Asserting that India is an attractive investment destination for the energy sector, Petroleum and Natural Gas & Steel Minister Dharmendra Pradhan on Wednesday said that several policy reforms have enhanced the ease-of-doing business in the country.
“A testament to the same is the projected investment of $143 billion in the Indian oil & gas sector, of which, $56 billion is in E&P, $66 billion in gas and $20 billion in refining. We are keen to partner with global companies and investors for further strengthening of energy infrastructure in the country,” Pradhan said during his interaction with Stanford Alumni Group on ‘The Future of Energy in India’.
Pradhan said India’s developmental stage engenders a rapid expansion of energy consumption and a need for robust energy security. India is currently using only 6 per cent of the world’s primary energy while the per capita consumption of energy is still one-third of the global average. This, however, is rapidly changing.
Pradhan said India is most committed to environmental and climate causes with the massive renewable energy and the energy efficiency programs. “Overall, I would say that every country has to chart its own energy transition depending on the demand pattern and availability of resources. Although, we could have always argued on the back of per capita energy consumption basis that shows that India is not an emitter, like the OECD countries, however, India instead took the responsible path of sustainable development and energy transition for a clean and green future and the greatest common good for all.”
Pradhan said that India is accelerating its efforts to move towards a gas-based economy. The country is also moving rapidly towards cleaner use of fossil fuels, particularly petroleum and coal, he said.
“A greater reliance is on domestic sources to drive biofuels. We are working towards achieving the renewables target of 450 GW by 2030,Increasing the contribution of electricity to de-carbonize mobility, Moving into the emerging fuels, including hydrogen, and Emphasising on digital innovation across energy systems,” Pradhan said.