India will drive demand in energy sector in 10-20 years, says Hardeep Singh Puri

Federal Petroleum Minister Hardeep Singh Puri said on Saturday that India will be the “key driver of demand” in the energy sector in the next 10-20 years, adding that the measures taken by the Indian government during the pandemic, which include energy steps. security, can ensure that the country achieves its $5 trillion economic target before 2030.

Puri was addressing the ‘Commerce and Industry 2.0’ session at the India Ideas meeting in Bengaluru.

“We have a problem in the short term… the global economy with $110 a barrel of oil is unsustainable. The inflationary situation in the US is at a 50-year high, and neighboring countries are in trouble… However (in) India, thanks to Very strong political leadership and the foresight of our people, there is no shortage of energy here.

With 60 million going to a petrol pump per day, and daily consumption of 5 million barrels per day, the steps taken by the Indian government will ensure energy security, the minister said.

“After the pandemic, India has emerged much stronger in international trade and international exchanges. I believe that the target for a $5 trillion economy by 2030 is not only achievable, but we can reach it before that,” Puri said.

Speaking at the three-day secret meeting organized by the India Foundation, a think tank backed by the BJP and RSS, he said India had already increased its biofuel mix from 1.4 per cent in 2014 to 10 per cent and the target is 20 percent by 2030, but we will achieve the blending target by 2025,” he said, adding that the country has also increased its oil exploration area.

“Although I am reluctant to use the word affordability due to higher prices, I have a degree of confidence in energy security, due to the increase in refining capacity. It will reach 400 million tons per year very soon,” Puri said.

The minister also spoke about the increase in the collection of Goods and Services Tax (GST) (last month, it reached INR 1.68 crore), measures taken to boost entrepreneurship (India had 44 unicorns in 2021) and government initiatives for technological innovations among others. Positives.

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Asked if the government was taking steps to preserve the achievements of the startup sector, the minister said: “It is not the job of the government to worry about it. If you are able to (become) a rhino, you are smart enough to keep it too…Can For the government to provide a supportive ecosystem…”, Puri said.

Atul Keshab, Chairman of the India-US Business Council, said there is room for growth in India-US trade relations. The key now is how the two countries can explore the potential as strong democracies. “The US-India digital economic trade, which is over $100 billion, is increasing rapidly. This trade is the goose that lays the golden eggs.” He also said that both sides will need to create structures, regulations and legal frameworks to ensure continued vitality and growth.

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