‘Adequate energy supply at affordable price critical to India’s economic growth’: PM

Noida, Jan.12: Prime Minister Manmohan Singh on Sunday said that an adequate supply of energy at affordable prices is critical to India’s economic growth, and expressed confidence that PETROTECH 2014 would result in outcomes that are of great benefit to India’s energy sector, and to the energy sectors of other countries as well.

“The theme this year – “Vision 2030: Emerging Global Energy Basket – Challenges and Opportunities” is also very appropriate as we move forward to seek clean and affordable energy solutions to fuel our growth aspirations,” he said at the inauguration of PETROTECH 2014 here today.

He also said that India currently is the world’s seventh largest energy producer, accounting for about 2.5 percent of the world’s total annual energy production.

“But, it is the fourth largest energy consumer and is slated to become the third largest by the year 2020. This implies that we need to increase our energy supply by three to four times over the next two decades,” he said.

Singh asserted that the development of the energy sector and particularly the hydrocarbon space must be given particular attention, and said there is a need to bridge the ever-increasing gap between demand and domestic supply.

“With this in mind, we are encouraging domestic and global companies to explore potentially hydrocarbon-rich areas in the framework of a stable and enabling policy environment. We are also pursuing other options to achieve energy security,” he added.

Singh said that the global oil and gas industry today requires new technologies and processes, innovative thinking and creative business models to meet emerging challenges, and added that the best way of achieving these ends is through partnerships amongst various stakeholders.

“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,” he added.

He also raised concerns regarding consequences of unclean energy consumption, and said that events like PETROTECH can also be useful in furthering access and assimilation of environment friendly technology into countries that need it most.

Singh further said that India is committed to reducing its carbon footprint as a responsible member of the global community, and said that the challenge of achieving high economic growth and yet reducing emissions is a formidable one.

“This entails work in several areas like demand management, energy conservation, energy efficiency and renewable energy technology. It also requires focused Research and Development Initiatives. I would urge all agencies and individuals associated with the energy sector to contribute to these efforts,” he added. (ANI)