat’. A self-reliant India will also be a Force Multiplier for the global economy. Energy security is at the core of our efforts. You would be happy to know that our work is giving positive results. During these challenging times, we have witnessed investment through the oil and gas value chain. We are seeing similar signs in others sectors too,” PM added.
“India’s energy future is bright and secure,” Modi said, adding access to energy should be affordable and reliable.
“Our energy sector will be growth-centric, investor-friendly and environment conscious,” he added.