PM Modi sticks to energy targets despite demand slump

Prime Minister Narendra Modi on Monday reaffirmed the government’s commitment to achieving India’s energy-security goals, including the raising of the country’s renewable energy capacity to 175 giga watt (GW) by 2022 from under 95 GW now and oil refining capacity to 400 million tonne (mt) from 250 mt at present.

Amid dire predictions of a contraction in global energy demand over the next few years (it dropped by a third in Q1), Modi stressed that India would emerge as a “leading energy consumer”, with a likely near doubling of its consumption over the long-term.

Addressing the CEOs of leading global oil & gas companies who participated in India Energy Forum organized by the Niti Aayog and ministry of petroleum and natural gas via video conferencing, the prime minister said the country’s domestic airline fleet would expand from 600 now to 1,200 by 2024. Access to energy must be affordable and reliable, he said, adding that energy security was at the core of the country’s policy planning.

Around 45 CEOs/senior management executives of major oil and gas companies attended the event, including those of Abu Dhabi National Oil Company, Rosneft, BP, Total, Vedanta Resources and RIL. This was the fifth such event organised by the Niti Aayog and the government.

Stating that India saw transformational reforms in the energy sector in the last five years, Modi highlighted recent changes in the oil and gas exploration and production regime as well as gas marketing.

financial express
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