Energy is a key driver of socio-economic growth: PM Modi

In his inaugural address at PETROTECH 2019, the thirteenth edition of India’s flagship hydrocarbon Conference in Noida, Prime Minister Narendra Modi congratulated  His Excellency Dr. Sultan Al Jaber for his contribution to the energy sector and vision for the future and, laying great significance on energy in the development of a country’s economy, said, “Several decades of public life have convinced me that energy is a key driver of socio-economic growth. Suitably priced, stable and sustainable energy supply, is essential for rapid growth of the economy. It also helps the poor and deprived sections of society, to partake of economic benefits. 

At the macro level, the energy sector is a pivot and key enabler of growth.|

Energy supply, energy sources and energy consumption patterns are changing. Perhaps, this could be a historic transition. 

There is a shift in energy consumption from West to East. 

The United States has become the world’s largest oil and gas producer after the shale revolution. 

There are signs of convergence, between cheaper renewable energy, technologies, and digital applications. This may expedite the achievement of many sustainable development goals.” 

Pointing to the efforts taken by countries to make energy available to their people, he said, “We are entering an era of greater energy availability. 

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. India has taken a lead in addressing these issues of energy access.

India’s contribution in the onset of an era based on energy justice is significant. 

Currently, India is the fastest growing large economy in the world. Leading agencies such as IMF and World Bank, project the same trend to continue in the coming years.  

India remains an attractive market for energy companies with energy demand expected to more than double by 2040, he added.

Calling energy justice is a key objective for his government, he said, Electricity has reached all our rural areas, adding that they aim to achieve hundred per cent electrification of households in India, through a targeted programme called SAUBHAGYA. 

He said, a Blue Flame Revolution is under-way in the country and LPG connections have been given to over 64 million house-holds in just three years under Ujjwala Scheme. 

Achievements are possible, he said, only with the involvement of the people. Government is only an enabler in converting that belief into a reality. 

The Prime Minister also touched upon vital issues in his comprehensive speech like Clean Transportation, Gas pricing reforms, National Biofuel Policy, Engagement with International organizations like International Energy Agency, and OPEC, Crude prices and Climate Change.