Wednesday, September 28, 2022

India-US Strategic Partnership Summit: Energy trade to touch $10 bn, says Pradhan

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New Delhi: India’s energy trade with the United States (US) is likely to touch $10 billion in financial year 2019-20, Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Monday. Speaking at the 2nd Annual India Leadership Summit of the India-US Strategic Partnership Summit, Pradhan invited energy players to become a part of India’s growth story.

‘India is the hotspot in energy investment destination’

While sharing his views on ‘India’s Role in Geo-politics of Energy,’ in a conversation with Tim Roemer, former Ambassador of US to India, at India-US Strategic Partnership Summit, Pradhan said, “Today, India is the hotspot in energy investment destination in the world. Policy reforms introduced by the government under leadership of Prime Minister Narendra Modi have further simplified doing business in India. I invite all energy players to bring their technology and investment here and become a part of India’s growth story.”

He said that the country has moved to 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.

‘India expanding its footprint in carbon-free energy’

Speaking about India’s efforts towards decarbonisation at India-US Strategic Partnership Summit, he said, “Under the leadership of 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 decarbonising and developing into a gas-based economy for a cleaner and 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.

‘Ethanol blending increased to 6%’

Dwelling upon the issues of ethanol and bio-energy, he further added, “From less than 1 percent ethanol blending in 2015, we have increased our EBP to 6 percent. We are working to push up the percentage even further. Bioenergy is also being pushed in a big way with the government’s focus on ways to monetise the 600MT of non-fossilised biomass available in the country.”

He said that 10 billion dollars investment is 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.

India-US energy ties

Talking about India-US partnership, 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 PM Modi’s vision which will ensure that India leads the global energy transition.
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” India is going to lead energy transformation in the country, he added.

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