INDIA successfully navigated Energy Trilemma, Average cost of PNG reduced by 10% with CNG prices 6-7%

NEW DELHI- Shri Hardeep S Puri, Minister of Petroleum & Natural Gas, and Housing & Urban Affairs, stated that India has successfully been able to modulate the effective price to consumer, thus insulating the common man from price rise and volatility in international prices.

He said that while nations in our neighborhood and perhaps even developed countries might have struggled with energy rationing, pump dry-outs and spiraling fuel prices, among other concerns, India’s policy successfully ensured a sustained availability of fuel. This has led to the lowest price inflation in the world.

Shri Hardeep Puri was speaking at a session titled ‘Powering Amrit Kaal Through Energy Transition’ last evening at the CII Annual Session 2023 which had the theme ‘Future Frontiers: Competitiveness, Technology, Sustainability, Internationalization’.

A comparative analysis of international petrol and diesel prices vis-à-vis India is givenbelow.

These reforms are part of India’s ambitious journey of energy transition, which shall culminate in India achieving ‘Net Carbon Zero’ by 2070.

However, the Minister highlighted that for the transition to be enduring and stable in the future, it is imperative that we “survive the present”, and accessibility and affordability aspects of energy remain intact.

He continued by stating that India's energy demand is expected to grow at about 3% per annum till 2040, compared to the global rate of 1%. Since 2000, India has been responsible for more than 10% of the increase in global energy demand.

On a per capita basis, energy demand in India has grown by more than 60% since 2000. A quarter of the global energy growth between 2020 and 2040 is going to come from India due to our fast-growing economy and demographic dividend.

India has enacted the Green Hydrogen Policy with a production target of 5 million tonnes of Green Hydrogen by 2030, with Shri Hardeep Puri expressing confidence that India will not only meet but exceed this target. He also mentioned that India had recently launched a ‘Global Alliance on Biofuels’, along with USA and Brazil during India's Presidency of G20.