‘India Has Only 60 Days Of Oil And Gas Supply’: Arunabha Ghosh

“For a developed India, energy demand will increase at least two to three times, while electricity demand could rise three to four times,” he said.

He added that countries must prepare for the impact of energy shocks and learn to respond strategically during crises.

Source : ABP LIVE

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Key points generated by AI, verified by newsroom

• India's 60-day oil/gas supply necessitates reducing import dependence.
• India must accelerate electrification and boost renewable energy capacity.
• Green Hydrogen Mission bolsters energy security alongside domestic manufacturing.

Speaking at ABP Network’s India@2047 conclave, energy expert Arunabha Ghosh highlighted the lessons from the global energy crisis and stressed the need for India to reduce its dependence on imported fuel while accelerating electrification and renewable energy adoption.

‘No Economy Develops Without Energy’

Ghosh said energy plays a critical role in economic growth and noted that no country has developed without adequate energy access.

“For a developed India, energy demand will increase at least two to three times, while electricity demand could rise three to four times,” he said.

He added that countries must prepare for the impact of energy shocks and learn to respond strategically during crises.

“This year, while preparing the Budget, we estimated crude oil prices at 100 dollars a barrel, but they are now at 65 dollars,” he said.

“There is crisis in this as well, and we should never waste a crisis because a crisis is also an opportunity,” Ghosh added.

India Needs Larger Energy Reserves

Ghosh said India currently has around 60 days of oil and gas supply reserves and stressed the need to expand long-term reserves.

“We first have to hope that the crisis passes, and in the long term we will have to increase reserves,” he said.

He also described the UAE-India agreement involving Prime Minister Narendra Modi as important in strengthening India’s energy security framework.

According to Ghosh, India imports nearly 90 per cent of its crude oil and around 40 per cent of its gas requirements, with a substantial portion passing through the Strait of Hormuz.

“How do we reduce this dependency?” he asked.

Push For Electrification And EV Adoption

Ghosh said India would need to electrify large parts of its economy, especially the transport sector.

“We need to look at vehicles and transport,” he said.

He noted that around 24 lakh electric vehicles were sold during the last fiscal year, although four-wheelers accounted for only a small share of overall EV sales.

“Nearly 90 per cent of EV sales were in the two-wheeler and three-wheeler segments,” he said.

Renewable Energy Capacity Expanding Rapidly

Ghosh said India has now become the world’s third-largest country in renewable energy capacity and stressed that further expansion would require technology upgrades and domestic manufacturing.

“In the last five years, our manufacturing capacity for solar panels has increased from 20,000 megawatts to 1,90,000 megawatts,” he said.

He added that India would also need to redesign markets to enable greater use of solar energy and battery storage systems.

Green Hydrogen Mission Among World’s Largest

Ghosh said India must also increase demand through changes in the transport sector and accelerate clean energy adoption in heavy industries.

He highlighted the country’s Green Hydrogen Mission, calling it the second-largest in the world with a target of producing 5 million tonnes by 2030.

According to Ghosh, demand for clean energy solutions is expected to emerge across multiple sectors of the economy.