India 'hotspot' in energy investment destination in world: Dharmendra Pradhan

He said that India had set an ambitious target of producing 175 GW energy through renewable energy sources which has been further enhanced to 450 GW.

Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan participated in the 2nd Annual India Leadership Summit of the US-India Strategic Partnership Forum here today. While sharing his views on “India’s Role in Geo-politics of Energy”, in a conversation with Mr. Tim Roemer, Former Ambassador of the US to India, Shri Pradhan said “Today, India is the hotspot in energy investment destination in the world. Policy reforms introduced by the Government under the leadership of Hon’ble Prime Minister Narendra Modi have further simplified doing business in India. I invite all energy players to bring their technology & investment here & become a part of India's growth story.” He said that the Country has moved to an open, transparent, process-driven policy atmosphere, and all are welcome to invest. The investing companies must bring technology, capital and good business models to India.

Speaking about India’s efforts towards decarbonization, he said, “Under the leadership of Hon’ble Prime Minister Narendra Modi, India is expanding its footprints in carbon-free energy, including renewables and bio-energy. Technology and innovation can become game-changers for India's quest for decarbonizing and developing into a gas-based economy for a cleaner & sustainable energy future.” He said that India had set an ambitious target of producing 175 GW energy through renewable energy sources which has been further enhanced to 450 GW.

Dwelling upon the issues of ethanol and bio-energy, he further added, “From less than 1% ethanol blending in 2015, we have increased our EBP to 6%. We are working to push up the percentage even further.

Bioenergy is also being pushed in a big way with Govt's focus on ways to monetize the 600MT of non-fossilised biomass available in the country.” He said that 10 billion dollars of investment are to be made in setting up ethanol plants in the country. The US can collaborate with us through the deployment of its technological innovations and capital resources in India and become a partner in India’s bio-fuel revolution, he added.

Talking about India-US partnership, Minister Pradhan said, “Energy is increasingly an important component of our bilateral trade. Our crude oil import from the USA was almost nil in 2014. Now, the total import of petroleum products from the USA including LNG in 2018-19 stood at over 7 billion dollars, and is likely to go up further this year.”

On the issue of India’s role in the global energy landscape, he added, “Growth in global energy consumption will be driven by India. India's vibrant market presents an immense opportunity. The world is moving towards a new energy model. We are committed to implementing Hon’ble PM Modi’s vision which will ensure that India leads the global energy transition.”India is going to lead energy transformation in the country, he added.

(With Inputs from PIB)