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India played key role in energy justice, says PM Modi

Modi said the challenge before nations is to deliver affordable, efficient, clean and assured energy supplies to their citizens.

ET Bureau|
Updated: Feb 12, 2019, 08.49 AM IST
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Petrotech 2019: Energy key driver of socio-economic growth, says PM Modi
Petrotech 2019: Energy key driver of socio-economic growth, says PM Modi
NEW DELHI: India has contributed significantly to energy justice by focusing on greater access to affordable and efficient energy in recent years, Prime Minister Narendra Modi said on Monday.

“India’s contribution at the onset of an era based on energy justice is significant,” he said in his inaugural speech at Petrotech 2019 conference. “Energy justice is a key objective for me and a top priority for India. Towards this end, we have developed and implemented many policies. The results of these efforts are now evident.”

India has improved its ranking in the World Bank Ease of Getting Electricity index, from 114 in 2014 to 29 in 2018, largely due to focus on increasing access, according to the Prime Minister. All homes are targeted to be electrified this year.

Distribution of LED bulbs resulted in annual savings of ?17,000 crore, Modi said. New cooking gas connections to 6.4 crore households in just three years under the Ujjwala scheme enhanced LPG coverage to more than 90% homes, from 55% just five years ago.

“Suitably priced, stable and sustainable energy supply is essential for the rapid growth of the economy. It also helps the poor and deprived sections of society to partake of economic benefits,” Modi said.

The energy sector is a key enabler of growth, especially for India, which has recently become the sixth-largest economy. “In an uncertain global economic environment, India has shown tremendous resilience as an anchor of the world economy,” said the PM.

Modi also underlined the need for responsible oil pricing and flexible markets. “We need 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.”

India is the third-largest energy consumer, with demand growing at more than 5% annually and imports comprising more than 80% of the oil it consumes. Price spikes hurt consumers and upset the fiscal maths, stoking inflation, enlarging the subsidy burden and putting pressure on local currency.
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