(Pakistan Point News - 27th Oct, 2020) From Krishnan Nayar NEW DELHI, 27th October, 2020 (WAM) – India’s Prime Minister Narendra Modi said that his country’s energy consumption is set to nearly double over the long term, making it the leading energy consumer in the world.
This stands out at variance with projections by global agencies that there will be a contraction in world energy demand over the next few years. The Prime Minister was inaugurating the 4th India Energy Forum- CERA Week, an annual conclave of captains of oil and gas industry from all over the world.
Modi’s assertion about growth in India’s energy demand is good news for oil and gas producers in the Gulf and other member countries of the Organisation of the Petroleum Exporting Countries, OPEC. The theme this year’s conclave is "India's Energy Future in a world of Change."
"This year has been challenging for the energy sector. Energy demand fell by almost one third. There has been price instability. Investment decisions have been impacted. But these agencies project India to emerge as a leading energy consumer. India is set to nearly double its energy consumption over the long term," Modi said.
As an example of projected energy demand here, the Prime Minister said India is the third largest and the fastest growing aviation market in terms of domestic aviation and Indian carriers are projected to increase their fleet size from 600 to 1200 by 2024.
He said India believes that access to energy must be affordable and reliable. That is when socio-economic transformations can take place. He said the energy sector empowers people and furthers "Ease of Living."
"India’s reform journey has been on high speed for the last six years," Modi said. "The energy sector has seen many path-breaking reforms. We plan to grow our refining capacities from about 250 to 400 Million Metric tonnes Per Annum by 2025. Increasing domestic gas production has been a key government priority. We plan to achieve 'One Nation One Gas Grid' and shift towards gas-based economy."