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Need to move to responsible pricing in crude, balance interests: Modi
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SME Times News Bureau | 11 Feb, 2019
Prime Minister Narendra Modi on Monday said that the world has seen
crude prices on a roller-coaster ride for too long and there was a need
to move to responsible pricing which balances the interests of both the
producer and consumer.
Addressing the Petrotech 2019 global
energy conference here, Modi also emphasised on transparent and flexible
markets for oil and gas.
Modi said he has always maintained
that oil and gas were not only a commodity of trade but also of
necessity and energy is essential whether it is for the kitchen of a
common man or for an aircraft.
"For too long, the world has seen
crude prices on a roller-coaster. 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. Only then can we serve the energy needs of humanity in an
optimal manner," he said.
Modi said energy is also a key driver of socio-economic growth.
"Suitably
priced, stable and sustainable energy supply, is essential for rapid
growth of the economy. It also helps the poor and deprived sections of
society, to partake of economic benefits.
"At the macro level, the energy sector is a pivot and key enabler of growth," he said.
The
Prime Minister said that energy supply, source and consumption patterns
were changing and this could be a historic transition.
"There
is a shift in energy consumption from the West to East. The US has
become the world's largest oil and gas producer after the shale
revolution."
He said solar energy and other renewable sources of
energy had become more competitive and were emerging as sustainable
substitutes for traditional energy forms while natural gas is fast
becoming one of the largest fuels in the global energy mix.
Modi said people must have universal access to clean, affordable, sustainable and equitable supply of energy. He
said India's contribution in the onset of an era based on energy
justice is significant and the country has shown tremendous resilience
as an anchor of the world economy in an uncertain global economic
environment.
He said India is the sixth largest economy in the world and could be the second largest global economy by 2030.
"We
are also the third largest energy consumer in the world, with demand
growing at more than five percent annually. India remains an attractive
market for energy companies with energy demand expected to more than
double by 2040."
Modi said India has taken a lead in energy
accessibility and will achieve 100 per cent household electrification by
the end of this year.
He also noted that the country's progress is moving to a gas-based economy by bringing clean cooking fuel to poor households.
"Electricity
has already reached all rural areas. This year, 100 per cent
electrification of households will be achieved through the Saubhagya
scheme," he said.
"Over 6.4 crore households were given LPG
connections in just three years under the Ujjwala Scheme. A 'Blue Flame'
revolution is underway and LPG coverage has reached more than 90 per
cent of the population," said Modi.
Noting that "energy justice"
is a priority for his government, the Prime Minister said: "India's
World Bank Ease of Getting Electricity ranking had improved from 111 in
2014 to 29 in 2018."
He said globally the perception of energy
consumption and supply is changing and nations are coming together to
tackle climate change.
The Prime Minister also said that signs of
convergence between cheaper renewable energy, technologies and digital
applications was also becoming evident.
"This may expedite the
achievement of Sustainable Development Goals (SDGs). Nations are coming
together to tackle climate change," he stated.
Modi said Petrotech provides "the perfect setting" to ponder over the future of energy sector.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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