Union Minister Dharmendra Pradhan said on Wednesday that India will boost the growth in global energy demand and an indigenous approach is being given to meet the growing energy needs.
"By 2040, India's share in global primary energy demand is projected to double to 11 percent from the current 6 percent," he said. Also, gas demand will also triple. This increase will be due to the strong economic growth of the country.
Prime Minister of Petroleum and Natural Gas said in a webinar on 'The vision of the gas and oil sector for a self-reliant India 2030', India is moving towards setting fair and favorable prices of crude oil. He said, our government has prepared a roadmap to reduce India's crude oil imports by 10 percent by 2022.
To achieve this goal, increasing indigenous oil and gas production is our top priority. During this, he talked about the transformational changes going on in the country's energy sector towards becoming self-reliant. "We are increasing our refining capacity from 250 MMTPA to 450 MMTPA," he said.
India will encourage a surge in global energy demand, as our energy consumption is projected to grow at a rate of three percent every year by 2040, faster than all major economies of the world.
He also talked about moving towards the country's gas-based economy, ongoing policy reforms in the hydrocarbon sector, leveraging technology to develop new and renewable forms of energy, etc. He later tweeted about the event.