JOIN USThe government on Friday said it is working towards reducing India’s oil and gas imports by 10 per cent in the next six to seven years after a report released on India’s energy outlook pegged the country’s energy demand at close to that of the United States by 2040.
“India is set to contribute more than any other country to the rise in global energy demand over the next 25 years, underlining its ever-greater influence in Asia and on the world stage,” the International Energy Agency said in its India Energy Outlook.
Petroleum Minister Dharmendra Pradhan reiterated the Prime Minister’s vision to cut down the country’s domestic energy needs by 10 per cent by 2020-21. India currently imports more than 80 per cent of its oil needs from global markets.
Attract investors
“We want to cut down India’s import dependence for domestic energy needs by 10 per cent in the next six-seven years. We are keen to make India’s oil and gas sector fair, transparent and attractive for domestic and foreign investors through appropriate policy, regulatory and fiscal interventions,” the minister said at the launch of the India Energy Outlook by IEA here.
The IEA said the country needs more than Rs 9 lakh crore per year in investment to meet its rapidly growing energy needs. Of the total annual estimated investments, around Rs 7 lakh crore will need in energy supply and Rs 2 lakh crore to improve energy efficiency, the IEA said.