Our country will drive global energy demand, says Narendra Modi at India Energy Forum
India's energy future is bright and secure, Modi said, adding access to energy should be affordable and reliable
New Delhi: India will drive the global energy demand, Prime Minister Narendra Modi said on Monday as he showcased his government's recent reforms in the sector to global investors.
Speaking at the India Energy Forum by CERAWeek, Modi said 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. "This at a time when the country fast embraces cleaner and renewable sources of energy," he added.
India, he said, was on track to meet its COP21 commitment of raising electricity generation from renewable energy sources to 175 gigawatts by 2022.
"We have further extended the target to 450 GW by 2030," he said, adding India has one of the lowest carbon emissions.
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", he said.
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.
The prime minister's office further informed that the greenfield alignment project will have seven major interchanges for connectivity to Haridwar, Muzaffarnagar, Shamli, Yamunagar, Baghpat, Meerut and Baraut
The new building is set to be inaugurated four years after former prime minister Manmohan Singh announced the first academic session of BASE University on 4 October, 2017
The Prime Minister said India is a nation where nature is embedded in its tradition and its Constitution is the biggest strength and inspiration to counter the colonial mindset