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Updated February 16th, 2020 at 03:08 IST

'Future of India's energy sector to be driven by new tech': Dharmendra Pradhan

According to Dharmendra Pradhan, India's energy sector in the future will be very different from its present state and will be driven by new technologies.

Reported by: Shubham Bose
India's energy sector
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The future of India's energy sector will be starkly different from what it is now and it will be propelled by new technology and business models, said Union Minister of Petroleum & Natural Gas and Steel, Dharmendra Pradhan. He was speaking at the 10th World PetroCoal Congress on Saturday.

'On the doorstep of Industrial Revolution 4.0'

He claimed that his department was actively encouraging oil and gas companies to collaborate with Indian technology and research institutions of excellence to develop extensive and qualitative engagement.

He added that if proactive measures are set in motion then the energy transition that was currently underway could become more manageable. "Energy transition currently underway can become more manageable only if proactive measures are set in motion. Digital technologies are transforming the energy sector in a profound manner. Industrial Revolution 4.0 is truly at our doorstep. Indian energy companies will have to quickly adapt and adopt these technologies at a faster pace," he said.

Read: "LPG Price Hike Not Due To Elections": Petroleum Minister Dharmendra Pradhan

Read: No Need To Panic About Oil Prices: Union Petroleum Minister Dharmendra Pradhan

Pradhan advocated a healthy mix of all commercially-viable energy sources so that the twin objectives of more energy availability at an affordable price and less carbon could be met. "Winds of change are evident in the global energy arena. Energy sources, energy supply, and energy consumption patterns are changing rapidly. In our pursuit to navigate energy transition, it is natural that we will take advantage of unique synergies that exist within the country," he said.

According to Pradhan, a gradual and measured energy transition by deploying all sources of energy was necessary in order to achieve a 5 trillion USD economy by 2024.

Pradhan also added that global gas production and markets had gone through major restructuring in recent years. The government's immediate goal, according to Pradhan, is to increase the share of natural gas in India's energy sector from 6.2 per cent to 15 per cent by 2030. He also claimed that alternative fuels like ethanol and bio-diesel were a high priority for the government.

(Image Credit: ANI)

Read: India Hopes For De-escalation Of Tension In Oil Producing Nations: Dharmendra Pradhan

Read: 'Fright' Behind Congress Neta's 'Burn Everything' Call, Opines Dharmendra Pradhan
 

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Published February 16th, 2020 at 03:08 IST

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