Prime Minister Narendra Modi on Wednesday emphasised the use of energy after inaugurating the 16th International Energy Forum (IEF) Ministerial, which was hosted by India and co-hosted by China and South Korea.
While making his opening speech at the event, PM Modi said that the country needs energy which can be accessible and is affordable for the poor population.
He said, “People must have universal access to clean, affordable, sustainable and equitable supply of energy. My vision for India's energy future has four pillars- energy access, energy efficiency, energy sustainability and energy security. Energy in general and hydrocarbons in particular are important parts of my vision for India's future. India needs energy which is accessible and affordable to the poor.”
The BJP chief said that India’s growing energy needs were due to the rapid economic growth. Modi said, “I came across an energy forecast prepared by an agency according to which India will be the key driver of the global energy demands in the next 25 years. India's energy consumption will grow by 4.2 percent a year for the next 25 years.”
He said that currently in the world, India is the fastest growing economy, and that all leading agencies of the country are expecting a seven to eight per cent growth of the country.
Modi said, “Currently India is the fastest growing large economy in the world. All leading agencies are estimating India to grow at 7 to 8 percent in the future," he said, adding, "Our govt is boosting local manufacturing through Make in India and filling of youth in industries such as textile, petrochemical, engineering, etc. This in turn is also increasing out energy needs further.”
PM Modi also called on the oil sector for some ‘responsible’ pricing which can balance the interests of the producers as well as the consumers. He stressed on moving towards a transparent oil and gas market which can serve the energy needs of humanity in a fair manner.
Modi also listed various ways in which his government had met the economic status and maintained a balance between the economic growth and the needs of the poor population of the country.
He added, “Our government has encouraged private participation across entire oil and gas value chain. Our government believes in an integrated approach to energy planning and our energy agenda in India is inclusive, market-based and climate-sensitive.”
The three-day long International Energy Forum has 92 countries participating and discussing the future of global energy in the world.