India entering era of greater energy availability, says PM

Prime Minister Narendra Modi on Monday said the country is now entering “an era of greater energy availability” with schemes like Saubhagya and Ujjwala.

“India has taken a lead in addressing the issues of energy access. But more than a billion people across the globe still do not have access to electricity. Many more do not have access to clean cooking fuel,” said the prime minister in his inaugural speech at the Petrotech 2019 in Greater Nodia.

Modi said LPG connections have been provided to over 640 million households in just three years under the Ujjwala scheme, which aims to provide clean cooking fuel connection to all households in India.

Under the Saubhagya scheme, India is targeting 100 per cent electrification of households.

The prime minister said India’s contribution to energy justice is significant. “In our success, I see hope for the world that problems of energy availability can be suitably addressed. People must have universal access to a clean, affordable, sustainable and equitable supply of energy,” he said.

Modi also said India will continue to attract foreign investments in the energy sector due to a growing demand for fuel. “Companies like Saudi Aramco, ADNOC, TOTAL, Exxon-Mobil, BP and Shell are looking to increase their investments across the value chain,” he said, adding that India remains an attractive market for energy companies with the energy demand expected to more than double by 2040.

The country’s refining capacity is expected to grow with the liberalisation of the downstream sector and market-driven pricing for auto fuel, he said. “India has the fourth-largest refining capacity in the world. This will further grow by about 200 million metric tons by 2030.”

Stressing the need for a responsible crude oil pricing, Modi said: “We need to move towards transparent and flexible markets for both oil and gas.”

Speaking at the event, Union Petroleum Minister Dharmendra Pradhan said India’s voice as a large and reliable energy consuming nation is heard with respect. “We have been able to convince oil suppliers about India's as well as other consuming nations' justified stand for responsible and reasonable pricing.”

Modi said the supply, sourcing and consumption of energy are changing. “There is a shift in energy consumption from the West to the East. The US has become the largest oil and gas producer after the shale revolution.”

Some of these changes, Pradhan highlighted in his speech were the big shift in energy consumption from the Organisation for Economic Co-operation and Development countries (mostly developed nations) to developing Asia. “Electric vehicles will also change the consumption patterns... Affordable solar PV is taking an increasing share in the supply mix, helping reduce carbon footprint,” he added.