Energy sector will fuel India’s $5 trillion economy goal: Pradhan

New Delhi: "Prime Minister Narendra Modi has given us a target to transform the Indian economy into a $5 trillion economy in the next five years. We are making concerted efforts and taking all necessary steps to make this a reality. The energy sector will be fueling India's journey towards this stated goal of a $5 trillion economy" said Minister of Petroleum and Natural Gas Dharmendra Pradhan during the India Ministerial Dialogue held at third India Energy Forum by CERAWeek.

Apart from Pradhan, Piyush Goyal, Minister of Railways and Commerce & Industry, Pralhad Joshi, Minister of Coal, Mines and Parliamentary Affairs, and RK Singh, Minister of State (I/C) of Power and New & Renewable Energy and Minister of State, Skill Development and Entrepreneurship also participated in the dialogue.

In his welcome address, Pradhan said that the presence of all these ministers at the forum is a testimony to the high importance that the government accords to India's energy sector in a dynamic global energy landscape. He said that given its huge energy appetite and growth potential, India will be the key driver of global energy demand in the coming decades – in fact, it will experience the fastest growth in energy consumption among all large economies.

"The energy sector will be fueling India's journey towards this stated goal of a $5 trillion economy. Share of renewables in electricity capacity has significantly gone up now to 22% from around 10% in 2014-15. Secondly, the ethanol blending percentage has risen from 0.67% in 2012-13 to now close to 6%. Finally, more than 95% of households now have access to LPG, making their kitchens smoke free"- Pradhan

Giving a glimpse of India's path of the energy transition Pradhan said that the share of renewables in electricity capacity has significantly gone up now to 22% from around 10% in 2014-15. Secondly, the ethanol blending percentage has risen from 0.67% in 2012-13 to now close to 6%. Finally, more than 95% of households now have access to LPG, making their kitchens smoke free.

Piyush Goyal said that Indian Railways is on a path to be 100% electrified by 2023. "PM Modi has shown the world, the path to climate justice and a sustainable future. Modern technologies, efficiency in production are transforming the landscape. Pradhan has been on the right track in taking forward India on the path to becoming a gas-based economy.", he added.

"We are going big on the reclamation of mining areas and afforestation. Energy affordability is key to improving energy access" Pralhad Joshi

Pralhad Joshi said "Our per capita consumption of coal is about 1/10th of that of the United States. With the help of technologies, we are going to use coal in a much cleaner way. We are going big on the reclamation of mining areas and afforestation. Energy affordability is key to improving energy access.". Coal minister mentioned about setting up of a fertilizer plant in Odisha which would be first of its kind in terms of using coal gasification technology.

"If you are in energy, you must be in India"- RK Singh

RK Singh said that We are preparing for a low- carbon energy future as our Government has aimed to set up a 450GW of renewable energy capacity by 2030. "India is an attractive destination for global investors. We are one of the fastest-growing producers and consumers of renewable energy. We have laid down stringent emission standards for our power plants. In the last five years, we have carried out an unparalleled and fastest and largest increase in access to energy the world has witnessed.

Speaking about investment potential India holds, he said, "If you are in energy, you must be in India."