May countries neighbouring India are in trouble and yet India, thanks to its very strong political leadership, faces no energy shortage, as the measures the Indian government has taken during the pandemic, which includes steps for energy security, could ensure that the country achieves its $5 trillion economy target before 2030, Petroleum Minister Hardeep Singh Puri said on Saturday,

“We have a problem in the short run…a global economy with $110 a barrel of oil is not sustainable. The inflationary situation in the US is at a 50-year-high, neighbouring countries are in trouble…yet (in) India, thanks to the very strong political leadership and farsightedness of our people, there’s no energy shortage here,” Puri, considered one of Modi government's high-performing ministers, said at a conclave in Bengaluru organised by the India Foundation, a think tank considered close to the ruling BJP.

India will be the “critical driver of demand” in the energy sector in the next 10-20 years,  he added. Puri was addressing a ‘Commerce and Industry 2.0’ session at the India Ideas Conclave.

The minister said that with 60 million people going to a petrol pump every day, and with daily consumption of 5 million barrels a day, it’s the steps taken by the Indian government that will ensure energy security.

“Post pandemic, India has emerged much stronger in international trade and international exchanges. I believe that the target of a $5 trillion economy by 2030 is not only achievable but we can get there before that,” Puri said.

Puri said India has already increased bio-fuel blending from 1.4 per cent in 2014 to 10 per cent and the target is 20 per cent by 2030. “But we will achieve the blending target by 2025,” he said, adding that the country has also increased the oil exploration area.

“Although I am hesitant to use the word affordability due to the price rise, there is a degree of confidence I have for energy security, because of the increase in the refining capacity. It will reach 400 million tonnes per annum before long,” Puri said.

Puri also holds the portfolio of housing and urban development and has been the driving force behind Modi's urban rejuvenation projects. 

Atul Keshap, president of US India Business Council and a former US envoy to India, said there is room for growth in India-US trade ties. The key now is how the two countries can explore the potential as two strong democracies. “Digital economic trade between the US and India, that is over $ US 100 billion dollars, is climbing fast. It is this trade that is the goose that lays the golden eggs,” he said. He also said the two sides would need to create structures, regulations and legal frameworks to ensure continued vitality and growth.

(SAM)