Modi emphasis role of energy as key driver of growth
India’s economy is expected to grow five-fold by 2040. As per official estimates, India is poised to account for one-fourth of the incremental global energy demand between 2013 and 2040. The country is also expected to consume more oil in 2040 than the whole of Europe.
Inaugurating PETROTECH-2016, the 12th International Oil & Gas Conference & Exhibition under the aegis of the Ministry of Petroleum & Natural Gas, the Prime Minister, Mr. Narendra Modi observed that sustainable, stable and reasonably priced energy are essential for economic development. Hydrocarbons will remain the most important source of energy for many years to come. Therefore, the theme of the conference, Hydrocarbons to Fuel the Future, Choices and Challenges” was both apt and timely.”
He said that, with economies around the world going through a turmoil, India has been getting foreign direct investment (FDI). “Our economy is more stable. While the global economy goes through uncertainties, India has shown tremendous resilience. FDI in India was at the highest level in 2015-2016 at a time when global FDI has fallen. According to the International Bank of Settlement, India is less vulnerable to banking distress among the major economies.”
Emphasising this point, he observed: “Today, India is the world’s fastest growing large economy. This growth has been supported by a series of policy majors as our policies focus on improving India’s long-term socio-economic prospects rather than making short-term headlines. The Indian economy is expected to grow 5-fold by 2040, and we expect manufacturing to account for 25% of GDP by 2022 against the current 16%.”
Referring to the Government venture to provide piped natural gas and electricity in rural areas, he said the Government has provided LPG connection to 10 million people in just seven months. The plan is to double the pipelines network to 30,000 km in the coming five years, including in the least developed eastern parts of India.
Mr. Modi wanted every Indian to have access to electricity and energy, and in order to achieve this objective, he said: “My vision for energy needs four pillars – Energy Access, Energy Efficiency, Energy Sustainability and Energy Security. I want every Indian to have access to all the four pillars. Also, as a responsible global citizen, India has committed itself to climate change, reducing emission and ensuring our sustainable future.”
Mr. Dharmendra Pradhan, Minister of State for Petroleum & Natural Gas, in his address, said the Prime Minister has been a driving force behind the new revolutionary energy policies which promise reliable, accessible and affordable energy.
Talking about the OPEC decision to cut oil consumption, he said: “OPEC decided to cut oil output to 1.2 million barrels per day for the first time in eight years. The OPEC countries and non-OPEC countries will be expected to reduce production by 600,000 barrels a day.”
Throwing light on the falling prices of oil in the international market, the Minister confessed: “The low oil price for the last two years have come as a boost to the Indian economy.”
The inaugural session of the 12th edition of PETROTECH came to an end with a vote of thanks by Mr. B. Ashok, Chairman, Steering Committee, and Chairman, Indian Oil Corporation.