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Indian PM wants energy boost for growth
Publication Date : 13-01-2014
Indian Prime Minister Manmohan Singh said adequate energy supply at affordable price is critical for economic growth.
Speaking at Petrotech 2014 Conference, the Prime Minister said India, which is currently the world's seventh largest energy producer accounting for 2.5 per cent of the world's total annual energy production, “needs to increase its energy supply by 3 to 4 times over the next two decades”.
He called upon the global hydrocarbon industry to engage in partnerships to meet new energy challenges. “Such partnerships could result in outcomes like improved recovery from mature fields, exploitation of ultra-deep water energy reserves and progress in complex frontier areas.
They could also help in exploitation of unconventional forms of energy, apart from addressing concerns about environmental degradation and climate change,” the Prime Minister said.
Seeking investment in the oil sector, Singh said in order to bridge the gap between demand and domestic supply, the government is encouraging domestic and global companies to explore potentially hydrocarbon-rich areas in the framework of a stable and enabling policy environment. “With the global economy showing signs of recovery, we in India need to unleash the entire latent potential to get back on an 8 per cent plus growth trajectory that can be sustained over the long run. There is need to accelerate the reform process in the energy sector so as to make private investment attractive in the oil and gas sector of our country.
“According to the International Energy Agency, India will need investment worth nearly US$600 billion over the period 2011-2030 across various segments of its hydrocarbon value chain to increase its energy supply and augment the enabling infrastructure. This provides ample investment and business opportunities for companies engaged in the oil & gas value chain,” the Prime Minister said. As India configures its policy framework to get back to the high growth rate trajectory, the development of the energy sector and oil and gas exploration must be given particular attention, he said.
“The global oil and gas industry today requires new technologies and processes, innovative thinking and creative business models to meet emerging challenges. The best way of achieving these ends is through partnerships. India, he said, is committed to reducing its carbon footprint as a responsible member of the global community. Stating that the challenge of achieving high economic growth and yet reducing emissions was formidable, Singh said the country needs to work on demand management, energy conservation, energy efficiency and renewable energy technology.
Meanwhile, while paying tribute to Swami Vivekananda on his birth anniversary, Singh said true religion cannot be the basis of hatred and division, but of mutual respect and tolerance for faiths and beliefs of all. “It is no use celebrating Swamiji's life, paying our respects to his ideas and teachings and honouring his memory if we do not imbibe the values that he advocated.”