Image Source : PTI (FILE) Hardeep Singh Puri
Union Minister Hardeep Singh Puri asserted on Tuesday that India can achieve the status of a five trillion-dollar economy much earlier than 2028. Speaking at a CII-EY breakfast session during the World Economic Forum Annual Meeting 2024, Puri emphasised the need for an orderly energy transition to safeguard the interests of India’s large population.
He highlighted the importance of balancing economic growth, energy transition, and the country’s sustainability goals, especially considering India’s status as the world’s most populous country.
“I don’t think we need to wait till 2028 to become a five trillion dollar economy, and if you look at what is happening, it should happen much before 2028,” he said while listing various macroeconomic parameters. I also think that the transition has to be orderly because transition by nature has to have both a clear roadmap and it must have in place all the safeguards that will ensure that there are no knee-jerk decisions taken,” he said.
Puri stressed the significance of an orderly transition, acknowledging the importance of clear roadmaps and safeguards to avoid hasty decisions. He underscored the link between economic growth and energy and expressed the need to address domestic compulsions and ensure affordability while focusing on sustainability.
India’s energy challenges
Puri highlighted the dependency on fossil fuels, the need for affordability, and the commitment to sustainability. He expressed confidence in meeting the country’s targets for 2030 on energy transition and highlighted initiatives such as the green hydrogen policy, aviation fuel targets, and the potential for biofuel blending.
“When it comes to energy, the relationship between economic growth and energy is very important. Because we are now close to a 4 trillion dollar economy, but the fact is, we need to take care of a very large part of our population,” he said.
“It’s one thing to be theorising about the need for the transition without having to take care of domestic compulsions. As far as India is concerned, availability and energy resources are important because we import a key portion of our crude oil requirements,” he added.
Regarding green hydrogen, Puri emphasised the importance of reducing its price for a faster transition, acknowledging that India will continue to depend on fossil fuels for the next 20 years. He outlined the challenges of availability, affordability, and sustainability in India’s energy transition.
At the same session, industry experts discussed the resilience of India’s macro-economic policy and balance sheets, private sector investments in renewable energy, and the critical nature of an orderly energy transition. They recognised the challenges posed by disruptions in the petroleum supply chain and stressed the need for a systematic and planned approach to the energy transition.
(With PTI inputs)
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