India will boost growth in global energy demand: Dharmendra Pradhan

Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan has said that India is all for reasonable and responsive pricing of crude.

Speaking at Swarajya Webinar Event on Aatmanirbhar Bharat he said that gone are the days of monopoly, and the producers should take into account the consumers’ viewpoint also.

The Minister said that India is currently using only 6% of the world’s primary energy and the per capita consumption of energy is still one-third of the global average. But, this is rapidly changing.

"India will drive the growth in global energy demand as its energy consumption is projected to grow at 3 percent per annum up to 2040, faster than all major economies of the world. India’s share of total global primary energy demand is set to roughly double to about 11% by 2040, driven by strong economic development," he said.

Pradhan said that Prime Minister Narendra Modi has envisioned a clear roadmap for India’s energy justice, which rests on five key enablers of energy availability and accessibility to all, energy affordability to the poorest of the poor, energy efficiency, energy sustainability, and energy security.

He said that Prime Minister has highlighted seven key drivers of India’s energy strategy going forward.

“Apart from achieving the renewable energy target of 450 gigawatts by 2030, India will focus on developing in an integrated manner a gas-based economy, cleaner use of fossil fuels, greater reliance on domestic fuels to drive biofuels, increasing the contribution of electricity, moving into emerging fuels, like hydrogen and promoting digital innovation across all energy systems. Our energy agenda is inclusive, market-based, and climate-sensitive. We have adopted multiple pathways for the energy transition.”, he added.