Renewables and hydrogen to make India world’s 3rd largest economy: PM Narendra Modi
Prime Minister Narendra Modi on Monday outlined his vision to make India the world’s third-largest economy with a focus on renewable energy, biofuels and hydrogen as he pivots a roadmap to reduce dependency on imported oil and gas.
Modi met with top oil and gas industry executives for the annual brainstorm to discuss ideas and initiatives to set India on a path of sustainable growth, sources familiar with the matter said.
The meeting on the sidelines of India Energy Week saw the Prime Minister present his vision for making India the world’s third largest economy from the current fifth largest. For this, the necessary fuel must come from renewable energies, biofuels and hydrogen.
Sources told the meeting that Modi had talked about using 100% renewable energy and increasing blends of ethanol and biofuels in traditional fuels.
He also talked about making India the biggest hydrogen producing country in the world. Hydrogen is the cleanest known fuel which, when burned, emits only water and oxygen.
Sources said heads of international oil companies such as the UK’s BP plc, ExxonMobil and TotalEnergies took part. Rosneft chief Igor Sechin also attended the meeting.
Indian public sector business leaders, as well as the Executive Director of the International Energy Agency (IEA), Fatih Birol, also attended the meeting. Mining billionaire Anil Agarwal and Tullow Oil CEO Rahul Dhir were also present.
Sources said industry executives have spoken about the imperatives to make India the global leader.
Some wanted taxes in the oil and gas sector to be reduced to global levels of 40% from the current 70%, while others spoke of making it easier to do business through self-certification.
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