India is set to nearly double its energy consumption over the long term, Prime Minister Narendra Modi said on Monday, adding that the country believes that access to energy must be affordable and reliable.
“We view the energy sector as one that empowers people and furthers 'Ease of Living'. India achieved hundred percent electrification. LPG coverage increased. These changes particularly helped our rural areas, our middle class and the women of India,” Modi said while speaking at the India Energy Forum by CERAWeek.
He pointed out that the leading global bodies project that there will be a contraction in global energy demand over the next few years also. “But, these agencies project India to emerge as a leading energy consumer,” the PM said.
The socio-economic transformations will take place only when the access to energy is affordable and reliable, he said.
“India achieved hundred percent electrification. LPG coverage increased. These changes particularly helped our rural areas, our middle class and the women of India,” the PM said.
Modi said India's energy plans aims to ensure energy justice. “That too while fully following our global commitments for sustainable growth. This means more energy to improve the lives of Indians. But, with a smaller carbon foot-print,” he added.
The PM claimed that India's energy sector will be growth centric, industry friendly and environment conscious.
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 this goal to 450 GW by 2030. India has one of the lowest carbon emissions than the rest of the industrialized world. Yet, we will continue to make efforts to fight climate change,” Modi said.
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.
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.