'Modi Government Saved India From LPG and Oil Price Shock': Hardeep Singh Puri at Republic Summit

New Delhi: “The Modi government saved India from oil price shock,” said Hardeep Singh Puri, Union Minister for Housing and Urban Affairs, and Minister for Petroleum and Natural Gas, at the Republic Summit 2024, as he demonstrated how the decisions made by the Modi government ensured stability in the crude oil market globally.

In his talk on the ‘Changing Dynamics of the Energy Landscape’ at the Republic Summit 2024 in New Delhi, Hardeep Singh Puri recalled the time in February 2023 when the world consumed 100 million barrels of crude oil everyday. That is the time when the Russia-Ukraine war created an energy crisis and India took some quick decisions to stabilise the prices, he said. 

“Oil prices shot up across the globe. India decided to increase the import of crude oil from Russia. The US stated that India’s decision helped stabilise the international consumer market,” said Puri.

‘Modi Ka Parivaar’

Puri said that this was possible because of a large democracy like India, which he said is the ‘Modi Ka Parivaar’. 

“A democractically elected country has to ensure availability, affordability and sustainability…Our honourable Prime Minister led from the front. PM deserves full credit for this….We diversified our imports of crude oil to 39 countries,” he said.

The minister reiterated how the Modi government helped stabilise crude oil prices in India and thereby the world.

Modi Sarkaar Effect and Citizen First Approach of the Modi Government

Hardeep Singh Puri continued to speak about the Modi Sarkaar Effect and the Citizen First Approach of the Modi government. “In November 2021 and May 2022, the PM decided to reduce the excise duty on petrol and diesel….Revenue foregone was 2.2 lakh crore. But as a result, India’s petrol and diesel prices were one of the lowest in the world,” Puri explained. 

Puri gave yet another instance of “absolutely bold decision-making of the Modi government”. It was due to PM Modi that 1 million square kilometres of sedimentary basin, which was a no-go area, was opened up for investment."

SAF - Sustainable Aviation Fuel production in India

Hardeep Singh Puri revealed that oil was found at a location in Andhra Pradesh, and today, 40,000 to 50,000 barrels of oil in a day is being produced threre, increasing domestic production by 7 percent.

The Union Minister went on to speak about the SAF (Sustainable Aviation Fuel), being used by airlines as per the requirement of the International Civil Aviation Organisation (ICAO). “Only two countries in the world where SAF can be produced in large quantities - one is Brazil and the other is India,” revealed Puri with pride. He revealed that in Pune, an SAF pilot project has been inaugurated.

Green Hydrogen - fuel of the future

Emhasising the need for Green Hydrogen, Puri said that it is the “fuel of the future”. “It typically requires the ability to produce clean and green solar energy and electrolyzers…,” said the minister, recalling the time when PM Modi visited a stall in Bengaluru and chanced upon an innovation which made the production of electrolyzers 30 percent less costly.

LPG Ujjwala Scheme - how PM Modi subsidised prices 

Speaking about affordable cooking gas that is liquified petroleum gas (LPG), Puri talked about the Ujjwala Scheme by PM Modi. It was the prime minister's initiative that helped reduce the prices of LPG and make it economical for households.

The minister remembered how during the Pran Pratishtha at Ayodhya Ram Mandir, Modi had visited the house of a beneficiary of the Ujjwala Scheme. “We have converted Annadaatas to Urjadaatas,” he said.

The minister went on to speak about how the Natural gas prices were stabilised thanks to the Modi government.

Puri also talked about the Global Biofuels Alliance and how biofuels plants are being created domestically. He revealed that the India Energy Week conclave was held in its second edition in Goa, and now has a permanent 250 acres plot for the confluence every year.

After the Centre on the occasion of International Women's Day slashed the prices of LPG cylinders by Rs 100, Hardeep Singh Puri said, "I want to congratulate everyone. Today is Women's Day and Shivratri and we welcome this...".

Hardeep Singh Puri's Predictions for PM Modi and Lok Sabha Elections 2024

Republic posed a question to Hardeep Singh Puri as to what his predicton is for the results of the Lok Sabha Elections 2024. To which, Puri replied that PM Modi will continue to lead the country for the next 10 years.

“I am not a soothsayer or astrologer. But I have a reaonable experience to predict elections. In 2014, I had said that the BJP under Mr Modi will get an absolute majority after many years. In 2019, I had said we will cross the 300 mark and we did. For 2024, there is a complete change in the narrative. I see the vote share of the BJP going up considerably in the southern states and West Bengal. In WB, the women voters after they have been subjected to atrocities (in Sandeshkhali), they will give an answer through the ballot box."

PM Modi will lead India for another 10 years

"My prediction is, we are going to have the H’ble Prime Minister to lead the country for another 10 years. So will the BJP…we will see a lot more people joining the BJP.”

Watch: Hardeep Singh Puri at Republic Media Summit 2024