Investments worth $100 bn underway in energy sector: Pradhan

New Delhi: Union Minister Dharmendra Pradhan said on Friday that India is moving towards a gas-based economy and investments of about $100 billion is underway in India’s energy infrastructure sector, including renewable. He said that India is poised to be the world’s number 1 consumer of energy by 2030.

‘Renewable energy will be big part of $5 trillion economy’

While noting that ethanol blending has went up from 1 percent to 6 percent in the last five years, Pradhan asserted that it needs to be impoved to 20 percent. He added that alternative fuel and renewable energy is going to be a big part of the $5 trillion economy. “We will use a combination of conventional fuel and other more sustainable options to create a balanced energy mix. We will also explore other new and sustainable sources of energy like Hydrogen. Technology, innovation will play an important role in this,” the minister said.

Speaking about bio energy, he said, “India has 600 million MT of biomass. On the one hand, we are ensuring the highest standards of sustainability through BS-VI. And on the other hand, we have made a roadmap to convert this bio to energy. 5,000 plants are going to be set up for this. Oil and gas PSUs are giving uptake guarantee and price stability. This will also be an answer to the problem of environment pollution.”

“Intellect, Imagination and Innovation”

At the 92nd Annual Session of FICCI, Pradhan said that “intellect, imagination and innovation” will drive India towards a $5 trillion economy. Wealth creators of the country will have to play an important role in this transition, he added.

‘Improving Ease of Doing Business is a key priority’

Speaking about the government’s efforts to improve business climate in the country, Pradhan said, “We believe in the principle of Minimum Government, Maximum Governance. Improving Ease of Doing Business is one of our key priorities. Reforms measures undertaken by the government has shown tremendous results.”

Commenting on the steel sector, Pradhan said, “India is the 2nd largest steel producer in the world. Ensuring raw material security, affordability and import diversification are some of our key priorities. We are targeting to become net exporter of steel. Recently, we launched Steel Import Monitoring System which will contribute towards this goal.”

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