By: Aditya Ahuja
Hardeep Singh Puri, Indian Minister of Petroleum and Natural Gas, and Minister of Housing and Urban Affair, made a compelling case for India’s transformative journey in the energy sector during his address at the World Economic Forum 2024 in Davos, Switzerland. Speaking at a session on ‘Can India seize its moment’, Puri confidently asserted India has already seized the moment. “I say so because of the GDP growth we are clocking and the expectations from all quarters for a continued growth momentum,” he said.
Impressive Economic Growth
Puri highlighted India’s remarkable economic growth, transitioning from the 10th to the 5th largest economy. He emphasized a 7.2% growth rate over the past three quarters, adding that all forecasters paint a very positive picture for India.
Reduction in Oil Prices Despite High Consumption
Puri shared a surprising statistic, stating that 60 million people in India visit petrol banks or retail outlets every morning, consuming a staggering 5 million barrels of crude oil, which is three times the global average. Notably, despite such high consumption, there was no shortage of fuel at any point in time anywhere in India. The Minister also highlighted that India, along with Japan, is among the rare countries where oil prices have actually come down while global prices have escalated.
Government’s Resilience to Challenges
The minister lauded the government’s response to challenges, particularly in ensuring the availability of energy. Despite global uncertainties, India maintained a steady supply, even witnessing a decrease in domestic fuel prices while the world faced escalations.
Commitment to Sustainability
Emphasizing the government’s commitment to sustainability, Puri focused on biofuels and green energy. He provided a glimpse into India’s ambitious targets for biofuel blending, aiming to achieve 20% blending by 2025, well ahead of the 2030 target.
Strides in Green Hydrogen Production
Puri highlighted India’s strides in green hydrogen production, showcasing the nation’s capability to produce cost-effective solar energy through electrolyzers. With a bold target of 5 million metric tons by 2030, he argued that this figure is grossly underestimated, positioning India as a key player in the global green hydrogen landscape.
Sustainable Urban Development
Switching gears, Puri outlined India’s achievements in urban development, emphasizing the government’s commitment to providing electricity in every neighborhood and village, as well as ensuring clean water in every tap. The minister’s focus on sustainable practices reflects India’s dedication to holistic growth.
Infrastructure Equivalent to a City
Perhaps the most striking revelation by the minister was the prediction by a global consulting firm that between 2020 and 2030, India would be adding infrastructure equivalent to the size of Chicago every year, which is an astounding 700-800 million square meters. This statistic underscores India’s commitment to urbanization and economic expansion, setting the stage for substantial progress on a global scale.