India to become $10 trillion economy by 2030: Hardeep Singh Puri

Mumbai, India: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday said that India is on the path to becoming a 10 trillion-dollar economy in 2030 and the third largest economy in the world by 2047.

Puri addressed the 25th Energy Technology Meet, organised by the Centre for High Technology (CHT), under the aegis of the Ministry of Petroleum and Natural Gas (MoP and NG), Government of India, in association with Hindustan Petroleum Corporation Ltd in Mumbai.

Net zero

Addressing the gathering, Puri said that despite the unique challenges posed by the current global setting, India is wedded to the concept of net zero and is committed to making a transition from the world of hydrocarbons to a world where green and sustainable energy will be determining our energy needs.

The minister also highlighted India's progress in ensuring energy security for its citizens and outlined the Government's plans to make the country's energy mix more sustainable and environmentally friendly.

"In the wake of global crises, India has fared extremely well on three fronts - energy, food and fuel. The country was able to navigate out of the crises brought by global headwinds with a degree of confidence, assuring energy availability and affordability.

"The country's per capita energy consumption is one-third of the global average now and will surpass it in the years to come. India is on becoming to become a 10 trillion-dollar economy in 2030 and the third largest economy in the world by 2047 and therefore there is a growing need to change the energy mix," he said.

Showcase

Formerly known as the Refining and Petrochemicals Technology Meet, the Annual Energy Technology meet sees global participation with over 1000 delegates from India and abroad attending. The event which runs from 15th to 17th September this year provides a platform for the exposition of recent advances and technological developments that are of direct relevance to the Energy sector.

Under the theme of "Refining in the new Energy era", the 25th Energy Technology Meet will focus on the changing energy landscape in the country.

Highlighting the progress in the Energy sector, Hardeep Singh Puri said that today modernization and digitization have become an imperative rather than a choice.

"By May 2022, India already attained 10% biofuel blending and is on course to reach the 20% mark in a year or two. The Government's attitude has always been positive and supportive and assured that whenever attention is drawn to any area where there is scope for a more supportive environment, interventions required to produce the same will be made," he further said.

CNG stations

Union Minister of State for Petroleum and Natural Gas, Rameswar Teli also addressed the delegates and informed them of the government's resolve to raise the share of natural gas in the country's energy mix to 15% by 2030 from its current share of just above 6%.

"The Government under the leadership of Prime Minister Narendra Modi has decided that 18 thousand Compressed Natural Gas (CNG) stations would be set up in the country by 2030," he added.

The 25th Energy Technology Meet will witness a total of 82 oral papers including 43 by foreign companies and 24 speakers from abroad, spread over 15 Technical Sessions. Additionally, 16 exhibition stalls are also put up by leading oil companies, and technology and service providers showcasing their technology, product and services.