Modi said that it is the need of the hour to move to responsible pricing, which balances the interests of both the producer and consumerNew Delhi: The 13th edition of Petrotech 2019, India’s flagship hydrocarbon conference, was inaugurated by Prime Minister Narendra Modi at India Expo Centre, Greater Noida, on Tuesday. In his inaugural address, the PM underlined the importance of energy as a key driver of socio-economic growth. “Suitably priced, stable and sustainable energy supply, is essential for rapid growth of the economy. It also helps the poor and deprived sections of society, to partake of economic benefits,” he added. Declaring that a ‘Blue Flame Revolution’ is under-way, Modi said that LPG coverage had reached more than 90 percent, from 55 percent five years ago.
Stating that there is a shift in energy consumption from West to East, the PM said that the United States has become the world’s largest oil and gas producer after the shale revolution. However, there are signs of convergence, between cheaper renewable energy, technologies, and digital applications which may expedite the achievement of many sustainable development goals.
Modi said that it is the need of the hour to “ ...move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move towards transparent and flexible markets for both oil and gas. Only then can we serve the energy needs of humanity in an optimal manner.”
Reminding the global community to join hands in tackling the challenge of climate change, he said targets we set for ourselves at COP-21 in Paris can be achieved. In this context, he mentioned that India has made rapid strides in meeting its commitments.
The PM said that Industry 4.0 will change the way industry operates, with new technology and processes.
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