An orderly energy transition is needed to help India reach a $5 trillion GDP by 2028, according to Union Minister Hardeep Singh Puri. He linked economic growth with energy, addressed domestic compulsions and affordability, and stressed sustainability.
On Tuesday, Union Minister Hardeep Singh Puri said India may become a $5 trillion economy before 2028. Puri stressed the importance of an orderly energy transition to protect India’s enormous population at a CII-EY breakfast session at the World Economic Forum Annual Meeting 2024.
He stressed the necessity of balancing economic growth, energy transition, and ecological goals, given India’s standing as the world’s most populated nation.
He remarked, “I don’t think we need to wait till 2028 to become a five trillion dollar economy, and if you look at what is happening, it should happen much before 2028,” giving macroeconomic indicators. I think the transition must be orderly because it requires a clear plan and protections to prevent knee-jerk decisions “said.
Puri emphasized a steady transition and defined roadmaps and safeguards to avoid impulsive judgments. He stressed the link between economic growth and energy and the need to address domestic compulsions, affordability, and sustainability.
India’s energy issues
Puri stressed fossil fuel dependence, affordability, and sustainability. He emphasized the green hydrogen policy, aviation fuel targets, and biofuel blending as ways to accomplish the country’s 2030 energy transformation goals.
The link between economic growth and energy is crucial. Our economy is close to $4 trillion, yet we must care for a huge portion of our population “said.
It’s one thing to theorize about the transition without dealing with household compulsions. India imports a lot of crude oil, thus availability and energy resources are crucial “said.
Puri stressed the need to lower green hydrogen prices for a speedier transition, noting that India will still need fossil fuels for 20 years. He described India’s energy transition’s availability, price, and sustainability issues.
Industry experts highlighted India’s macro-economic policy and balance sheets’ stability, private sector renewable energy investments, and the importance of an orderly energy transition at the same session. They acknowledged petroleum supply chain issues and highlighted the necessity for a measured energy transition.
Conclusion
India might reach a $5 trillion economy by 2028, but an orderly energy transformation is needed to protect its large population, according to Union Minister Hardeep Singh Puri. Since India is the world’s most populous nation, Puri stressed the significance of balancing economic expansion, energy transition, and sustainability. He linked economic growth with energy, addressed domestic compulsions, and prioritized affordability and sustainability.
Puri also stressed India’s fossil fuel dependence and cost. The green hydrogen strategy, aviation fuel targets, and biofuel blending were also mentioned. Industry experts examined India’s macroeconomic policy resiliency, private sector renewable energy investments, and the importance of an orderly transition.
